All posts tagged "LRS"
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82ITRAttention Taxpayers! CBDT initiates investigation into foreign remittances surpassing Rs 6 lakh
The CBDT’s investigation focuses on potential discrepancies between the information provided by taxpayers and the records of foreign remittances. Read More: Fake...
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364FINANCESending Money Abroad? Here Are 3 Rules You Must Be Aware Of
When you can’t think of anything to present, money is the safest choice. You can send money to your friends, kids, and...
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525ITRSending Money To Child Studying Abroad? You Need To Prove THIS For Lower TCS rate after Liberalised Remittance Scheme
Foreign remittance TCS: Parents supporting their children studying overseas need to brace themselves for stringent tax implications. New Tax Collection at Source...
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248ITR20% TCS on foreign remittances from October 1: Know how it will impact your forex payments, international trips, and education
New TCS rates could add a significant tax burden on you if you decide to spend more than the specified threshold. The...
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294BUSINESSInternational Credit Card Spends Excluded from Remittance Scheme: Finance Ministry
The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16 The finance ministry...
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406MUST KNOW
Govt postpones implementation of new TCS rule to October 1 from July 1
Government has on Wednesday postponed implementation of new Tax Collected at Source rates to October 1 from July 1, 2023. Ministry of...
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781BUSINESSHDFC Bank customer? Know what the bank says about 20% TCS on forex withdrawals, remittances under LRS
HDFC Bank has explained the new 20% TCS provision for forex withdrawals/remittances. Let’s have a look From July 1, certain changes to...
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349MUST KNOWMoney Transfer: Know How To Send Money To Your Children Living Abroad
There is no restriction on the frequency of remittances as long as the total amount in one fiscal year does not exceed...
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336BUSINESSTCS On International Credit Cards: All You Need to Know
Spending through international credit cards will now be covered under the LRS; however, there is an exemption limit of Rs 7 lakh...
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191BUSINESS20% TCS, RBI LRS Limit On International Credit Cards: Check Finance Ministry’s Clarification
Under the liberalised remittance scheme, all resident individuals (including minors) are allowed to freely remit up to $2,50,000 in a financial year...
