News Muncher - category lrs

3 weeks, 1 day ago

Can an NRI-turned-resident freely repatriate foreign currency non-resident account FD?

When an NRI becomes a resident, can the foreign currency non-resident account FD be freely repatriated without coming under the ambit of the liberalised remittance scheme? Only an NRI or a non-resident of Indian origin is permitted to open a foreign currency account or the FCNR account as the name suggests, is a foreign currency deposit account in India. Regulations …

India Currency Fema Resident Foreign Nri Lrs

Important MCQs Based On Latest Supreme Court Judgments For Law Examinations

Live Law

A settlement deed created a life interest in the disputed property in favor of the Hindu Woman. Citation: 2024 LiveLaw 906 Hindu Succession Act | Life Interest Given To Woman Will Not Transform Into Absolute Ownership As Per Section 14 : Supreme Court Q 2. d. All of the above Answer: Option Explanation: The Supreme Court recently observed that expressions …

Law Supreme Court High Court Property Citation 2024 Based

Important MCQs Based On Latest Supreme Court Judgments For Law Examinations

Live Law

A settlement deed created a life interest in the disputed property in favor of the Hindu Woman. Citation: 2024 LiveLaw 906 Hindu Succession Act | Life Interest Given To Woman Will Not Transform Into Absolute Ownership As Per Section 14 : Supreme Court Q 2. d. All of the above Answer: Option Explanation: The Supreme Court recently observed that expressions …

Law Supreme Court High Court Property Court Based Fir

1 month ago

'Consideration' Need Not Be Monetary: Supreme Court Upholds Settlement Deed Requiring Transferee To Care For Transferors & Do Charity

Live Law

The Supreme Court upheld a property transfer based on a settlement deed requiring the transferee to care for the transferors and perform charitable work. The respondents argued that the settlement deed was nothing but a gift deed because it was without consideration as taking care of the transferor and doing social work would not qualify as consideration. Observation Setting aside …

Judgment Property Court Settlement Care High Lrs

1 month ago

Avoid common mistakes that people make with NRI transactions

Live Mint

Non-resident Indians receive or send money to India quite often, and usually open a non-resident ordinary or non-resident external bank account, or both. View Full Image Graphic: Pranay Bhardwaj "A resident individual can transfer INR funds into an NRO account online – subject to the maximum INR transfer limit set in your netbanking – or offline. To transfer funds from …

Money Indian Transfer Shah Resident Funds Nri

1 month, 1 week ago

Forex card vs debit card: Which helps save on markup fees?

Live Mint

When travelling abroad, travellers can choose between cash and card for payments. A forex card is cheaper because the markup charged on currency conversion is lower compared to what banks apply to debit cards when they are swiped outside India. Assuming the cardholder used a debit card on the Visa network, swiping the card for payments worth $500 would debit …

Visa Currency Cards Rate Hdfc Bank Hdfc Debit Card

4 months, 3 weeks ago

Telangana: Pending LRS Pleas To Be Disposed of Soon

Deccan Chronicle

HYDERABAD: Over 25 lakh Layout Regularisation Scheme applications pending for the last four years will be disposed of online with the state government issuing new guidelines for clearance of pending applications. The LRS application data will be classified clustered survey number wise and village wise and each cluster will be given a unique number for ease and speedy field work …

Application Lands Lrs Telangana Pending

4 months, 3 weeks ago

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Live Mint

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Finance India Salary Tax Credit Itr Individuals

5 months ago

Supreme Court Weekly Round-Up (15 July-20 July, 2024)

Live Law

With another week gone at the Supreme Court of India, Live Law is back with its Supreme Court Weekly Digest, dedicated to keeping our readers abreast of the most recent legal developments in the country's apex court. Supreme Court Orders Interim Release Of YouTuber Savukku Shankar Till High Court Decides Plea Against Preventive Detention Case Title – A. Kamala v. …

India Karnataka Tamil Nadu Kerala Delhi Supreme Court High Court

5 months, 1 week ago

Union Budget 2024: Overseas credit card spending above ₹7 lakh may be taxed 20%

Hindustan Times

The Union Budget 2024, which is scheduled to be presented on July 23 may bring overseas credit card spending above ₹7 lakh under the Liberalised Remittance Scheme, which means that the government would be able to collect a 20% tax on it, Moneycontrol reported, citing an unnamed government official. Expenses paid internationally using debit cards, forex cards, or other payment …

India Tax Credit Card Budget 2024 Tcs Union Budget

5 months, 1 week ago

RBI allows resident Indians to open foreign currency accounts in GIFT City

Live Mint

The Reserve Bank of India has expanded the scope of remittances to International Financial Services Centres under the Liberalised Remittance Scheme allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City. On Wednesday, RBI decided to allow authorised persons to facilitate remittances for availing financial services or financial products as per the International Financial Services Centres Authority …

Financial Currency Foreign Rbi Foreign Currency Gift City Lrs

6 months, 2 weeks ago

Bhatti: Explore ways to augment state revenues

Deccan Chronicle

Hyderabad: Deputy Chief Minister Bhatti Vikramarka Mallu, who holds the finance portfolio, has directed officials to explore ways to mobilise additional revenue and increase the state government's income. Bhatti was speaking at a meeting held to review the performance of revenue-earning departments at the Secretariat on Friday, along with ministers Ponguleti Srinivas Reddy, Jupally Krishna Rao and Ponnam Prabhakar. Special …

Finance Revenue Secretary Bhatti Lrs

7 months ago

Supreme Court Monthly Round-Up: April 2024

Live Law

Here's a comprehensive overview of the Supreme Court of India proceedings during April 2024. Supreme Court Stays MP Administration's Decision To Deny Permission For Christian Prayer Meet Case Title: SURESH CARLETONS vs. STATE OF MADHYA PRADESH., Diary No.- 16136 - 2024 Coram: Justices B.R. Karnataka's Plea For Drought Relief: Supreme Court Asks Union To Submit Inter-Ministerial Central Team's Report Case …

India Climate Change Lok Sabha Elections Karnataka Tamil Nadu Kerala Delhi

11 months, 1 week ago

Bitcoin ETF approval: Indian investors too can participate - here’s how

Live Mint

The approval of spot bitcoin exchange-traded funds by the Securities Exchange Commission in the United States has paved the way for Indians to explore investment opportunities in crypto assets. It's important to highlight that participation in foreign stock and ETF markets by Indian investors is regulated by the Reserve Bank of India's Liberalised Remittance Scheme. “For Indian investors, the Bitcoin …

Indian Investors Indian Investors Lrs Etfs Bitcoin Etf

1 year ago

How regulations squeezed investments into Gift City

Live Mint

New Delhi: India’s attempt to tighten outward investment rules to discourage Indian residents from unnecessarily taking money out of the country has hurt fund flows into the International Financial Services Centre, Gift City, two people aware of the matter said. To encourage wealthy Indians to use Gift City instead of overseas jurisdictions for their investments, the Reserve Bank of India …

Singapore Tax Investment Indian City Residents Rbi

1 year, 1 month ago

Tax collection at source: Who issues a TCS certificate and when?

Live Mint

Tax collection at source, or TCS, is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. Starting Oct 1, 2023, the Government of India introduced TCS rate of 20 percent on foreign remittances of more than …

Tax Tan Rate Tcs Tax Collection Lrs Collection Account

1 year, 4 months ago

How HNIs can invest abroad without the LRS limit or TCS

Live Mint

Why do ordinary Indians find it difficult to invest outside the country? Overseas investments made by LLPs would be out of its individual partners’ balance sheet / personal wealth, and hence, the structuring of such LLP needs to be undertaken with care. View Full Image Mint Since this LLP is registered as an ‘Indian entity’ as per the Reserve Bank …

Tax Gift Indian Investments Income Odi Route

1 year, 4 months ago

What is tax collection at source on foreign remittances under LRS? An explainer

Live Mint

In the Budget 2023, government rolled out a higher tax collection at source of 20 percent on outward remittances under the Liberalised Remittance Scheme The higher tax rate was supposed to come into effect from July 1 onwards, but on June 28, 2023, a finance ministry notification clarified that the higher rates will come into force when the threshold is …

Tax Credit Card Rate Higher 20 Percent Tcs 5 Percent

1 year, 5 months ago

Explained | The changes to the Liberalised Remittance Scheme

The Hindu

The story so far: On June 28, the Finance Ministry in two announcements deferred the imposition of an increased 20% rate for Tax Collected at Source by three months to October 1, and said transactions made using international credit cards overseas would not fall under the purview of the Liberalised Remittance Scheme. To put things into perspective, while LRS designates …

India Tax Credit Credit Cards Cards Lakh Threshold

1 year, 5 months ago

How to get 5% TCS for remittances beyond ₹7 lakh

Live Mint

The ministry of finance on 28 June deferred the applicability of increased TCS, or tax collected at source, rate of 20% on overseas tour packages and remittances under the Liberalised Remittance Scheme for a further period of three months, from 1 July to 1 October. Before the budget announcements, a uniform TCS rate of 5% was applicable on all kinds …

Treatment Foreign Rate Lakh Overseas Limit Remittances

1 year, 5 months ago

No TCS for credit card transactions abroad; higher TCS rates deferred until October 1. Details here

Live Mint

In a significant turn of events, the Ministry of Finance has reversed its earlier decision and announced that credit card transactions conducted abroad will be exempt from the tax collected at source on foreign transactions. The Ministry of Finance decided to postpone the implementation of TCS on credit card transactions abroad to provide banks and card networks with sufficient time …

Tax Credit Card Rate Rates Tcs 5 Percent

1 year, 5 months ago

Payments using ICC on foreign visits to not attract TCS: Govt. notification

The Hindu

Payments made by using international credit cards during overseas visits will not attract Tax Collected at Source, as per a notification issued by the finance ministry on Friday night. Putting at rest the controversy over usage of ICC, the Ministry amended the Foreign Exchange Management Rules, 2000, on Friday to exclude ICC from the purview of the Reserve Bank's Liberalised …

Ministry Cat Icc Tcs Notification Lrs Fem

1 year, 5 months ago

International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry

News 18

The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme. “The use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India” will not be covered under LRS, the notification said while inserting Rule …

International Credit Card Ministry Cat Lrs Fem

1 year, 5 months ago

Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry

The Hindu

The government on Wednesday dropped plans to levy TCS on overseas payments made through international credit cards and said such expenses will be included in the Liberalised Remittance Scheme of the RBI. The Finance Ministry has also deferred by three months the implementation of a higher Tax Collected at Source rate of 20% on expenditures made under LRS and overseas …

Credit Credit Cards Ministry Overseas Tcs Lrs Tcs Rates

Filters

Articles for Lrs

Can an NRI-turned-resident freely repatriate foreign currency non-resident account FD?

Important MCQs Based On Latest Supreme Court Judgments For Law Examinations

Important MCQs Based On Latest Supreme Court Judgments For Law Examinations

'Consideration' Need Not Be Monetary: Supreme Court Upholds Settlement Deed Requiring Transferee To Care For Transferors & Do Charity

Avoid common mistakes that people make with NRI transactions

Forex card vs debit card: Which helps save on markup fees?

Telangana: Pending LRS Pleas To Be Disposed of Soon

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Supreme Court Weekly Round-Up (15 July-20 July, 2024)

Union Budget 2024: Overseas credit card spending above ₹7 lakh may be taxed 20%

RBI allows resident Indians to open foreign currency accounts in GIFT City

Bhatti: Explore ways to augment state revenues

Supreme Court Monthly Round-Up: April 2024

Bitcoin ETF approval: Indian investors too can participate - here’s how

How regulations squeezed investments into Gift City

Tax collection at source: Who issues a TCS certificate and when?

How HNIs can invest abroad without the LRS limit or TCS

What is tax collection at source on foreign remittances under LRS? An explainer

Explained | The changes to the Liberalised Remittance Scheme

How to get 5% TCS for remittances beyond ₹7 lakh

No TCS for credit card transactions abroad; higher TCS rates deferred until October 1. Details here

Payments using ICC on foreign visits to not attract TCS: Govt. notification

International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry

Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry