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Articles for Lrs, search results for money

Avoid common mistakes that people make with NRI transactions
1 month, 1 week 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
How regulations squeezed investments into Gift City
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
How HNIs can invest abroad without the LRS limit or TCS
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
ITR filing: Sending money outside India? Know the new income tax rule
1 year, 6 months ago

ITR filing: Sending money outside India? Know the new income tax rule

Live Mint  

Every overseas remittance made under the liberalised remittance scheme would be subject to a 20% tax collected at source starting 1 July 2023, with the exception of those sent for medical and educational expenses, for which a 5% TCS will be imposed after the threshold of ₹7 lakh is exceeded annually. Starting 1 July 2023, Tax Collected at Source on …

India 2023 Hdfc Bank Tcs Lrs Financial Year Itr Filing
Money Transfer: Know How To Send Money To Your Children Living Abroad
1 year, 6 months ago

Money Transfer: Know How To Send Money To Your Children Living Abroad

News 18  

As parents you may need to send money to your children studying or residing abroad quite regularly. The Liberalised Remittance Scheme of the Reserve Bank of India makes it simple and hassle free for Indian parents to send money to their children in foreign countries. Here’s a detailed guide to send money to your children living abroad without any hassle. …

Children Money Your Child Send Your Children Tcs Lrs
As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here
1 year, 7 months ago

As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here

Live Mint  

Travelling to an overseas destination or remitting money abroad is set to be attract a higher rate of tax with 20 percent TCS to kick in from July 1, 2023 onwards. It is, however, vital to note that those who are remitting money abroad for education and for medical treatment will continue to pay a lower rate for remittances in …

Education Expenses Tax Rate Tcs Medical Treatment Tax Collection
20% TCS on Credit Card Usage Outside India: What are the Changes & Why Have they Been Made?
1 year, 7 months ago

20% TCS on Credit Card Usage Outside India: What are the Changes & Why Have they Been Made?

News 18  

The Centre has changed the Foreign Exchange Management Act guidelines to include international credit card purchases made outside of India in the Liberalised Remittance Scheme. The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI’s liberalised remittance scheme, are intended to bring in parity in tax treatment of remittances using …

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ED attaches Zavaray Soli Poonawalla’s assets worth ₹41.64 crore in Worli
1 year, 7 months ago

ED attaches Zavaray Soli Poonawalla’s assets worth ₹41.64 crore in Worli

Hindustan Times  

The Enforcement Directorate on Monday seized three immovable properties worth ₹41.64 crore belonging to Zavaray Soli Poonawalla, brother of Serum Institute of India chairman and managing director Cyrus Poonawalla, and his family members in connection with a foreign exchange violation probe linked to the Panama Papers, the agency said on Monday. The agency alleged that Zavaray Soli Poonawalla and his …

Family Fema His Family Members Lrs Ed Attaches Zavaray Soli Poonawalla Zavaray Poonawalla
How much money can parents send to kids Abroad?
1 year, 8 months ago

How much money can parents send to kids Abroad?

Live Mint  

India had limited foreign exchange reserves post-independence. Examples of permissible transactions are: higher education in foreign universities, medical treatment abroad, maintenance of close relatives staying outside of India, investments in securities abroad, emigration, going abroad for employment, etc. Remittance is prohibited for purchase of lottery tickets/sweep stakes, remittances for the purchase of foreign currency convertible bonds issued by Indian companies …

Education Parents Million Foreign Indians Tuition Fees Kids Abroad
Wise launches foreign exchange services from India
3 years, 6 months ago

Wise launches foreign exchange services from India

Live Mint  

MUMBAI: Wise, a London based fintech firm, built on the principle of peer-to-peer forex transfers has announced its entry into India. Wise has tied up with RBL Bank enabling Indians to send money abroad through the Liberalised Remittance Scheme. The company serves over 10 million customers worldwide, processing GBP 5 billion in cross-border transactions per month, a spokesperson for Wise …

India
Tax on LRS remittance is not an additional cost. Here’s all you want to know
4 years, 3 months ago

Tax on LRS remittance is not an additional cost. Here’s all you want to know

Live Mint  

By Viram Shah From October 1, authorised dealers, typically banks and remittance companies will collect 5% tax at source once LRS remittance made by an individual crosses 7 lakh in a financial year. The Union Budget 2020 proposed a 5% TCS on remittances undertaken via the Liberalised Remittance Scheme above ₹7 lakh. ₹15,000 will be deducted as TCS 2) For …

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