Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) The LRS is a scheme that allows Indian residents to remit money abroad up to a certain limit without the need for pr… Read More

🔊 Play The Liberalized Remittance Scheme (LRS) is part of the Foreign Exchange Management Act (FEMA) 1999, laying down the guidelines for outward remittance from India. Under LR… Read More

The newly imposed Tax Collection at Source (TCS) rate on foreign transfers is scheduled to be applicable starting from October 1, 2023. After a three-month delay, the revised TCS… Read More

Mumbai: The 12th Global Investment Immigration Summit held at the Sofitel, BKC Mumbai, witnessed a remarkable surge in attendees, signalling a growing interest among Indians in pursuing o… Read More

Ministry of Finance Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel… Read More

New 20% TCS Rule The landscape of tax collection in India is about to undergo significant changes with the introduction of new Tax Collection at Source (TCS) rates, set to take effect fr… Read More

Bengaluru, September 4, 2023: Cashfree Payments, a leading payments and API banking solutions company, has partnered with Jamboree, a leading educational consultancy, to simplify fee payment… Read More

Generally Non-Resident Indians (NRI) or Persons of Indian Origin (POI) have funds and other properties in India even when they are residing outside India. Revenue is also generated from inve… Read More

Why is TCS required to be collected? Section 206C of the Income-Tax Act 1961 provides for TCS in the business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1G) of th… Read More

As per Section 206C(1G) of Income Tax Act, inserted with effect from 01.04.2020, Authorised dealer are liable to collect TCS @ 5% on foreign remittance made under Liberalised Remittance Sche… Read More

Source: This post is created based on the article “Turning the clock back” published in Business Standard on 26th April 2023. Syllabus Topic: GS Paper 3- Indian Economy, Liberali… Read More

Discover the recent changes in Tax Collection at Source (TCS) rates and exemptions under the Liberalised Remittance Scheme (LRS) in India. Understand the revised TCS rates, the exclusion of… Read More

May 18, 2023 19:45 IST New Delhi [India], May 18 (AF): Tax Collected at Source (TCS) for spending through international credit cards under RBI’s Liberalised Remittan… Read More

Clarification, Exemptions and all one needs to know about the new TCS provision relating to overseas trip & LRS The Indian travel and tourism sector has been a significant contributor to… Read More

Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source (TCS), as per a notification issued by the finance ministry on Friday… Read More

RBI has issued a circular allowing remittances to International Financial Services Centres (IFSCs) for the purpose of 'studies abroad' under the Liberalised Remittance Scheme (LRS). This mov… Read More

I have a son (17) and daughter (21). Mu daughter plans to go abroad for two years. I have two queries: i) How much money can I send her in a year, and can it be every month or does… Read More

According to the latest data released by the central bank, Indians remitted about US$ 27.14 billion in the financial year ended March 2023 under the Reserve Bank of India’s (RBI’… Read More

According to the most recent figures from the Reserve Bank of India (RBI), Indians spent $12.51 billion on international travel between April and February of fiscal 2022–23, an increas… Read More

Indians spent 12.51 billion dollars on foreign travel… Read More

New Delhi, April 7 (IANS) Consumer Online Foundation has written to Finance Minister Nirmala Sitharaman to investigate the business activities of a company, named Rario and its compliance wi… Read More

Mar 25, 2023 00:52 IST New Delhi [India], March 25 (Always First): Lok Sabha on Friday passed the Finance Bill 2023 with several offiical amendments amid din created by sl… Read More

Boundaries are merely artificial and intangible lines of fictitious individual perceptions. However, geographic boundaries – borders – have the power to alter the land’s cu… Read More

Indians are spending nearly USD 1 billion every month on foreign travel which is significantly more than the pre-Covid levels, reveals Reserve Bank data on outward remittances. During the Ap… Read More