HNI investors in offshore blank cheque companies receive income tax notices indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
India Business News: The UK government plans to introduce a new tax regime in April 2025 affecting NRIs and recent migrants. This change will end the tax exemption for non
The new tax order, expected to take effect in April 2025, would increase their tax burden, require meticulous planning, and may even make the UK a less attractive country to migrate.
Under the Liberalised Remittance Scheme (LRS), resident individuals are permitted to transfer up to $250,000 a year abroad to invest in properties and securities, maintenance of relatives, among other specified purposes. Some of the tax professionals and bankers ET spoke to said authorised dealer (AD) banks are undertaking greater scrutiny before clearing LRS remittances.
Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund - a feature that most think is a kosher trade. However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies.