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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. ....
Tax department reopening old tax assessments based on algorithm : Rashtra News #Tax #department #reopening #tax #assessments #based #algorithm The unsettling letters from the tax office have started arriving. The Income Tax (I-T) department has begun the process of reopening old assessments, albeit with a difference this year. Tax officials across the country are busy ....
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. ....
Over the past one week, some companies acting as agents and marketing intermediaries of insurance companies have received notices under the Benami Transactions (Prohibition) Amendment Act, 2016, for allegedly routing funds to sidestep regulations. ....
Unlike residents, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. However, if they overstay - spending more than 181 days in a year in India - tax and disclosure regulations, as related to residents, apply to them. ....