Page 2 - Lrs
Clarification on applicability of TCS on overseas credit card spends soon
The tax department will soon come out with a clarification in the form of FAQs to distinguish between expenses incurred on personal visits and business trips for levy of 20 per cent TCS on overseas credit card spends from July 1, a senior official said on Friday. Following a notification which brought credit card spends under LRS, concerns have been raised on how personal and business expenses would be segregated by the banks who will be required to deduct the TCS on such expenses. Finance ministry joint secretary (Tax Policy and Legislation) Raman Chopra said the government would soon issue a clarification on the mode of applicability of the TCS provision. "There has been a lot of discussion with the finance secretary, the revenue secretary and the finance minister. We are certainly going to come up with some clarifications and FAQs on that and that will clarify the position beyond any reasonable doubt in what manner TCS is to be collected and to what extent threshold is available
 "Clarification on applicability of TCS on overseas credit card spends soon")
Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt
These transactions will not attract tax collected at source
 "Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt")
Turning the clock back
New rules on remittances may rein in legal transfers
 "Turning the clock back")
Remittances decline 23% sequentially to $2.1 billion in February
Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high
 "Remittances decline 23% sequentially to $2.1 billion in February")
Indians spent nearly $10 billion on foreign travel in April-December
Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20
 "Indians spent nearly $10 billion on foreign travel in April-December")
Outward remittance in April-December almost equal to FY22 figure: RBI
In FY22, outflows under the LRS scheme at $19.61 billion was an all-time high
 "Outward remittance in April-December almost equal to FY22 figure: RBI")
Bankers see rise in LRS remittances before new TCS rate kicks in
The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year
 "Bankers see rise in LRS remittances before new TCS rate kicks in")
Increase in TCS under LRS is to target discretionary spending: Revenue Secy
TCS on remittances made under the LRS was introduced in 2020
 "Increase in TCS under LRS is to target discretionary spending: Revenue Secy")
RBI partially eases curbs on SBM Bank till Mar 15 for customers' relief
On Jan 23, RBI had asked the lender to immediately stop transactions under LRS, following certain material supervisory concerns observed in the bank
 "RBI partially eases curbs on SBM Bank till Mar 15 for customers' relief")
Outward remittances under LRS scheme near $2 billion in Nov: RBI
International travel continued to over 50 per cent of the entire outward remittance by Indians under the scheme
 "Outward remittances under LRS scheme near $2 billion in Nov: RBI")
Ultra-rich Indians seek residency in Portugal for better healthcare
Apart from investing in housing, Indians are also applying for 'jumbo life and term' insurance covers worth $20 million
 "Ultra-rich Indians seek residency in Portugal for better healthcare")
Indians remitted $2.67 billion in August under LRS scheme, shows data
According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.
HNIs more cautious on foreign investment after new rules kick in
According to the new rules of the liberalised remittance system (LRS), an Indian resident can now invest $250,000 a year in foreign stocks, debt etc
 "HNIs more cautious on foreign investment after new rules kick in")
Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data
Spend on international travel accounts for 48% of total remittance
 "Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data")
Overseas remittances almost double year on year to $2 billion in April
Travel, relative care top the chart, with the former coming back to pre-Covid levels
 "Overseas remittances almost double year on year to $2 billion in April")
Why LRS route for investing in capital markets abroad is mainly for HNIs
Those with small amounts should skip it owing to high costs and elaborate tax-related compliances
 "Why LRS route for investing in capital markets abroad is mainly for HNIs")
Remitting money? Use lock-in facility to get best forex rate, say experts
Take into account transaction fee, conversion fee, and exchange-rate mark-up when comparing players' costs
 "Remitting money? Use lock-in facility to get best forex rate, say experts")
Tax collection at source on LRS to hit education abroad
The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas
 "Tax collection at source on LRS to hit education abroad")
I-T dept scans 30,000 individuals for remitting money abroad via RBI scheme
Most of the assessees in question are either traders or professionals; there are also those who sent money abroad for donation purposes
 "I-T dept scans 30,000 individuals for remitting money abroad via RBI scheme")
New norms for outward remittance of money narrow definition of 'relative'
Altered rules aim at checking black money transactions and misuse of guidelines for commercial purposes
 "New norms for outward remittance of money narrow definition of 'relative'")