What is Liberalised Remittance Scheme (LRS)?

Under the Liberalised Remittance Scheme, all resident individuals are allowed to freely remit out of India up to USD 2,50,000 per financial year. It means a resident can remit money to his non resident relative under this LRS scheme, provided provisions of this scheme is fulfilled. As per current rule, If any forex transaction under [...]

My Experience with New Income Tax Portal

Good news- Processing of ITRs of F.Y 2020-21 has already started There is a good news that Income Tax department has already started the processing and issuing refunds of the tax returns of F.Y 2020-21. Considering the fact that filings of F.Y 2020-21 have started very late this year, getting refund so fast is a [...]

All About Capital Gain On Securities

I get a lot of enquiries from my NRI clients about implications of taxation on investments in mutual funds or any other securities in India. There is lot of confusion as few provisions of Indian income tax is different when redemption is done by NRIs as compare to when redemption is done by residents Indian. [...]

Clarification from CBDT (Circular dated 3rdMar, 21) regarding Residential Status of Certain Individuals For F.Y 2020-21 (A.Y 2021-22)

Many NRIs who were unable to leave India during F.Y 2020-21 due to Covid-19 outbreak were waiting for some clarification from Indian Income tax department regarding relaxation in determination of residential status. They are worried that they may end up paying taxes on the same income in both countries i.e source country and country of [...]
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