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FOREIGN REMITTANCE VERIFICATION
NRI credit cards: Rewards and lounge access aren’t everything, what more NRIs should know before getting an Indian credit cardFor Non-Resident Indians (NRIs), an Indian credit card offers significant benefits beyond convenience, including building a crucial CIBIL s...- Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reducedManoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through t...
- EPFO guidelines for international workers: Govt lays down procedure to transfer EPF amount to foreign accountsThe Employees Provident Fund Organisation has simplified rules for international workers. Payments can now be made directly to overseas ban...
- International money transfer from India online: Niyo vs Thomas Cook vs BookMyForex, check the cost of transferAs more Indians relocate abroad, the demand for international money transfers is rising for various purposes like education and investments...
- Data helps Taxman unearth foreign assets worth Rs 22,000 crThe Income Tax Department's drive against undisclosed foreign assets has revealed ₹22,000 crore. Launched last November, it identified tax ...
- How can non-resident Indians open an NRO account?A non-resident ordinary (NRO) account is a specialised bank account for NRIs to manage the income earned in India, such as rent, dividends,...
- Planning to remit more than $250,000? The RBI plans to keep a close watchBanks have requested the Reserve Bank of India to integrate with its Centralised Information Management System for real-time limit verifica...
- Banks seek integration with RBI platform to monitor LRS limitsBanks in India have sought the Reserve Bank's approval for integration with its Centralised Information Management System (CIMS) to enable ...
- Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessmen...
- Outward remittances exceeding ₹6 lakh come under I-T scannerThe move will help the government to identify cases where the remittance was sent but was not reported by the taxpayer in their filling, th...
- ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can doIncome tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to ...
- How NRI can transfer NRO account money out of IndiaThere are usually two types of bank accounts that are operated by an NRI in India. These are NRE and NRO bank accounts. The money lying in ...
- Credit card payments on foreign tours may be brought under LRS to ensure compliance with TCSThe Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent ...
- I-T scanner on 89 high-value foreign remittance casesThe department has already initiated proceedings in these cases. The Central Board of Direct Taxes (CBDT), the apex direct taxes body, aske...
- What is the KYC procedure for opening bank accounts of foreign students studying in India?Foreign students can open Non Resident Ordinary (NRO) Accounts in India. An NRO account can be opened for foreign students studying in Indi...
- 'Nothing adverse' in overseas remittance data, says CBDT“The Directorate of Intelligence & Criminal Investigation (I&CI) of the income tax department during August and September 2019 obtained LRS...
- How NRIs can invest in mutual funds in IndiaNon resident Indians (NRIs) can invest in Indian mutual fund schemes subject to provisions applicable in the Foreign Exchange Management Ac...
- RBI tightens monitoring of outward remittancesThe LRS transactions are currently permitted by banks based on the declaration made by the remitter.
- Income tax department to take closer look at bank accounts, property or stocks abroadNext time, you will think twice before opening a bank account in Jersey or buying a property in London — even if the transaction is legitim...
- Government to integrate embassies with passport seva projectsThe Government is working on integrating Indian embassies and consulates with passport seva projects, External Affairs Minister S M Krishna...
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