PIO Card | Person of Indian Origin
Government provides various benefits and relaxations to people staying out of India. These people are issued a card known as “Person of Indian Origin card i.e. PIO Card, to avail such benefits.
Government provides various benefits and relaxations to people staying out of India. These people are issued a card known as “Person of Indian Origin card i.e. PIO Card, to avail such benefits.
The Central Government of India has formulated the Foreign Exchange Management Act (FEMA) to uplift outward payments and the border trades. In the year 1999, this act, FEMA was introduced, and it replaced the previous one Foreign Exchange Regulation Act (FERA). There were certain drawbacks and loopholes in FERA which got filled with the FEMA. Moreover, different economic reforms got introduced under this act. Basically, this act came with the purpose of deregulation and to have a wide-ranging economy in India. 1. What are the objectives of the Foreign Exchange Management Act (FEMA)? The basic objective to introduce the FEMA
According to the provisions of the Income Tax Act, 1961; all the foreigners or individuals who belong to a different country but staying and working in India or individuals who belong to India but working in any other part of the world, have to pay income tax, as the Income Tax Act, 1961 provides for taxability depending upon the residential status of a person. Here in this article, we are going to discuss all the details related to tax by NRI and foreigners. This tax is levied regardless of the individual’s status of citizenship, or intention of staying in India.
Any company that has received FDI or made some overseas investment during the previous years including current year by July 15, need to submit an annual return on Foreign Liabilities and Assets i.e. FLA return. In recent times, more companies are involving themselves in foreign investments. As a matter of fact, it brings in more importance to the FEMA (Foreign Exchange Management Act) regulations. The compliance of this act is also becoming an integral part of these companies. Foreign Liabilities and Assets (FLA) annual return is one of these compliances which organizations need to submit mandatorily. Companies involved in Foreign
The Reserve Bank of India has introduced the Liberalised Remittance Scheme aka LRS way back in 2004. The main reason behind the introduction of LRS was to regulate the flow of Indian rupees out of India. As we have already come to the 21st-century number of residents and non-residents Indians travelling and working across the world has increased. Hence the scheme has become much more significant than ever these days. Here in this article, we have discussed everything you must know about the Liberalised Remittance Scheme. So, scroll through to get all the information. 1. What Actually a Liberalised Remittance
Your foreign trips are going to be costlier very soon. As the finance minister Nirmala Sitharaman announced Budget 2020, TCS on Foreign Remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5% has been imposed under Budget 2020 from 1st April 2020. 1. Let’s understand what foreign remittances are covered under LRS of RBI Under LRS, RBI allows individual to remit a certain amount in a financial year to outside India under automatic route for which no permission is require up to define limits. The current prescribe limit is USD 2,50,000 per financial year. Permissible
Want to talk to us
Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118
Keep up to date — get updates with latest topics. Signup for our newsletter today.
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Corporate Office: 601, 6th Floor, GMIT Park, Sector 142, Noida Exp Way, Noida – 201305
Registered Office: 44, Backary Portion, 2nd Floor, Regal Building, New Delhi 110001
Landline: 0120-4415477-78
info@vjmglobal.com
+91 9891576441, 9213397070, 9911887030
Mon – Fri: 09:00am – 06:00pm
Closed on Weekends
Copyright © 2014-2024 | All Right Reserved | VJM & Associates LLP
V J M & Associates LLP