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person of indian origin card
FEMA
CA. Kapil Mittal

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.

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FEMA- Foreign Exchange Management Act
FEMA
CA. Sachin Jindal

FEMA | Foreign Exchange Management Act

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

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How to Determine The Taxability of NRI in India
FEMA
CA. Kavit Vijay

How to Determine the Taxability of Foreign Resident in India?

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.

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FLA Return
FEMA
CA. Kapil Mittal

FLA Return- Foreign Liabilities and Assets Annual Return

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

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Liberalised Remittance Scheme
Liberalised Remittance Scheme
CA. Kapil Mittal

Liberalised Remittance Scheme: Everything You Must Know!

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

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tcs on foreign remittances
FEMA
CA. Kapil Mittal

TCS on Foreign remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5%

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

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