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Will your international credit card spends come under liberalised remittance scheme soon? What you should know

India Business News: Indian banks are gearing up for changes in rules on international credit card spending under the liberalised remittance scheme (LRS). The Reserve Bank

India , Siddharth-banwat , Yuvyze-consulting , International-credit-card-spending , Business-news , Tax-collection-at-source , Reserve-bank-of-india , Liberalised-remittance-scheme , International-credit-card , Foreign-exchange , Credit-card-spending ,

credit card: Banks get ready to count int'l credit card spend in liberalised remittance scheme

Under the belief that reissuing the specific notification may not go against the model code of conduct, many banks are preparing to integrate their systems with the RBIs for capturing the card spend information of individual customers during personal foreign tours.

New-delhi , Delhi , India , Mumbai , Maharashtra , Siddharth-banwat , National-payments-corp , National-electronic-fund , Yuvyze-consulting , Immediate-payment-service , National-payments , Real-time-gross-settlement

Banks Get Ready to Count Credit Card Spend in LRS

Splashing cold water on lavish holidays may be the last thing now on New Delhi's mind. But banks are not taking chances despite the poll fever hotting up.

New-delhi , Delhi , India , Siddharth-banwat , Yuvyze-consulting ,

Rich face crypto dilemma: To bet or not via foreign route

Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund --- a feature that most think is a kosher trade. However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies.

India , Siddharth-banwat , Rajeshp-shah , Jayantilal-thakkar , Blackrock , Us-securities-exchange-commission , Invesco , Exchange-commission , Reserve-bank , Digital-assets , Income-tax-act , Securities-contracts

Indian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches closer

Indian businesses are facing a higher tax outgo due to a new law that requires them to clear outstanding dues to small and micro vendors within 45 days. The law, passed in 2023 and unchanged in the 2024 budget, treats incurred expenditures as income on which tax must be paid for FY 24-25. Many businesses are consulting auditors and tax experts to estimate the extent of the impact and find ways to avoid a tax blow. Some small units are even considering surrendering their 'small and micro' registrations to protect their order books.

India , Roshan-agrawal , Paras-savla , Siddharth-banwat , Da-va-associates , Income-tax-act , It-act , Business-higher-taxes , Tax-business-india , Accounting , Trade ,

Tax and disclosure norms: NRIs asked to state number of days spent in India

Unlike residents, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. However, if they overstay - spending more than 181 days in a year in India - tax and disclosure regulations, as related to residents, apply to them.

India , Jayantilal-thakkar , Rajeshp-shah , Siddharth-banwat , India-et-bureau , Days-spent , Might-also-like , Income-tax-act , Black-money , Tax-act , It-act , Nris

NRIs asked to state number of days spent in India

Unlike residents, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. However, if they overstay - spending more than 181 days in a year in India - tax and disclosure regulations, as related to residents, apply to them.

India , Rajeshp-shah , Jayantilal-thakkar , Siddharth-banwat , India-et-bureau , Days-spent , Income-tax-act , Black-money , Tax-act , It-act , Nris , Income-tax

NRIs in a bind as taxman slaps advisories on high-value transactions

NRIs in a bind as taxman slaps advisories on high-value transactions
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

India , Ashish-mehta , Siddharth-banwat , Pankaj-bhuta , Rutvik-sanghvi , Khaitan-co , Facebook , Twitter , Pr-bhuta-co , Linkedin , Income-tax-act ,

NRIs in a bind as taxman slaps advisories on high-value transactions

NRIs in a bind as taxman slaps advisories on high-value transactions
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

India , Rutvik-sanghvi , Siddharth-banwat , Ashish-mehta , Pankaj-bhuta , Linkedin , Facebook , Pr-bhuta-co , Khaitan-co , Twitter , Income-tax-act ,

Old overseas investment deals could come under ED fire

In two recent cases, the ED has seized the office space and immovable properties of companies which had used regular banking channels to transfer funds abroad under ODI route. While the companies under question remitted tax paid money and did not use hawala operators, they nonetheless faced harsh actions for using the ODI window to buy properties for personal use and hold funds abroad in an outfit that apparently had no bona fide business activity

Mumbai , Maharashtra , India , Rajesh-shah , Moin-ladha , Siddharth-banwat , Foreign-exchange-management , Khaitan-co , Jayantilal-thakkar-company , Foreign-exchange-management-act , Enforcement-directorate , Liberalised-remittance-scheme