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Under the Liberalised Remittance Scheme (LRS), resident individuals are permitted to transfer up to $250,000 a year abroad to invest in properties and securities, maintenance of relatives, among other specified purposes. Some of the tax professionals and bankers ET spoke to said authorised dealer (AD) banks are undertaking greater scrutiny before clearing LRS remittances.
The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a monetary and non-monetary cost. An individual filing belated ITR is required to pay a late filing fee for a maximum up to Rs 5000. Apart from this, there are certain disadvantages to filing belated ITR.
Most of this investment has come in 2022-23. During the same year, $17 billion in FDI came from Singapore, and $6 billion each from Mauritius and UAE.
The two-pillar package deal will give rights to countries, including India, to tax large digital players, besides setting a global minimum corporation tax of 15 per cent.
Foreign FIs halt plans to set up investment firms within IFSCs SECTIONS Share Synopsis A European fund that was looking to set up a base in India via IFSC stumbled into a roadblock after its legal advisors pointed out that India doesn’t have trade treaties in place with several counties. Agencies The entity is now setting up an India-focused fund with a pooling vehicle being set up in Luxemburg, a person with direct knowledge of the matter told ET. Several foreign financial institutions looking to set up investment entities in Indian International Financial Services Centres (IFSCs) have hit...