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Background and Limits The Liberalized Remittance Scheme (LRS) was introduced by the Reserve Bank of India (RBI) through A.P. (DIR Series) Circular No. 64 dated February 2004, with the objective of simplifying and liberalizing foreign exchange facilities available to resident individuals. Under the LRS, resident…
Who qualifies as a Seafarer or Merchant Navy Worker in Income Tax Act? To begin with, it is fundamentally important to clarify that the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’), does not strictly define or recognize specific occupational terms such as…
Any receipt of money, movable property, or immovable property received as a gift is taxable when it is received: Without consideration, or For inadequate consideration Such receipts are taxable under the head “Income from Other Sources” in the hands of the recipient. Non-Resident Individuals (NRIs)…