5 Smart Things To Know About Liberalised Remittance Scheme (LRS)

1. The government of India has provided LRS as a window to remit money across the border without taking special permission.

2. One can freely remit an amount of $250000 within the LRS Limit for every financial year for an acceptable set of current or capital account transactions.

3. The scheme is applicable to all the resident individuals including the minors. The scheme is not accessible to the corporate, partnership firms, HUF and trusts.

4. Remittances are authorized for overseas education, travel, medical treatment and purchase of shares and property, apart from the maintenance of relatives who are living abroad, gifting and donations. 

5. Remittances are NOT authorized for trading on the forex markets, margin to overseas exchanges and counterparties and the purchase of FCCB have been issued by the Indian Companies abroad.  

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.