A provision in the Union Budget for 2020-21 that is attracting considerable adverse attention deals with remittances abroad.
The Budget proposes that if a person remits more than Rs 7 lakh overseas under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) — or buys an overseas tour package of that amount from a travel agent — then the bank or agent in question would have to pass on 5 per cent of that amount as tax. The government says this does not count as double taxation although it is on income that is already taxed, because individuals can ...
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First Published: Thu, February 13 2020. 23:45 IST
