Foreign Remittances

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

North America had a high share of remittances before the global financial crisis

Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade

India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20% of these funds

A year and a half into the pandemic, policy makers have given little thoughtful guidance to families.

The I-T department also advised authorised dealers to accept such forms till June 30, 2021 for the purpose of foreign remittances.

For education-related foreign remittances funded by loans, though, the tax will be just 0.5% for amount above Rs 7 lakh, but will go up to 5% if PAN is not provided

Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8 per cent of remittances in 2018

India tops the list of nations that remit earnings - nearly $83 billion remitted in 2019 - according to the World Bank

Since there will be tax incidence in the foreign country, an investor has to seek credits in India

Future Group payments affiliate LivQuik to launch foreign remittance services at stores

With foreign travel and studying abroad accounting for the bulk of the remittances by Indians, using a sledgehammer may not work

Low crude prices have led to a drop in remittances to India from the diaspora in the Gulf region

Income tax seeks explanation from a dozen chartered accountants on issuing TDS certificates