TCS of 20% is applicable on all foreign remittances made under the Liberalised Remittance Scheme after 1st Oct 2023. Earlier the rate of TCS was 5% but it has now been increased to 20% with effect from 1st Oct 2023. It is important to note here that this TCS is only applicable to foreign remittances made by Resident Indians and not on Foreign Remittances made by NRI’s. The Liberalised Remittance Scheme (LRS) is basically a scheme for making personal payments (i.e. non-business payments) and thus, it can be said that 20% TCS is applicable on foreign remittances made for personal purposes and no ..read more

Having a Customs Code is mandatory requirement for all businesses who are Importing or Exporting Goods in Dubai. This registration is done with the Customs Dept of the Emirate in which your company is registered. Thus, if your company is registered in Dubai, then you’ll have to register with the Dubai Customs Dept but if your company is registered in other emirates like Abu Dhabi / Sharjah / Ras Al Khaimah or any other emirate, then you’ll have to apply for Registration with the Customs Dept of that specific Emirate. Recommended Read: How to setup a Company in Dubai Customs Duty Rate in Duba ..read more

Capital Gains Tax Harvesting is strategy in which the Investor sells the Capital Asset to take the benefit of Tax Exemptions. By following this strategy, a person can easily save upto Rs. 10,000 in each financial year and a lot of financially savvy investors apply this strategy in the month of March so that they can claim this benefit. The Capital Gain Tax Harvesting strategy is completely legal and a lot of smart investors apply this strategy to take the benefit of the Rs. 1 Lakh tax exemption which is available for Long Term Capital Gains arising from the sale of property. In the year, 2018 ..read more

As Interest Rates in India are higher as compared to the western countries, many NRI’s have a preference for investing in India. To make use of these high differences in Interest Rates in India and other developed countries, NRI’s prefer to invest in India by opening a NRI Bank account in India. An NRI can keep money in the following 3 types of Bank Accounts i.e. FCNR Account NRE Account NRO Account We’ve already discussed FCNR Account and NRE Account in our previous articles and in this article; we’ll be highlighting the key features of NRO Account. Recommended Read:- Benefits of opening F ..read more

If you are staying in UAE, it is mandatory for you to have a Residence VISA and an Emirates ID. The Emirates ID is a very important document and is issued by the Federal Authority for Identity, Citizenship, Customs and Ports Security and this card confirms your identity across all the 7 emirates of UAE. It is a legal requirement for all UAE Citizens and Residents to apply for an Emirates ID and carry it with them at all times. A person with a valid Residence VISA and Emirates ID can stay in any emirate and it is not necessary to stay in the same emirate from where the ID Card has been issued ..read more

Tax deductions function as a valuable tool in the personal finance domain, allowing individual taxpayers and companies to lower their taxable earnings legally and the applicable tax payment. In addition, leveraging income tax deductions can considerably affect your financial position, helping you save your hard-earned money. This blog post will help you understand the benefits of tax deduction and how they can help maximise your savings. Tax Deductions: An Overview The Indian government has authorised individual taxpayers and companies to avail themselves of certain tax deductions from their ..read more

In March 2023, remittances totaled $2.95 billion, up from $2.1 billion in February 2023 and $1.96 billion in March 2022. At the core of these payments lies LRS.  LRS’s full form in banking is the Liberalised Remittance Scheme, an initiative by the Reserve Bank of India (RBI). This scheme plays a crucial role in the banking sector, particularly for those looking to send money abroad. Let’s discuss all things concerning the Liberalised Remittance Scheme and how it impacts you. What is the Liberalised Remittance Scheme (LRS) The Liberalised Remittance Scheme, the ful ..read more

The days of tedious paperwork and long in-branch processes are over. Thanks to technology, opening a zero-balance bank account online in minutes is a major advancement in banking accessibility in the digital age. If you are wondering how to open your online zero-balance account, we have got you covered. Read on to explore the steps you need to follow to apply for an account in a seamless manner. Why Are Zero Balance Accounts Important? At first glance, a bank account with no mandated balance might raise eyebrows. But its relevance is undeniable, and its growth in popularity is a testament to i ..read more

Are you aiming to build or enhance your credit history? Then, getting a Fixed Deposit (FD) Credit Card issued by financial institutions is the perfect choice for you. It allows you to avail of credit card facilities with a Credit Card App, where your deposit acts as security for the credit limit. Let us explore the advantages of opting for a credit card against a FD and understand how this financial option can be advantageous for individuals with no or limited credit history: Easy approval Process Applying for a credit card against a FD is a simple and faster approval process. Financial inst ..read more

In the aftermath of the COVID-19 pandemic, to give a boost to the Indian economy and the real estate sector, the Reserve Bank of India reduced the Repo Rate by a great margin causing all loans, including home loans, to become a lot cheaper. The reduced home loan interest rates played a massive role in the revival of the real estate sector. However, now that the real estate sector has bounced back completely, the RBI has been continually increasing the Repo Rate. However, even after the recent Repo Rate hikes, home loans continue to be way more affordable than they were a few years ago. If you ..read more