Liberalized Remittance Scheme (LRS) was introduced in 2004 by the Reserve Bank of India (RBI) as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. The Regulations are amended by the RBI from time to time to incorporate the changes in the regulatory framework. Remittance Limit under LRS: Under the LRS, the…
Tax Deducted at Source (TDS) plays a crucial role in the Indian taxation system by facilitating the timely collection of taxes directly at the point of income generation. However, inaccuracies in TDS filings are a frequent occurrence, often necessitating subsequent rectifications. Currently, there are no time restrictions for filing correction statements for TDS returns. These corrections are often made to address various errors, such as…
