The income tax department has issued scrutiny notices to around 30,000 individuals who remitted money under the Liberalised Remittance Scheme (LRS). The department has scrutinised the remittances and is seeking details such as foreign accounts, properties and shares in relevant companies abroad.
The LRS is a scheme made available by the Reserve Bank of India (RBI) for individuals to remit money for expenditure and investment. Money remittances include a variety of purposes including medical treatment, travel, education, donations, gifts and maintenance of close relatives.
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The department has analysed the income tax returns filed by such individuals and issued specific tax scrutiny notices. The notices contain queries with respect to the source of investment and tax liability on the assets owned by the individuals scrutinised. The list is also said to include individuals who donated money abroad.
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I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.