Liberalized Remittance Scheme (LRS): Changes- Education, Travel & Property in Foreign Land |Taxation

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Current Account Transactions: All transactions undertaken by a resident that do not alter his / her assets or liabilities, including contingent liabilities, outside India are current account transactions.Example: payment in connection with foreign trade, expenses in connection with foreign travel, education etc.
Capital Account Transactions: It includes those transactions which are undertaken by a resident of India such that his/her assets or liabilities outside India are altered (either increased or decreased).Example: investment in foreign securities, acquisition of immovable property outside India etc.
Resident Indians: A 'person resident in India' is defined in Section 2(v) of FEMA, 1999 as :Barring few exceptions, a person residing in India for more than 182 days during the course of the preceding financial year.
Any person or body corporate registered or incorporated in India.
An office, branch or agency in India owned or controlled by a person resident outside India.
An office, branch or agency outside India owned or controlled by a person resident in India.
Change 182 days to 120 days. The government is seeking to tax NRIs who are carrying on substantial economic activities from India. Under the present residence criteria of a minimum stay of 182 days in an FY, NRIs remain non-resident in India perpetually. Consequently, they do not declare and pay tax on their global incomes in India.

Chapters:
0:00 Liberalized Remittance Scheme (LRS)
0:08 What is LRS?
3:00 LRS-What’s New?
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