LRS is a RBI scheme through which individuals living in India can remit money overseas for expenditure and investment
Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner, reports Business Standard.
The department has issued scrutiny notices to assessees, asking for details of foreign accounts, properties and shares in relevant companies abroad after finding irregularities in the claims made, the report said. Most assessees are traders and professionals, and the list is said to include those who sent money abroad for donations.
Moneycontrol could not independently verify the story.
LRS is a Reserve Bank of India (RBI) scheme through which individuals living in India can remit money overseas for expenditure and investment. Under the scheme, money can be sent overseas for expenses such as travel, medical treatment, education, gifts, donations, and maintenance of close relatives.
A computerised scrutiny selection has used around 100 parameters to analyse the tax returns, the report said. “The systems have compiled certain queries with respect to source of investment and tax liability on the assets owned by the assessees concerned,” an official told the publication.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.