1492 terms

Glossary

Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.

Showing 2 terms

LRS

Regulation & tax

Also called: Liberalised Remittance Scheme

Liberalised Remittance Scheme — the RBI facility under which a resident individual may remit up to an annual limit abroad, including to buy foreign shares.

In plain terms

The direct route out of India. It brings tax collected at source on the remittance and a separate foreign-asset schedule in your return, with meaningful penalties for leaving that blank.

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TCS

Regulation & tax

Also called: Tax Collected at Source

Tax Collected at Source — tax taken on LRS remittances above a threshold, recoverable against your liability when you file.

In plain terms

Less a cost than a cash-flow delay: the money comes back at filing but is blocked until then. Nothing to do with the IT company that shares the initials.

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