Footnotes
1 CBDT Circular No. 10 of 2023, dated 30 June 2023. See: https://incometaxindia.gov.in/communications/circular/circular-10-2023.pdf .
Also see Ministry of Finance, "Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS" (19 May 2023) at: https://pib.gov.in/PressReleasePage.aspx?PRID=1925592 .
2 The Reserve Bank of India oversees the Liberalised Remittance Scheme or LRS that facilitates the transfer of funds outside of India by resident individuals subject to certain terms and conditions. Under the LRS, an individual can effect outbound remittances of up to a certain limit.
3 See Ministry of Finance 28 June 2023 press release at: https://pib.gov.in/PressReleseDetail.aspx?PRID=1936105 .
4 CBDT Circular No. 10 of 2023, dated 30 June 2023. See: https://incometaxindia.gov.in/communications/circular/circular-10-2023.pdf.