Foreign Remittance under LRS
This query is : Resolved
31 July 2023
We had taken Rs.200000/-loan from NRI person for business purpose in FY 2020-21, now we have made repayment to NRI in Japanese currency. This transaction is showing in AIS report as remittance under LRS(u/s.206C(1G((a)). My query is does it require to show foreign remittance repayment of loan transaction in income tax ITR form 3.
31 July 2023
No need to show such transactions in ITR. You have to disclose the income in ITR.
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31 July 2023
In which schedule we have to disclose income. In Fy. 2020-21 we have shown Rs.200000/- in ITR as a Loan. Now we have made repayment of loan in Japanese currency.
01 August 2023
That's okay leave it.
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