Foreign Remittance under LRS

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Husseini (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 July 2023 No need to show such transactions in ITR. You have to disclose the income in ITR.

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Husseini

Husseini (Querist)
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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.