Foreign Remittance under LRS

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A query was raised regarding a foreign remittance for loan repayment under LRS appearing in the AIS report. The user had taken a loan from an NRI and repaid it in Japanese Yen. The discussion clarified that while the repayment itself doesn't need to be shown as income in the ITR, the original loan amount was correctly declared as a liability in the previous year's return.

Husseini

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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2023 That's okay leave it.

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