IMMUNITY IN INCOME TAX ON FOREIGN REMITTANCES UPTO 100,000 US DOLLARS|FINANCE BILL 2023

The Commissioner is empowered to probe into sources of any unexplained investment, assets, etc. and in case of unsatisfactory explanations, such amount is added to the income of taxpayer and taxed accordingly.
Such probe cannot be made in respect of remittances received from abroad through permissible channels. Upto tax year 2018, there was no cap on such remittances, however, the same was introduced at Rs 10 million per annum with effect from July 1, 2017, subsequently further reduced to Rs 5 million by Finance Act, 2019.
It is now proposed to enhance the above limit to equivalent USD 100,000 per annum. This immunity is prone to misuse and hence, there has been a consistent demand from documented sectors to remove this provision altogether.

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