Remittance
Q: What is the meaning of remittance? Can someone tell me about any remittance processing service provider companies?
A: Remittance means the process of sending or transferring money to your near and dear ones who lived overseas. It proves to be an important source of income for the developing and emerging market, receiving country, according to the world bank. Remit2Home, Western Union and Money Gram are some of the major companies that provide remittance processing services. You can also get remittance services online.
Q: What do you mean by Remittance Advice?
A: Remittance Advice is a mode of the payment you received from the sender and for what purpose. If you look at the bottom it will look like a bill or check that tells the complete details of the payment. Take this to your bank and they will process it and credit it in your account.
Q: Federal Remittance - What does it mean?
A: Federal Remittance simply means the amount of money paid by the federal government in terms of taxes.
Q: If being an NRI i would like to send some money to my near and dear ones,then should i have to pay the taxes for that remittance process?
A: Hey, you are going to send money from your NRI account to your home account or say the place where you parents and family live then there is no tax on such transactions but you have to show complete details in your income tax return(ITR) about this remittance process.India and USA has a NO double tax treaty.So if a money is Tax paid in 1 country it can not be taxed in other country.
A: Remittance means the process of sending or transferring money to your near and dear ones who lived overseas. It proves to be an important source of income for the developing and emerging market, receiving country, according to the world bank. Remit2Home, Western Union and Money Gram are some of the major companies that provide remittance processing services. You can also get remittance services online.
Q: What do you mean by Remittance Advice?
A: Remittance Advice is a mode of the payment you received from the sender and for what purpose. If you look at the bottom it will look like a bill or check that tells the complete details of the payment. Take this to your bank and they will process it and credit it in your account.
Q: Federal Remittance - What does it mean?
A: Federal Remittance simply means the amount of money paid by the federal government in terms of taxes.
Q: If being an NRI i would like to send some money to my near and dear ones,then should i have to pay the taxes for that remittance process?
A: Hey, you are going to send money from your NRI account to your home account or say the place where you parents and family live then there is no tax on such transactions but you have to show complete details in your income tax return(ITR) about this remittance process.India and USA has a NO double tax treaty.So if a money is Tax paid in 1 country it can not be taxed in other country.
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