Question

Money received by a family in India from relatives working abroad (remittances) , is included in National Income of India.
True
False ​

Answer 1

Answer:

Money received by a family in India from relatives working abroad. No, it will not be included in the national income as it is a transfer receipt. 56. Dividend received by a foreigner from investment in shares of an Indian company.

Answer 2

Explanation:

Money flowing out of India is being taxed with tax deduction at source added on services like foreign tour packages and remittances as the outgoing funds flow is sought to being taxed. The Budget 2020-21 has mandated a 5 per cent tax collection at source for remittances over Rs 7 lakh.