NRI

How NRIs can avoid Double Taxation?

Income Tax - To avoid paying tax on same income twice, one can use the provisions of the Double Taxation Avoidance Agreement (DTAA), a tax treaty India has signed with many countries....

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Filing Income Tax Returns In India For Residents

Income Tax - Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of I...

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Residential Status – Am I Resident or Non-Resident?

Income Tax - Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes...

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Everything You Want to Know About Pan Card for NRI’S

Income Tax - According to the new, rule of SEBI ,any NRI not having PAN card cannot do the share trading by depository or broker....

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Taxability of Non Resident Indian

Income Tax - Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to fil...

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SBI revises interest rates for NRIs

Income Tax - Country's largest lender State Bank of India on Friday revised interest rates for deposits by non-resident Indians (NRIs) across maturities and currencies. Under the revised rate structure, NRIs will get up to 26 basis points more for deposits in foreign currencies, while the rates for deposits in Indian rupee have gone down marginally, a...

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Government Working on Procedures for NRI’s to Vote Soon

Income Tax - The government is working on procedures to enable NRI,s to vote soon. Addressing the curtain raiser press conference of PBD-2011, here today, the Minister of Overseas Indian Affairs, Shri Vayalar said that the Parliament has passed the bill on Voting...

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DTC- NRI staying in India for more then 59 days in a year have to pay tax on income earned outside India

Income Tax - The new legislation, introduced in Parliament on Monday, says an individual shall be resident in India in any financial year if he is in the country for more than 59 days in that year and has been in India for more 365 days in the four preceding fina...

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Non-resident seafarer Salary credited by foreign employer to NRE A/c with Indian Bank- Addition not justified

Tarun Kumar Sarkar Vs Dy. DIT (ITAT Kolkata) - Salary accrued to a non-resident seafarer for services rendered outside India on a foreign going ship (with Indian flag or foreign flag) shall not be included in the total income merely because the said salary has been credited in the NRE account maintained with an Indian bank by the seafarer....

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Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction

Tulip Hotels Pvt. Ltd. Vs. DCIT (ITAT Mumbai) - Shri Somendra Khosla is a NRI, he is in the business of development of real estate and he is a man of substantial means, in my opinion, if he has decided to invest in the real estate in India, the genuineness cannot be doubted unless there is any evidence to the contrary. The Revenue has doubted the...

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Taxability Of A Non-Resident For Charging Fees For Services Rendered To Indian Companies

Clifford Chance Vs DCIT (Bombay High Court) - 34. For the purpose of taxation the authorities under the Act have proceeded on the basis that the fees received by the Appellant was for the entire Indian Project as such chargeable to tax. 35. Two basic questions which, thus, arise for our consideration are :...

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Guidelines for calculation of total foreign investment i.e. direct and indirect foreign investment in Indian companies.

Press Note No 2 (2009 Series) - (13/02/2009) - Provided that, in case of a combination of all or any of the entities mentioned in Sub-Clauses (i) and (ii) of clause 5.5.4.1 above, each of the parties shall have entered into a legally binding agreement to act as a single unit in managing the matters of the applicant company....

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Guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities.

Press Note No. 3 (2009 Series) - (13/02/2009) - These guidelines will issue in modification of paragraph 2(e) of Press Note 4 of 2006 and will be effective from the date of issue of this Press Note. FDI policy announced vide Annex to Press Note 7(2008) dated 16th June 2008 stands amplified to the above extent....

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Recent Posts in "NRI"

How NRIs can avoid Double Taxation?

To avoid paying tax on same income twice, one can use the provisions of the Double Taxation Avoidance Agreement (DTAA), a tax treaty India has signed with many countries....

Read More
Posted Under: Income Tax |

Filing Income Tax Returns In India For Residents

Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of I...

Read More
Posted Under: Income Tax |

Residential Status – Am I Resident or Non-Resident?

Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes...

Read More
Posted Under: Income Tax |

Non-resident seafarer Salary credited by foreign employer to NRE A/c with Indian Bank- Addition not justified

Tarun Kumar Sarkar Vs Dy. DIT (ITAT Kolkata)

Salary accrued to a non-resident seafarer for services rendered outside India on a foreign going ship (with Indian flag or foreign flag) shall not be included in the total income merely because the said salary has been credited in the NRE account maintained with an Indian bank by the seafarer....

Read More

Everything You Want to Know About Pan Card for NRI’S

According to the new, rule of SEBI ,any NRI not having PAN card cannot do the share trading by depository or broker....

Read More
Posted Under: Income Tax |

Taxability of Non Resident Indian

Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to fil...

Read More
Posted Under: Income Tax |

What every Non Resident Indian needs to know on their Tax Implications in India

In income tax parlance, individuals who are permanent residents of India are known as resident individuals. It is the duty of all such citizens to pay taxes on the income that they earn and file income tax return each year....

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Posted Under: Income Tax |

NRI and his Tax Affairs: An Awareness Manual

CMA Awadh Jaiswal As the due date is coming closure most of the NRI is trying to reach out their tax consultants for clearing their doubts or started goggling the Tax Portals. The most common doubts are: Which Income is Taxable in India and which one is exempt? Do I need to file Income Tax […]...

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Posted Under: Income Tax |

Transfer of shares from NRI to NRI

As per Sec. section 9(1)(i)(d) of the Act, any income accruing or arising, whether directly or indirectly, through the transfer of a capital asset situated in India is deemed to accrue or arise in India....

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Posted Under: Income Tax |

All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

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Posted Under: Income Tax |
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