NRI

NRI investment in real estate simplified

Corporate Law - A substantial portion of the remittance goes for investment in real estate across India.  This is because the NRI investment norms have been considerably eased now.  The government has recently approved a proposal allowing investment made by NRIs to be deemed as domestic investment on par with resident investments.    It does mean NR...

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 International Taxation for Corporate and NRI in India

Corporate Law - (A) International Taxation for Corporate in India 1. Introduction on International Taxation for Corporate in India (i) Now MNCs from outside India are interested in multiplying their business + investment + supply of technology + supply of know how + listing at stock of exchange (all) in India + (ii) MNCs from India are interested [&helli...

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Impact of residence status on taxation

Corporate Law - 1. The taxability of a person rests on resident status, source of income and the place of receipt of income. We have prepared this note for the purpose of determining the taxability of persons who are citizens of India but resident outside India or Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) Overseas Citizenship [&hell...

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Can an NRI become a Trustee in Public Charitable Trust in India?

Corporate Law - Can an NRI become a Trustee in Public Charitable Trust in India? Friends, I get this question from Non Resident Indians as well as from people residing in India. At times NRIs want to start a trust in India because they want to do some social work. At other times, a Trust started by Indians […]...

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What Is NRE And NRO Account?

Corporate Law - Article explains Benefits Of Opening an NRE Account in India, Eligibility Criteria to Have an NRE Account, What Happens to The NRE Account When You Come to India Again, What is an NRO account, Taxation Of NRO Account in India and Differences Between NRE AND NRO Accounts. A Non-Resident External (NRE) Account is a bank […]...

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Overseas Citizen of India can enroll in NPS at par with NRIs

Corporate Law - Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians vide Circular No: PFRDA/2019/19/PDES/3 dated 29th October 2019....

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Taxation of Non-Residents

Corporate Law - ICAI released an e-book on Taxation of Non-Residents  based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]...

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SBI revises interest rates for NRIs

Corporate Law - 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

Corporate Law - 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

Corporate Law - 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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RBI approval for acquisition & transfer of immovable property by OCIs

Press Release: 2021-2022/1439 - (29/12/2021) - NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property...

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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"

NRI investment in real estate simplified

A substantial portion of the remittance goes for investment in real estate across India.  This is because the NRI investment norms have been considerably eased now.  The government has recently approved a proposal allowing investment made by NRIs to be deemed as domestic investment on par with resident investments.    It does mean NR...

Read More
Posted Under: Income Tax |

 International Taxation for Corporate and NRI in India

(A) International Taxation for Corporate in India 1. Introduction on International Taxation for Corporate in India (i) Now MNCs from outside India are interested in multiplying their business + investment + supply of technology + supply of know how + listing at stock of exchange (all) in India + (ii) MNCs from India are interested [&helli...

Read More
Posted Under: Income Tax |

Impact of residence status on taxation

1. The taxability of a person rests on resident status, source of income and the place of receipt of income. We have prepared this note for the purpose of determining the taxability of persons who are citizens of India but resident outside India or Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) Overseas Citizenship [&hell...

Read More
Posted Under: Income Tax |

Can an NRI become a Trustee in Public Charitable Trust in India?

Can an NRI become a Trustee in Public Charitable Trust in India? Friends, I get this question from Non Resident Indians as well as from people residing in India. At times NRIs want to start a trust in India because they want to do some social work. At other times, a Trust started by Indians […]...

Read More
Posted Under: Income Tax |

What Is NRE And NRO Account?

Article explains Benefits Of Opening an NRE Account in India, Eligibility Criteria to Have an NRE Account, What Happens to The NRE Account When You Come to India Again, What is an NRO account, Taxation Of NRO Account in India and Differences Between NRE AND NRO Accounts. A Non-Resident External (NRE) Account is a bank […]...

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Posted Under: Income Tax |

151 Frequently Asked Questions (FAQs) from NRI+PIO for India

(A) FAQs under head Foreign Exchange Management Act (FEMA), 1999 1. What is meaning of FEMA, 1999 ? (i) FEMA, 1999 is an act to consolidate + amend the law for foreign exchange with the objective of facilitating external trade + payment + promoting the orderly development and maintenance of foreign exchange market in India. […]...

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Posted Under: Income Tax |

Tax Deduction at Source and Non Residents

In Income Tax Act, 1961 we have different TDS provisions for residents payee and nonresident payees. We have Income From Salaries (Sec 192), Premature withdrawal of PPF (Sec 192A), Winning from Lotteries (Sec 194B), Winning from Horse Race (Sec 194BB), NSS (Sec 194EE), Repurchase by MFs (Sec 194F), Lottery Commission (Sec 194G), Income fr...

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Posted Under: Income Tax |

Non Resident and Types of transactions under FEMA

Non-Resident Person An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI includes the Person of Indian Origin (PIO). PIO is a person, who at any time held Indian Passport, or […]...

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Posted Under: Income Tax |

Taxability of NRIs in the light of India-Singapore DTAA

Article explain Determination of Residential Status of An Indian Citizen or Person of Indian Origin, Definition of Indian Citizen in accordance with Indian Citizenship Act, 1955 and Laws Relating to Double Taxation Avoidance Agreement (DTAA) between India and Singapore. Investments In India By A Singapore Based (Entity or) Individual And ...

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Posted Under: Income Tax |

Precautions to be taken by Non-resident Indians while disposing their house property in India

Non-resident Indians share a vital role in the economic development of our country.  Our foreign exchange reserves have been increasing since LPG era thanks to Non- resident Indians.  To sell property/house property in India, we have to adhere some rules and regulations. Non- resident Indians are not an exception to that. Therefore, the...

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Posted Under: Income Tax |

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