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...
Read MoreCorporate 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...
Read MoreCorporate 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...
Read MoreCorporate 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 […]...
Read MoreCorporate 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 […]...
Read MoreCorporate 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....
Read MoreCorporate 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. […]...
Read MoreCorporate 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...
Read MoreCorporate 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...
Read MoreCorporate 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...
Read MoreTarun 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 MoreTulip 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...
Read MoreClifford 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 :...
Read MorePress 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...
Read MorePress 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....
Read MorePress 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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