NRI

Taxation of Non-Resident Person

Income Tax - Taxation of Non- Residents Person  Objective: Income tax liability can only be determined if we rightly determine the residential status of Person, per se certain income which is taxable for a resident, may not be taxable at all for Non-resident and a person who is citizen of India may be non-resident and vice-versa. Basics: –Resid...

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How to repatriate amount from NRO to NRE account

Income Tax - How to repatriate the amount from NRO account to NRE account in compliance with Income tax Act, 1961 and Foreign exchange management Act, 1999? 1. Whether a resident relative (Father) can deposit money in his son’s Account? Yes, a resident relative (father) can deposit money. 2. What would be tax implication in respect of question [&hel...

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Is FCNR a Good Investment Option for NRIs?

Income Tax - As an NRI, the thought of investing in your homeland can be overwhelming, given the wide range of options available. Hence, the best way to choose an investment instrument is to be clear about your investment objectives and aspirations. One viable option that allows you to save your funds in foreign currency is the FCNR […]...

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Foreign direct investment (FDI) by NRI

Income Tax - INVESTMENTS MADE BY NRI IN INDIA  Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019  Reporting Requirements: The reporting requirement for any Investment in India by a person resident outside India shall be as follows: (1) Form Foreign Currency-Gross Provisional Return (FC-GPR): An Ind...

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Non resident Indian to be resident Options available

Income Tax - In India the Income of a person is taxed through the provisions made in Income tax act 1961 read with Income tax rules 1962.The charge of the tax in India is primarily based on the residential Status of the person. A person can be a “Resident and ordinarily resident” or “Resident but not ordinarily resident” […]...

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

Income Tax - 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

Income Tax - 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

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"

Taxation of Non-Resident Person

Taxation of Non- Residents Person  Objective: Income tax liability can only be determined if we rightly determine the residential status of Person, per se certain income which is taxable for a resident, may not be taxable at all for Non-resident and a person who is citizen of India may be non-resident and vice-versa. Basics: –Resid...

Read More
Posted Under: Fema / RBI |

How to repatriate amount from NRO to NRE account

How to repatriate the amount from NRO account to NRE account in compliance with Income tax Act, 1961 and Foreign exchange management Act, 1999? 1. Whether a resident relative (Father) can deposit money in his son’s Account? Yes, a resident relative (father) can deposit money. 2. What would be tax implication in respect of question [&hel...

Read More
Posted Under: Fema / RBI |

Is FCNR a Good Investment Option for NRIs?

As an NRI, the thought of investing in your homeland can be overwhelming, given the wide range of options available. Hence, the best way to choose an investment instrument is to be clear about your investment objectives and aspirations. One viable option that allows you to save your funds in foreign currency is the FCNR […]...

Read More
Posted Under: Fema / RBI |

Foreign direct investment (FDI) by NRI

INVESTMENTS MADE BY NRI IN INDIA  Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019  Reporting Requirements: The reporting requirement for any Investment in India by a person resident outside India shall be as follows: (1) Form Foreign Currency-Gross Provisional Return (FC-GPR): An Ind...

Read More
Posted Under: Fema / RBI |

Non resident Indian to be resident Options available

In India the Income of a person is taxed through the provisions made in Income tax act 1961 read with Income tax rules 1962.The charge of the tax in India is primarily based on the residential Status of the person. A person can be a “Resident and ordinarily resident” or “Resident but not ordinarily resident” […]...

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Posted Under: Fema / RBI |

Sale of property by NRI – How to save huge amounts getting blocked as TDS

Investing in a house property is common for Indians. Many NRIs living abroad own house properties in India. Since it is difficult to manage a house property from another country, an NRI may contemplate selling such Indian house property. In such cases besides finding a buyer, it is also important to understand the tax implications [&helli...

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Posted Under: Fema / RBI |

What Is Non Resident External (NRE) Account For Indian Seafarers?

1. Non Resident External (NRE) account is an INR denominated account. Foreign currency earnings can be deposited in NRE accounts which are maintained in Indian Rupees. 2. Foreign currency earnings deposited in NRE account is completely repatriable. There is no limit on the amount of principal and interest earned which can be repatriated. ...

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Posted Under: Fema / RBI |

Seafarers – No Need To Pay Tax Even If You Have Not Completed NRI Days For Fy 2020-21

Seafarers – No Need To Pay Tax Even If You Have Not Completed NRI Days For Fy 2020-21 Many Indian Seafarers did not complete NRI days for FY 2020-21 due to pandemic. Despite various representations from Indian maritime unions, the Central Board of Direct Taxes (CBDT) and the Finance Ministry has not yet provided any […]...

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Posted Under: Fema / RBI |

Deemed Residence Provisions not applies to Seafarers

No Impact Of Deemed Residence Provisions On Seafarers After Amendment In Budget 2020 Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below? Budget 2020 had added the following provision in section 6 of the Income Tax […]...

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Posted Under: Fema / RBI |

Income Tax Guide For Seafarers

Residential Status As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculation of period outside India As per Notification No. 70/2015/ […]...

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Posted Under: Fema / RBI |

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