NRI

TDS on sale of Immovable Property by Non-resident

Income Tax - Recently I was asked a question by someone that at what rate TDS is to be deducted at the time of purchasing a property in India from a non-resident. The answer to the question lies in the simple reading of the Income Tax Act’1961. Let us examine the relevant Sections of the Income Tax Act’1961. […]...

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A Short Summary of New Provisions of Residential Status of An Individual

Income Tax - RESIDENTIAL STATUS OF AN INDIVIDUAL Resident Indian Citizen or person of Indian Origin – Stay in India for 182 days or more during the relevant year OR – Stay in India for 120 days or more during the relevant year and 365 days or more during the preceding four years – Total Income other than […]...

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COVID-19 PANDEMIC: Relaxation on Residential Status under Income Tax Act, 1961

Income Tax - In this article, I have covered the need and relaxations provided by the Central Government on Residential Status in Circular no. 11 dated May 8, 2020. As per the provisions of section 6 of the Income-tax Act, 1961 ‘period of stay’ of an individual is used to determine the residential status of individual taxpayers. Ordinarily, [&hell...

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Lockdown period not to be counted in residential status determination

Income Tax - Recent clarification issued by CBDT – Lockdown time period will not be counted in the determination of residential status of NRIs for the FY 2019-20 Considering the impact of Covid 19 and amidst the situation of lockdown and suspension of international flights CBDT has recently issued Circular No 11 of 2020 dated 8 May 2020 [&hellip...

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Lockdown period not to be counted for Determining Residency Status of NRIs, Foreign Nationals: CBDT

Income Tax - Lockdown Period Not to Be Counted For Determining Residency Status of NRIS, Foreign Nationals ; CBDT clarifies in respect of residency under section 6 of the Income-tax Act, 1961 Finance Minister Nirmala Sitharaman on Friday (8th May, 2020) allowed discounting of prolonged stay period in the country for determining the residency status, ...

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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"

TDS on sale of Immovable Property by Non-resident

Recently I was asked a question by someone that at what rate TDS is to be deducted at the time of purchasing a property in India from a non-resident. The answer to the question lies in the simple reading of the Income Tax Act’1961. Let us examine the relevant Sections of the Income Tax Act’1961. […]...

Read More
Posted Under: Income Tax | ,

A Short Summary of New Provisions of Residential Status of An Individual

RESIDENTIAL STATUS OF AN INDIVIDUAL Resident Indian Citizen or person of Indian Origin – Stay in India for 182 days or more during the relevant year OR – Stay in India for 120 days or more during the relevant year and 365 days or more during the preceding four years – Total Income other than […]...

Read More
Posted Under: Income Tax |

COVID-19 PANDEMIC: Relaxation on Residential Status under Income Tax Act, 1961

In this article, I have covered the need and relaxations provided by the Central Government on Residential Status in Circular no. 11 dated May 8, 2020. As per the provisions of section 6 of the Income-tax Act, 1961 ‘period of stay’ of an individual is used to determine the residential status of individual taxpayers. Ordinarily, [&hell...

Read More
Posted Under: Income Tax |

Lockdown period not to be counted in residential status determination

Recent clarification issued by CBDT – Lockdown time period will not be counted in the determination of residential status of NRIs for the FY 2019-20 Considering the impact of Covid 19 and amidst the situation of lockdown and suspension of international flights CBDT has recently issued Circular No 11 of 2020 dated 8 May 2020 [&hellip...

Read More
Posted Under: Income Tax |

Lockdown period not to be counted for Determining Residency Status of NRIs, Foreign Nationals: CBDT

Lockdown Period Not to Be Counted For Determining Residency Status of NRIS, Foreign Nationals ; CBDT clarifies in respect of residency under section 6 of the Income-tax Act, 1961 Finance Minister Nirmala Sitharaman on Friday (8th May, 2020) allowed discounting of prolonged stay period in the country for determining the residency status, ...

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Posted Under: Income Tax |

NRI – NRO NRE Account difference, Filing Income Tax Return Investment and Currency Risk

A person of Indian origin (PIO) is a person of Indian origin or ancestry who was or whose ancestors were born in India or nations with Indian ancestry but is not a citizen of India and is the citizen of another country. A PIO might have been a citizen of India and subsequently taken the citizenship of another country. ...

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Posted Under: Income Tax |

Capital gain on sale of house property by NRI

As per Finance Act, 2020, there is an amendment in Section 6 of the Income tax Act, 1961, for determining the residential status of an individual. An individual, who is citizen of India, is said to be Non Resident if he doesn’t satisfy any of the below conditions: He is in India for a period […]...

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Posted Under: Income Tax |

How To Get Relief From Double Taxation?

In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and section 91 of the I T Act. Section 90 is applicable for the cases when the tax has been paid in a country with which India has signed comprehensive d...

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Posted Under: Income Tax |

Tax FAQs for Non-resident Indian

Each family in India has at least one family which is resident outside India. Previously, the number of transactions between a resident and non-resident were limited but with growing number of family members now settling outside India, there is a tremendous increase in inflow and outflow of money between the two. This has made the tax dep...

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Posted Under: Income Tax |

A Road Map to NRI Taxation

The income tax rules and perks allowed to a Non-Residential Indian is drastically different from those applicable to resident Indians. NRI taxation in India is a constant matter of concern for the vast number of Indians living all over the world who have to send money to home and make investment planning for themselves and […]...

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Posted Under: Income Tax |

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