Fema / RBI : Discover top investment options and tax-saving schemes for NRIs returning to India, including FDs, NPS, equity, real estate, mutua...
Finance : NRIs visiting India should update KYC in banks, convert accounts to NRO, manage PAN and Aadhar, maintain an Indian mobile number, ...
Income Tax : Discover the need for PAN allotment to Non Resident Indians appointed as CEOs of Indian companies. Learn about the process and req...
Income Tax : Discover the challenges of income tax filing for NRIs from a CA's perspective. Learn about delays, frustrations, and suggestions f...
Income Tax : Understanding taxation for NRIs: Learn about residential status, taxable income, deductions, and the importance of Double Taxation...
Corporate Law : Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National ...
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 fol...
Finance : Country's largest lender State Bank of India on Friday revised interest rates for deposits by non-resident Indians (NRIs) across m...
Finance : The government is working on procedures to enable NRI,s to vote soon. Addressing the curtain raiser press conference of PBD-2011, ...
Income Tax : The new legislation, introduced in Parliament on Monday, says an individual shall be resident in India in any financial year if he...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
Income Tax : In a case involving Anand Persad Jaiswal, ITAT Delhi ruled that interest income earned by a non-resident Indian (NRI) from a forei...
Income Tax : Explore the critical decision in Souvik Mukherjee Vs ITO (ITAT Delhi) regarding taxation of a bonus received abroad, and how it im...
Income Tax : An in-depth analysis of the case Parag Bhikhubhai Patel vs ITO, exploring implications of using passports to confirm US tax reside...
Income Tax : Shri Duraisamy Shanmugasundaram Vs ITO (ITAT Chennai) As per assessee’s submissions, the money deposited in NRE account was with...
Fema / RBI : NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovab...
Fema / RBI : 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 abov...
Fema / RBI : 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...
Know Person Resident Outside India (PROI) and Non-Resident Indian (NRI) under FEMA Pursuant to the amendments to Foreign Exchange Management Act, 1999 (‘FEMA’) through Finance Act, 2015, recently, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“the Nondebt Instruments Rules”) vide Notification No. 3732(E) dated 17th October, 2019 and Foreign […]
Any person purchasing the property in India is required to comply with the Tax Deduction at Source (TDS) provisions. However, the TDS rate and provision is different if the property is purchased from Resident vis a vis purchased from Non Resident. Property Purchased from Resident: TDS provisions are simple if the property is purchased from resident as compared to Non […]
The Income Tax Act & Rules allowed to Non-Resident Individual is different from those applicable to Resident Individuals. NRI Taxation in India is a matter of concern for a large number of persons living abroad. In this article, I have talked about the definition of NRI, the income on which the tax liability arises and […]
Due to vast provisions of Income Tax Act, 1961 regarding taxation of non-residents, most of the time NRI’s gets confused by the provisions of law governing the taxability of their income in India. Most of the NRI’s have immovable properties in India and they get puzzled about taxation on sale of the immovable property. Apart […]
Who is a Non Resident Indian (NRI)? An Individual being Indian citizen or person of Indian origin is said to be Non Resident Indian(NRI) in any financial year, if he/she satisfies both the following conditions: Condition 1 He/ She stay in India for less than 182 days in that financial year. And Condition 2 He/ […]
India continues to be an attractive destination for the investors, including non-resident Indians (NRIs). Investments made by NRIs are generally treated as ‘foreign investment’ from the Indian foreign exchange regulations perspective. These regulations have been liberalized over the years and have facilitated remittances from overseas, making India one of the top recipients of foreign remittances […]
A. Resignation of Foreign Director in Private Limited Company 1. Resignee director to do the following: Step 1: The Director intending to resign shall send notice in writing to the Company. They are to intimate the Registrar, about their resignation, by way of filing form DIR-11. However, MCA vide its notification dated 07.05.2018, have made Filling of […]
It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]
We all know that taxation of a Non-resident in India is discussed more than often. There is one of the major amendment in section 6 of the Income-tax Act dealing with the residential status in India. An insertion of clause 1(A) and amendments to the existing sub-clause (c) by the Finance Act 2020, has bought […]
In the continuance of the Types of Account Maintained By Non-Resident (Part-1) FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME [FCNR (B) A/C]: Q 1. Who can open FCNR (B) A/C? Ans: 1. Any Non-Resident Indian (NRI) & Person of Indian Origin (PIO) without any approval of the RBI with Authorised Bank. 2. Individuals/Entities of Pakistan and Bangladesh […]
