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...
To avoid paying tax on same income twice, one can use the provisions of the Double Taxation Avoidance Agreement (DTAA), a tax treaty India has signed with many countries.
If you are a Non-Resident Indian (NRI) and returning to India, you may have certain income tax worries. You may be curious to know that. The following lines may satisfy all your queries.
When a assessee is not meeting the following conditions then he is considered as NRI: 1. When assessee is in India for 182 days during previous financial year.
Determination of Residential Status of an Assessee under the Income Tax Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act To determine the residential status of an individual, section 6(1) prescribes two tests.
Q.1 Who is an NRI? Ans. 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 also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]
Q.1 Who is a non-resident Indian (NRI)? Ans: An Indian residing abroad is generally known as Non-Resident Indian (NRI). NRI is defined under the Foreign Exchange Management Act, 1999 (FEMA) and the Income Tax Act, 1961 and for the purpose of the respective laws. NRI as per FEMA- Non-Resident Indian (NRI) means a person resident […]
The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves. On the other hand, indirect taxes are levied on the sale and provision of goods and services respectively and the burden to collect and deposit taxes is on the sellers instead of the assesses directly.
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.
Taxation of Non Residents in India Non Residents (hereafter referred to as NR) having a source of income in India are required to comply with the Indian tax laws which has certain beneficial provisions specific to them for facilitating their participation in the Indian economy. A NR, for the purposes of Income-tax Act, is used […]
A sale transaction between a non-resident (NRI) seller and resident buyer needs planning by seller and buyer shall take abundant caution. In most of the cases, misconceptions in the minds of buyers resulting into serious non-compliances and lack of awareness among sellers resulting into liquidity crunch. Through this article, I am making an effort to […]
