Income Tax : India’s new PAN compliance framework introduces stricter documentation and verification requirements for NRIs and foreign entiti...
Income Tax : The updated law clarifies how stay duration and income thresholds determine tax residency status. It holds that only crossing the ...
Income Tax : Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status ...
Income Tax : Database mismatches can wrongly deactivate PAN for NRIs, resulting in higher tax withholding and significant capital blockage duri...
Income Tax : Indian tax liability for NRIs depends on residential status, not citizenship. The key takeaway is that only India-sourced income i...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
Income Tax : Join CA Ruchika Bhagat on June 29, 2025, for a webinar on NRI taxation. Learn about residential status, taxable income, DTAA, TDS,...
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...
Income Tax : The ITAT Mumbai deleted the ₹14.70 lakh addition made under Section 69, holding that the NRI assessee had adequately explained t...
Income Tax : The case examined whether overseas income used for Indian property purchase is taxable. The Tribunal held that income earned and r...
Income Tax : Delhi High Court orders Income Tax Department to grant full TDS credit to an NRI seller despite the buyer's error in filing Form 2...
Income Tax : ITAT Jaipur to rule on NRI Ravindra Gaur's Rs. 86 lakh NRE account deposit, claimed as foreign remittance, challenging ex-parte ad...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
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...
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 […]
If any person who is Non-Resident wants to do bona fide transactions in India, then they have to open some special kind of accounts according to the procedure prescribed by Reserve Bank of India (RBI). Types of account which can be opened by a Non-Resident in India:- 1. Non-Resident (External) Rupee Account Scheme [NRE A/c] […]
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. […]
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 […]
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, […]
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 […]
