Finance : Discover essential financial steps and tax tips for NRIs, including converting accounts, trading restrictions, and leveraging DTAA...
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...
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...
Are you an *NRI (defined at the end), then you should know few provisions of Indian Income Tax Act which treat NRIs differently from resident Indians. I have tried to articulate few provisions of Income Tax Act, which makes tax implication on residents Indian and NRIs different: 1.For Residents, their global income is taxable while […]
NRI’s would now have to disclose details of residency in foreign country. Tax Identification numbers allotted to them. With this, through exchange of information Government would keep a track on Evasion. Additional disclosure on assets held abroad. This isnt a welcome move since NRI’s would be reluctant to share the same with GOI.
It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time. As per Income Tax Act, TDS at the rate of 1% […]
How one becomes Non resident under Income Tax and FEMA and the implications of becoming Non resident? Though the word ‘non resident’ is used interchangeably but the tax laws and Foreign Exchange laws have different connotation of it as the purpose of both the laws is different. Let us discuss. Non resident under tax laws […]
CA Brijesh Baranwal 1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in India, even if the gains are less than the basic exemption limit. 2. Exception: If taxable income consisted […]
Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of Income Tax Return (ITR) is mandatory even if income is below exemption limit.
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. […]
A Brief Note on Residential Status Of A Person Based On Provisions Of The Income Tax Act and Foreign Exchange Management Act And Banking Accounts for Non-Resident Indians
Understand the tax implications of working abroad for a short period. Learn about the key considerations and avoid any surprises.
Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2)The person is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.
