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...
There is an awkward situation that often provokes much tension of numerous budding aspirants who wish to venture their luck abroad. One of the crucial points that every one of them definitely asks about is the criteria for residency in India as to the payment of income tax.
Introduction: Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/POIs which is spread all across the world and which despite being away from India is making significant contribution to the […]
Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to file a tax return.
In income tax parlance, individuals who are permanent residents of India are known as resident individuals. It is the duty of all such citizens to pay taxes on the income that they earn and file income tax return each year.
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.
As per Sec. section 9(1)(i)(d) of the Act, any income accruing or arising, whether directly or indirectly, through the transfer of a capital asset situated in India is deemed to accrue or arise in India.
This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident.
It is not that complicated for Non-Resident Indians to buy or sell immovable property in India and remittance of sale proceeds, but there are certain rules and regulations to be followed during such transactions. The Reserve Bank of India governs them and they fall under the purview of the Foreign Exchange Management Act (FEMA).
Indians working in the merchant navy (commonly known as Sailors) form a large part of the expatriate community of India. These sailors work aboard ships owned by foreign companies, which sail in international waters and earn their salaries for the services rendered on such ships.
NRIs have always been keen on investing their money in India. Buying a property in one’s home country will always have its own advantages. Occasions like wedding, anniversary or a misfortune may want them to visit their homeland to keep the Indian connection alive.
