Income Tax : Wrong ITR form selection, incorrect residential status, and missing Indian income disclosures can create tax complications for NRI...
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 : 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 : Bangalore ITAT held that interest paid on a housing loan can be treated as part of the cost of acquisition where no deduction was ...
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...
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...
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.
Residential Status of an Individual (Sec 6(1) -An individual is resident in India if he satisfies any one of the following two conditions: i. He is in India for 182 days or more in the relevant previous year or ii. He is in India for 60 days or more during the relevant previous year and for 365 days or more during 4 years immediately preceding the previous year.
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.
