If you’re an NRI (Non-Resident Indian), you need to file an income tax return for any income earned in India. Often, when people move out of India, they transfer all their investments to another country for convenience. However, sometimes NRIs do not redeem their investments in India, such as fixed deposits, shares, mutual funds, or …
Amit, who is resident in India, worked with Ernst & Young Australia during the financial year and. Since he is an Indian resident, his global income is subject to taxation in India. While Amit earned his salary income in India, he also paid income tax in Australia. To avoid double taxation, Amit utilized the benefits …
Continue reading “Foreign Tax Credit not to be disallowed due to Non-Filing of Form 67”
In today’s interconnected world, people are not limited to earning income solely in their own area, city, state, or country. Globalization has opened up opportunities for individuals to explore earning potential in different countries. This not only allows for business growth but also presents the advantage of foreign exchange fluctuations. However, a common concern for …
As an Non-Resident Indian (NRI), selling your property involves several crucial considerations. First and foremost, understanding the market value of your property at the time of sale is essential. Additionally, you need to understand the payment of income tax in India on the sale proceeds and the repatriation of funds out of India after tax …
Acquiring property in India has become common among Non-Resident Indians (NRIs) due to the general permission granted to them for buying residential properties and renting them out. In cities like Gurgaon, Pune, Faridabad, Bangalore, NRIs are either holding or purchasing properties for rental income. However, it’s crucial to note that the rental income earned by …
Continue reading “Income tax on Rental income of NRI and Rate of TDS on NRI”
If you’re an Indian resident moving to places like the USA, Singapore, Canada, or the UK for work, studies, or business, your status changes from resident to non-resident after living there for a few months. Once this happens, there are certain rules and regulations that you, as a Non-Resident Indian (NRI), need to follow. One …
Did you know that as a Non-Resident Indian (NRI), you can sell property in India and remit up to $1 million from the sale proceeds each financial year? NRIs are allowed to sell property in India without needing permission from the RBI (Reserve Bank of India). The sale proceeds can be freely transferred to a …
Continue reading “NRIs can remit upto $1 million from Sale Proceeds of Sale of Property”
Do you know when you’re considered a Non-Resident Indian (NRI) under the Foreign Exchange Management Act (FEMA)? And are you aware of the benefits NRIs can enjoy in India? Let’s break it down in simpler terms. According to FEMA, an NRI is someone living outside India while still holding Indian citizenship. This includes individuals abroad …
Continue reading “Benefits to NRIs under FEMA and Income Tax Act”
Recently, the income tax authority issued a corrigendum regarding the income tax form. They added a new table regarding deductions under sections 80DD and 80U in Form ITR 2 and ITR 3. These changes are aimed at preventing false deduction claims under sections 80UU and 80U, which were not previously addressed. The details are necessary …
When you’re buying property, you need to deduct TDS (Tax Deducted at Source) from the seller’s payment and deposit it with the government. Usually, Form 26QB is used when the seller is an Indian resident. You’ll need to provide details like the seller’s PAN, communication info, property details, and payment mode (like net banking or …
Continue reading “Mistakes to Avoid in Property Purchases from Residents and NRIs”
