India is a land of opportunities and offers an attractive market for entrepreneurs looking to start a business. With a growing middle class and a large population, India offers a vast market for businesses across various sectors. Setting up a business in India can be a complex process, but with the right guidance and support, …
India has emerged as one of the fastest-growing economies in the world, with a strong focus on entrepreneurship and innovation. The government has taken several steps to promote the ease of doing business in India, which has led to a surge in the number of companies being incorporated in the country. If you are planning …
The Jaipur Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to pass an order on the merits of chargeability of salary earned by a non-resident Assessee through employment in Kenya, which was inadvertently offered to tax in India. The ITAT opines that the AO should have guided the non-resident and have passed …
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The Central Board of Direct Taxes (CBDT) has recently issued a notification that lists the various consequences that will be applicable to an individual if their PAN becomes inoperative due to non-linking with Aadhaar. In this regard, the CBDT has substituted Rule 114AAA of the Income-tax Rules, 1962 to specify the consequences that would follow. …
Non-Resident Indians (NRIs) often face unique tax and financial challenges due to their status as non-residents. They may not be familiar with the tax laws and regulations of India, and may face difficulties in managing their finances and investments in India. This is where the services of a Chartered Accountant (CA) in Faridabad can be …
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Non-Resident Indians (NRIs) are individuals who live and work outside of India but maintain strong ties to their home country. As an NRI, it can be challenging to navigate the complex Indian tax laws and financial regulations. This is where a Chartered Accountant (CA) in Gurgaon can be of great assistance. In this article, we …
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Working abroad can be an exciting opportunity, but before leaving your home country, there are important things to consider. If you are an Indian citizen working overseas for more than 181 days, you will be classified as a Non-Resident Indian (NRI). This classification has implications for your financial accounts and investments back in India. In …
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The Income Tax Act allows residents of India to deduct the income tax paid in the United States from their tax liability, as per the provisions of the Double Taxation Avoidance Agreement (DTAA) between India and the United States. Rule 128(9) of the Rules, which does not provide for the disallowance of Foreign Tax Credit …
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Acquiring or transferring immovable property by Indian residents outside India and non-residents in India is considered a capital account transaction and is subject to restrictions. The acquisition is governed by sections 6(3), 6(4), and 6(5) of FEMA and FEM (Non-debt Instruments) Rules, 2019. In some cases, RBI approval is mandatory to purchase immovable property in …
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The Non-Resident (External) Rupee Account Scheme, or NRE, is governed by Part II para 4 of RBI FED Master Direction No. 14/2015-16 dated 1-1-2016 and Schedule I of FEM (Deposit) Regulations, 2016. The instructions for opening and maintaining the account are given in Schedule 1 to Foreign Exchange Management (Deposit) Regulations, 2016. The key features …
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