Many Indians are settled abroad and have acquired foreign country citizenship. However, they have their roots, family, relatives, assets in India. Due to various regulations under RBI Laws and other laws, there are many restrictions which applies to foreign citizens. However, Indian govt has provided some reliefs under various laws to liberalized and facilitate their … Read more
Finance Minister Smt Nirmala Sitharaman presented her 8th consecutive India’s Annual Budget on Feb 1, 2025. She proposed various tax and other proposals in this budget. Hereunder is a summary of Budget 2025 proposals, which has direct or indirect impact on Non-Resident Indians ‘NRI’ (Indian Citizens living/working abroad), Foreign Citizens (PIOs, OCIs, Others), Seafarers, Expatriates, … Read more
Finance Minister Smt Nirmala Sitharaman presented India’s Annual Budget on July 23, 2024. Various tax-related and other proposals were made in this budget. Below is the summary of the Budget 2024 proposal impacting Non-Resident Indians ‘NRI’ (Indian Citizens living/working abroad), Foreign Citizen (PIOs, OCIs, Others), Seafarers, and Expatriates. In this budget, there is no change … Read more
Many NRIs (specifically Returning NRIs), Foreign Citizens (OCIs, PIOs, Others), who either returned back to India or come to India for a long duration of time, become Tax Resident in India as per Income Tax Provisions of India. Once these NRIs, Foreign Citizens become Tax Residents in India, they are liable for disclosure of Foreign … Read more
Finance Minister Smt Nirmala Sitharaman presented India’s Annual Budget on Feb 1, 2022. She proposed various taxes and other proposals. Here is a summary of Budget proposals, which will impact Non-Resident Indians ‘NRI’ (Indian Citizen living/working abroad), Foreign Citizen (PIOs, OCIs, Others), Seafarers, Expatriates. This Budget 2022 will impact Income Tax Returns of FY 2022-23. … Read more
Background Non-residents (NRIs, OCIs, Foreign Companies) invest in india in various Mutual Funds, Shares. On this investment they earn two kind of income. One is capital gain on sale of these instruments, and other is Dividend. This dividend is declared and paid by the Company whose Shares or Mutual Funds they are holding. In India, … Read more
Tax Collection At Source On Liberalised Remittance Scheme, Foreign Travel Expenses Section 206C(1G): Budget 2020 levied a new tax, in the form of TCS, on Liberalised Remittance Scheme transactions. TCS @5% shall be collected by the Authorised Dealer on foreign remittance transactions under Liberalised Remittance Scheme. This is applicable from October 1, 2020. LRS Scheme: … Read more
A mutual fund collects money from the investors and invest the money on their behalf. It charges a little fee for managing the money. Mutual funds help the people who are willing to invest but not much aware about investments. There are different types of mutual funds. People can choose mutual fund schemes and invest … Read more
Most of us use debit cards and debit cards have made our life easier. From withdrawing money from the ATM machine, bill payment, to shopping and everything is possible in fraction of seconds. You can do a large amount of money transaction without carrying cash with you. In a nutshell a debit card is basically … Read more
Income tax is a tax imposed by the central govt on individuals or entities who earn money or earn profit more than a certain limit. Income tax is calculated at specified rates on total income of a person and paid directly to the central govt. The provisions relating to the income tax was governed by … Read more
