Non-Disclosure of Foreign Assets in ITR – Black Money Act & Tax Implications –NRIs, Returning NRIs, Resident Indians


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

Govt of India Budget 2022 – How Does This Budget Works For NRIs, Seafarers, Other Non-Residents

Govt of India Budget 2022 – How Does This Budget Works For NRIs, Seafarers, Other Non-Residents

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

Non-Resident (NRIs, OCIs, Foreign Companies) Dividend Taxation – Shares, Mutual Funds


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

TCS Tax – Foreign Remittances, LRS


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

Interesting Facts about Mutual Funds


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

Safety Tips for the Debit Card Users


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

Facts about Income Tax Refund


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

Facts you need to know about PAN card


PAN is the abbreviation form of the permanent account number. A small card consisting of the unique 10-digit number is called PAN card. The 10-digit code is issued by the income tax department of India under the supervision of the Central board for direct taxes (CBDT). Those who earn a taxable income should have PAN … Read more

Understanding GST as it Crawls Through the 1st Year


The Goods and Services Tax, popularly known as GST, is just three weeks away from celebrating its 1st anniversary mark. It was a ceremonial affair where the President of India, Pranab Mukherjee, along with the Prime Minister of India Narendra Modi announced the implementation of the most awaited reformed taxation, the GST. After years of … Read more