NRI Tax Service

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