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General, NRI

What is Annual Information Statement (AIS)? Annual Information Statement is a newly launched system of Income Tax Department. AIS is an information system which informs tax payers that what Income Tax Department knows about their financial transactions in a respective year. AIS is a detailed statement, which contains various financial transactions incurred by a tax payer in a year. How does AIS impact Non Residents, NRIs? Many NRIs, Foreign Citizens do various financial transactions in India occasionally or frequently. All…

E-campaign Notices – Response On Compliance Cell – Affecting NRIs, Foreign Citizens, Seafarers – Needful To Be Done

June 1, 2021

What is E-campaign? Does It Have A Connection With Non Residents, NRIs? Income Tax Department has recently (in FY 2020-21) launched an e-Campaign, where they are seeking voluntary compliance from those taxpayers, who are either not filing Income Tax Return or reporting their transactions in their ITR inaccurately. Under e-Campaign, Department is sending Email & SMS to such taxpayers to submit their on Non-filing of ITR, High Value Transactions. E-campaign also report transactions related to Non-residents, NRIs. What are the…

New Income Tax Portal Launch – Benefits, Impact For NRIs, OCIs, Seafarers

June 1, 2021

New Income Tax Portal www.incometax.gov.in Launching – Easy ITR Filing In India – Fast Processing Of Refund Etc – Other Features – Benefits, Impact For NRIs, Foreign Citizens, Seafarers What Is The New Income Tax Portal? What Is Name Of New Portal? In its efforts towards making the tax procedures simplified, the Income Tax Department is launching a new e-filing portal. This will be more friendly to taxpayers. The new portal will be launched on June 7, 2021. In preparation…

Agriculture-Plantation-Farmhouse Property In India

Agriculture Property In India – Foreign Exchange Laws – NRIs, OCIs, Foreign Citizens

May 29, 2021

Agriculture /Plantation/Farmhouse Property Purchase/Sale In India – By NRIs, OCIs, Other Foreign Citizens – Rules and Restrictions Under Foreign Exchange Laws – RBI Services Wrt Representation / Clarifications / Compounding – Delhi NCR, Mumbai, Kolkata, Hyderabad, Bangalore, Chennai, Chandigarh, Major Cities India. Can Non Residents (NRIs, OCIs, PIOs, Other Foreign Citizens) Buy or Sell Agricultrue Property In India? Lot of Non-residents (NRIs, Foreign Citizens) wish to buy an agriculture land, plantation propery or farm house in India. However, this…

Dividend Taxation Consultancy – Shares, Mutual Funds – Impact on Non-Residents (NRIs, OCIs, Foreign Companies etc)

May 7, 2021

Table of ContentsDividend Taxation – Till FY 2019-20Budget 2020 – Effective FY 2020-21New Dividend Tax Impact New Dividend Taxation Rules (Wef FY 2020-21) – NRIs, OCIs, Other Non-Residents Dividend Taxation – Till FY 2019-20 Dividend is reward or incentive which a shareholder gets on the shares held by him in a company. Till the FY 2019-20, as per Indian Income Tax Law (Sec 115O), dividend was taxable in the hands of company. Company was liable to pay a tax in…

FY 2020-21, FY 2021-22 – New Tax Slab Rates – Impact On NRIs, Foreign Citizens

May 26, 2020

FY 2020-21, FY 2021-22 onward years – New Tax Rates – To benefit NRIs, Foreign Citizens, Expatriates, Seafarers Budget 2020 – Effecting 2020-21 onwards New Tax Slabs Provisions – Residents, Non-Residents (NRIs, Foreign Citizens) Table of ContentsNew Income Tax Slabs – Section 115BAC of Income Tax ActTax Slabs (New as well Existing)Taxable Income SlabsNew Tax RatesExisting Tax RatesDeductions, Exemptions, Reliefs – To Forgo In New Tax SlabsNew Tax Rates (Sec 115BAC) – Important PointsAnalysis of New Slab OptionNew Tax Slabs…

Shares, Mutual Funds Capital Gain Taxation In India

May 26, 2020

Shares, Mutual Funds Capital Gain Taxation In India What is capital gain taxation in India on sale of mutual funds and shares? Table of ContentsInvestment In Mutual Funds, SharesSale of Mutual Funds, Shares and Capital GainsClassification of Capital Gains – As Per Holding Period of InvestmentsNature of AssetShort Term Capital GainLong Term Capital GainTax Rates On Capital Gain – Sale of Mutual Funds, SharesClassification of Capital Gains – As Per Holding Period of InvestmentsNature of AssetShort Term Capital GainLong Term…

ITR Filing Process in India for Non-Residents and Residents

May 8, 2020

ITR Filing Process in India for Non-Residents and Residents What are the things, which should be taken care for filing an ITR in India? This is a common question in the mind of a person (specifically Non-Residents i.e. NRIs, PIOs) who has to file an ITR in India. Table of ContentsSteps to File Income Tax Returns (ITR) in India1. Collecting and Arranging Documents For ITR PreparationDocuments For ITR Filing – Resident, Non-Residents (NRI, Foreign Citizens, Expats)2. Preparation of Tax Computation…

How To File ITR For Earlier Years And Claim Refund

May 8, 2020