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India Budget 2022 Tax Amendments – What Is There In Budget For NRIs, Non-Residents (OCIs, PIOs, Expatriates), SeafarersMerchant Navy Workers

India Budget 2022 Tax Amendments – What Is There In Budget For NRIs, Non-Residents (OCIs, PIOs, Expatriates), Seafarers/Merchant Navy Workers

Govt of India presented its Budget 2022 proposals on February 1, 2022. Seems a new India budget as it is proposing for Drones, 5G, Digital University, Digital Currency, E-Passport, More Infrastructure, Indigenous Defence Manufacturing and many other future India proposals. There are various tax & other proposals made through this budget. Here is a brief summary of those, which will impact Non-Resident Indians ‘NRI’ (Indian Citizen living/working abroad), Foreign Citizen (PIOs, OCIs, Others), Seafarers, Expatriates. Income Tax Slabs (FY 2022-23)…

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What is Annual Information Statement (AIS)

Annual Information Statement (AIS) – Impact On NRIs, Foreign Citizens, Seafarers

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…

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What-is-E-campaign

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

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…

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New Income Tax Portal Launching

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

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…

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Agriculture-Plantation-Farmhouse Property In India

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

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…

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

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 the name of Dividend Distribution Tax (DDT) on declaration of dividend to shareholders. Though the DDT rate was 15% (plus Surcharge 15% and Cess 4%), however, after grossing…

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FY-2020-21-New-Tax-Rates

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

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) New Income Tax Slabs – Section 115BAC of Income Tax Act Reference to Budget 2020, presented on Feb 1, 2020 by the Union Finance Minister of India, duly passed by the Parliament on March 23, 2020, new Income Tax Slabs have been provided. The same is…

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Shares-Mutual-Funds-Capital-Gain-Taxation-In-India

Shares, Mutual Funds Capital Gain Taxation In India

Shares, Mutual Funds Capital Gain Taxation In India What is capital gain taxation in India on sale of mutual funds and shares? Investment In Mutual Funds, Shares With the globalisation, Shares and Mutual Funds have become a popular investment asset across the world. After opening the doors of foreign investment in India, Shares and Mutual Funds have become a popular investment in India as well. As of today, investment in shares and mutual funds are made by all class of…

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itr-filing-process-in-india

ITR Filing Process in India for Non-Residents and Residents

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. Steps to File Income Tax Returns (ITR)  in India ITR filing process in India can be divided into following steps: Collecting and Arranging of Documents Preparation of ITR Computation Submission of ITR…

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itr-filing-for-earlier-years

How To File ITR For Earlier Years And Claim Refund

How to File ITR for Earlier Years and Claim Refund What to do if I missed filing of itr of earlier years and there is some refund claim or losses? Section 139(1) of the Indian Income Tax Act provides for filing of Income Tax Return on yearly basis by Due Date. Everyone, whose Total Income (i.e Taxable Income) exceeds the basic exemption limit (i.e. Rs 2.50 Lakhs for FY 2018-19, 2019-20 and 2020-21) is mandatory required to file the ITR…

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