Residential Status – Budget 2020 Proposals – Impact On NRIs, OCIs, PIOs, Expatriates, Foreign Citizens

Budget 2020 proposed three changes in Residential Status of Individuals. These new provisions of Budget 2020 will put a direct impact on the residential status of NRIs, OCIs, PIOs, Expatriates, Seafarers, other Indian citizens etc. Here is an analysis (by our NRI Tax Team) of the new proposals: Budget Proposal 1 – NRIs PIOs Stay in India 181 days reduced to 119 days Particulars Earlier Law Proposed Law (in Budget 2020) Resident In India – General criteria (two criteria)  …

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Aadhaar – PAN Linking – Various Provisions, Impact On NRIs, Foreign Citizens Etc

Background – Inserting Of Section 139AA in Income Tax Act, 1961 In the Budger 2017, Govt of India has introduced a new section 139AA in the Income Tax Act, 1961. This new provisions has made it mandatory for individuals to link their Aadhaar with Permanent Account Number (PAN). Section 139AA Every person, who is eligible to obtain Aadhaar number, shall quote Aadhaar in PAN Application as well Income Tax Return. Where a person does not possess the Aadhaar number he…

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India Tax & Business Reforms 2019 – Impact On Corporates, Businesses, Foreign Companies, FDIs, GST, Individuals, NRIs, Non-Residents

Recently, the Finance Minister of Govt of India and GST Council of India have announced some major economy boosters to revive India Economy and attract Foreign Investment in India into Manufacturing and other sectors. Some of the major announcements made recently are: Hereunder, is a brief analysis and summary report of all these proposals, prepared by CA S Lohia & Associates team: Corporate Tax Reforms – Announced On September 20, 2019 Corporate Tax Rates Reduced to 22%: Income Tax Rates…

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Nri Law Updates

Income Tax Appellate Tribunal Cochin – The DCIT (International Taxation) Kochi vs K E Faizal – STCG On Equity Oriented Mutual Fund Not Taxable in India: Indo-UAE Treaty – July 8, 2019 Assessee, an individual (NRI), resident of UAE, a non-resident in relevant AY ie 2012-13 in India, derived income from short term capital gains (STCG) from alienation of Equity Oriented Mutual Fund Units. AO considered that it is taxable in India under clause 13(4) of Indo-UAE Tax Treaty by considered…

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New NRI or Recently Migrated NRI – Indian Laws

For their good, many Indian citizens leave the country and go abroad. These person find an employment abroad. A prevailing term for them is Non-Resident Indians (NRIs). And once the get a citizenship of the other country they called as Overseas Citizens of India (OCIs) or Person of Indian Origin Residing Abroad (PIOs). While leaving India and/or during living abroad, there are various procedures and compliances, which these NRIs need to take care. Hereunder are some relevant points, which can…

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India Budget 2019 Proposals – Impact on NRIs, OCIs, PIOs, Non-Residents

The Finance Minister of Govt of India, Smt Nirmala Sitharaman, presented her first budget on July 5, 2019. There are various proposals in this budget, which are going to put an impact on Indian Citizen living/working abroad ie Non-Resident Indians (NRIs) and Foreign Citizen of Indian Origin ie Person of Indian Origin (PIOs or also called as OCIs). Hereunder, is a brief analysis prepared by CA S Lohia & Associates team in relation to India Budget 2019 impcat on NRIs…

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