NRI

Introductory – Returning NRIs, Foreign Citizens Dilemma About Tax Provisions In Relation To Their Foreign Retirement Benefit Accounts Many Indians, who after working for a number of years, wish to come back to India either to take a break or settle in India. For these Returning NRIs, PIOs, one question which keep tickling in their mind is that what will be tax implications in relation to their Retirement Funds, which they are maintaining abroad. During their work life cycle, as…

NRI ITR FY 2021-22 – Filing Benefits, Consequences & Penal Provisions of Non-Filing or Late Filing of ITR in India Due to their roots in India, NRIs, PIOs, OCIs do incur/own various financial transactions in India, which attract Income Tax in India. Following are general & frequent transactions and Incomes, which form part of NRIs Indian ITR: Components of General NRI ITR – Frequent Financial & Income Transactions Of NRI, OCI, Non Residents NRO Deposit Interest Income Almost all NRIs,…

ITR FY 2019-20 – Tax Slabs, ITR Form, Important Changes – NRIs, PIOs, Foreign Citizens ITR For FY 2019-20 has been due for filing. Now, ITR can be filed anytime on or before due date (Extended Due date for FY 2019-20 ITR filing is November 30, 2020.). Here is a need to understand the important components of Income Tax Provisions, Requirement of New ITR Forms, Tax Rates, Applicability of ITR, Due Date etc. There must be various doubts amongst a…

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…

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…