Govt of India Budget 2025 – How Does This Budget Works For NRIs, Seafarers, Other Non-Residents

Govt of India Budget 2025 – How Does This Budget Works For NRIs, Seafarers, Other Non-Residents

On Feb 1, 2025, India’s Honorable Finance Minister Smt Nirmala Sitharaman presented India’s Annual Budget. In this budget, she proposed various new tax related and other proposals. Hereunder, we have summarised some of the proposed provisions, specifically those which have an impact on Non Residents i.e. NRIs (Indian Citizen living/working abroad), Foreign Citizens (PIOs, OCIs, Others), Seafarers, and Expatriates. Changes In Tax Slabs, Tax Rates – Applicability Wrt FY 2025-26 (Year Ending March 31, 2026), AY 2026-27 Changes In Old…

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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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NRI ITR Filing Benefits, Consequences & Penal Provisions of Non-Filing

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,…

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itr-for-fy-2019-20

ITR FY 2019-20 – Tax Slabs, ITR Form, Important Changes – NRIs, PIOs, Foreign Citizens

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…

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Nri Law Updates

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…

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New NRI or Recently Migrated NRI – Indian Laws

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…

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