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 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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