Category: Uncategorized
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Aadhaar and PAN requirements for NRI/OCI/Seafarers/Expats
As you may be aware, Finance Act, 2017 has imposed a new requirement regarding furnishing Aadhaar number in income tax return for FY 2017-18. This requirement was not there in the Finance Bill 2017 and given that filing tax returns is just some months away, there has been a great deal of confusion amongst everyone …
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Tax Residency Rules for Companies under Income Tax Act: An Overview
As regards individuals, the residential status under the Income Tax Act is fairly simple and it is based on the number of days stay in India – I’ve discussed it in detail in this post, along with a calculator: However, in case of companies, the rules are different and depend on the place of effective…
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CRS & FATCA: Overview and Implications for US-based NRI/OCIs
Today I am going to discuss about the broad provisions of CRS & FATCA, which are two of the most important recent developments in recent history w.r.t. cross border taxation. Unfortunately, there has been a lot of panic reaction over the past few years with people taking knee jerk reaction & selling assets in India.…
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Benami Prohibition Act: An Analysis
Benami Prohibition Act is an Act which was enacted way back in 1988; however it did not have any teeth in terms of adjudication and other provisions so effectively it was a paper law. In 2016, given the seriousness with which the present BJP government has been chasing black money, they’ve modified this 1988 Act…
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Retuning NRI/OCI’s Guide to India’s Black Money Act
In 2015, a very important and less known law had come in place, with the name of Black Money (Undisclosed Income and Assets) and Imposition of Tax Act, 2015 (BMA). In my regular work with returning NRI clients, I generally find them blissfully ignorant of the provisions of this Act. For that little who do…
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Can a UAE-based NRI claim relief under India-UAE DTAA?
In the course of my work with NRI families from the Middle East (especially UAE), I recently came across a peculiar issue whereby a UAE resident earned considerable income in India through various investments, and wish to claim a relief from taxability of that income in India, under the India UAE DTAA. However, the very…
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FEMA Implications w.r.t. Purchase/Sale of Immovable Property Outside India
Purchasing immovable property outside India involves consideration from multiple angles as follows: In this post, I am only discussing the FEMA law on such transactions and whether it is allowed or not. In subsequent posts, I will be covering the other angles and post a link here. Please note that following acronyms have been used…
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NRI Guide to claiming lower deduction tax certificate from Income Tax Department
Some time back, I wrote a post on TDS rates for payment to NRI. In that post, I’ve discussed why in most of the times especially in property transactions, the NRI seller will face TDS @ 20.60%/ 30.90% (or 23.07%/ 35.535% in case property value > 1 CR) on the FULL SALE CONSIDERATION of the…
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International Investing by Resident Indians: An Analysis
Disclaimer: Over a period of time in my work as an investment adviser, I have realised the importance of diversification & asset allocation (not only between asset classes but geographically as well) and the importance of super low cost investment avenues like index funds. In case of NRI portfolios, a huge chunk of the portfolio…