The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'I get panic calls from Manila, Singapore, the US, Canada...'
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
Christmas is a perfect time for most NRIs to travel back to India and include property buying in their schedule. Ahmedabad, Kochi, Ludhiana and Chandigarh are some cities that witness generous investments from NRI investors.
The highlights of the RBI's fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
"For my government, engagement with the India community abroad has been a key priority," he said.
The court stated that creating an absolute bar on the disclosure of information to non-citizens would be contrary to the purpose and object of the RTI Act itself, and the same cannot be read into the legislation.
Postal ballot facility for eligible overseas Indian electors cannot be extended for the upcoming assembly polls as the matter is still under discussion with the Ministry of External Affairs to iron out logistical challenges in implementing the proposal, Lok Sabha was informed.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
'We have 10 million votes, 15,000 votes per MP constituency. There are certain constituencies who will win by about 5,000 or 6,000 votes. So if we win this case, these 15,000 votes will play crucial roles in at least 50 Lok Sabha constituencies, which can change the dynamics of the entire political system,' Nagender Chindam tells Patrick Ward in an interview.
As their latest star-studded collaboration Pathaan starring Shah Rukh Khan, John Abraham and Deepika Padukone readies for release this Wednesday, Sukanya Verma offers a lowdown on everything Siddharth has directed so far.
'It's amazing how many different kinds of patriotic songs we have in our country.'
The threshold for identification of BOs of FPIs on controlling ownership interest is 25 per cent in case of companies and 15 per cent in case of partnership firms
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Today, NRIs are eager to reconnect with India because India is a growth story and it makes good business sense.
'NRI interest has gone up in the past three-four years.'
Resident individuals can acquire and hold immovable property or shares or any other asset outside India without prior approval of the RBI.
Despite their opposition based on ideology, both the political Right and the political Left possess similar behaviour, observes Shyam G Menon.
Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
Should we not stop uncritically celebrating NRIs' elevation without regard to what kind of companies they are getting to run, and the nature of their products or business practices, asks T N Ninan.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
Three non resident Indians were awarded gold medals for their outstanding contribution to the community.
While Governor Ravi's speeches have put the local BJP supporters on the defensive in matters of religion and social justice, his add-on 'attack on the constitutional scheme' in the 'Senthil Balaji case', has been condemned squarely by many legal experts and editorial writers across the country, thus adding weight to CM Stalin's position -- at least until the courts come up with their binding views, observes N Sathiya Moorthy.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Bank of Baroda (BoB) has revised the interest rates on FCNR(B) and NRE term deposits with effect from December 3, 2004.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answers your questions on NRI investment.
Ram Buxani said increase in the customs duty on gold will help Dubai's business.
Don't marry Indians in America, including Canada,' Vayalar Ravi, India's minister for Overseas Indian Affairs often tells people back home.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
Indian expatriates in the United Arab Emirates have demanded a compensation package from the Indian government as the appreciation of the Indian rupee had impacted their remittances back home. The demand follows a study conducted recently by the Centre for Socio-economic and Environmental Studies, Kochi, which had focused on the impact of rupee appreciation on the economy of Kerala.
