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.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
At many stages, it has appeared as though Sunny Deol's career was running out of steam, but each time he has risen Phoenix-like from the ashes. Dinesh Raheja gives us a closer look at the man on his 67th birthday on October 19.
Under regulatory scanner, Bengaluru-based Ola Electric has witnessed an uptick in its sales after facing a decline during the last few months. The company's daily average sales rose to 1,154 units in October, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH). With sales reaching 17,315 units between October 1 and October 15, the company has also boosted its market share to 34 per cent, up from 27 per cent in September, in the electric two-wheeler (e2W) segment.
rediffGURU Anu Krishna offers advice on how to deal with complicated situations in a relationship.
Prime Minister Narendra Modi on Sunday met leading NRI investors in UAE, who briefed him about various projects they are investing in India.
In a pink-walled room of a government office, they spend their days cancelling the passports of runaway husbands.
It will now be called the Ministry of Overseas Indian Affairs.
Coming to India on a tourist visa as a child, she had completed her education throughout claiming to be an Indian citizen.
The Union Finance Ministry on Friday announced key amendments to foreign exchange (forex) regulations, including mandating government approvals for all investments originating from countries that share land borders with India. The latest amendments also seek to simplify cross-border share swaps and streamline key definitions, such as "control". The updated regulations have aligned the treatment of downstream investments made by overseas citizen of India (OCI)-owned entities with those owned by non-resident Indians (NRIs) on a non-repatriation basis.
Sales of electric vehicles (EVs) in July touched 178,948 units, marking the highest monthly sales this financial year. This represents a 27.9 per cent increase from June, which saw 139,905 units sold, according to the Vahan data from the Ministry of Road Transport and Highways. The strong performance in July contributed to more than one million being sold in the first seven months of the calendar year.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
rediffGURU T S Khurana answers readers' personal income tax queries.
Admission notification for five seats reserved for NRI/ NRI Sponsored/ Foreign Students for admission to BDS Course in Mahatma Gandhi Postgraduate Institute of Dental Sciences.
If you see 'Made in India' apparel at any of the IOC's retail channels, it may have well come from Tiruppur, manufactured by a firm, which is owned by a mother-daughter duo, called Back Bay India.
Punjab NRI Affairs Minister Kuldeep Singh Dhaliwal Thursday said the state government will provide free legal assistance to around 700 Indian students who are facing deportation from Canada.
The launch of a range of electric motorbikes (e-bikes) by Bengaluru-based Ola Electric, a first for the company, has disconcerted the industry because the low price the firm claims to be offering has the potential to disrupt the market. On August 15, Ola unveiled its Roadster series e-bike with a starting-price at Rs 74,999. This new pricing undercuts the previous lowest price in the category, which was Rs 110,000.
NRIs cannot claim tax benefits on home loans in India as they have to pay tax in the nation where they work and earn. However, they need to file tax returns to become eligible for home loans. But if they pay tax in India for income earned in India, they can claim tax rebate for the home loan.
Indian real estate market remained buoyant in January-June this year, with housing sales hitting an 11-year high at 1.73 lakh units and office demand at a record 34.7 million square feet across eight major cities, according to Knight Frank. On an annual basis, housing sales rose 11 per cent to 173,241 units while leasing of office space grew 33 per cent to 34.7 million square feet during January-June this year across eight major cities. Shishir Baijal, chairman and managing director, Knight Frank India, said, "India's real estate market has been buoyant in the last few quarters owing to the strong economic fundamentals and stable socio-political conditions."
So far this year, around 839,545 electric vehicles have been sold, accounting for approximately 6.69% of the total 12,541,684 vehicles sold.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
rediffGURU T S Khurana answers readers' personal income tax queries.
Just three years ago, at the end of March 2011, NRI deposits were only $52 billion, half of what they are today.
India received $70 billion in remittances during 2014.
rediffGURU T S Khurana answers readers' personal income tax queries
The actor-turned-politician has been allotted Panchayat Raj and Rural Development, Environment, Forests, and Science and Technology portfolios.
The accident took place at around 5.50 am on Wednesday, when Saini, 68, was riding a bicycle along with fellow cyclists on the Palm Beach Road in Nerul area, an official said.
With the rise of ultra-luxury housing in India comes ultra-customised marketing. Developers selling high-end homes, priced above Rs 20 crore, are moving away from traditional marketing for these homes to newer methods, such as painstaking profiling of customers before showing them the property, augmented reality for visualisation of interior decor, virtual tours, and closed-door international shows. There is also marketing through online ads, social media influencers, and exclusive memberships.
With the hugely popular Panchayat's third season ready to drop this week, we look at all the rural themed shows available on OTT.
The NRI businessman Amarjit Chohan, his mother-in-law, wife and two children were victims of a plot to hijack a firm and turn it into a front for drug smuggling.
The driver of the cab that fatally knocked down former Intel India country head Avtar Saini in Maharashtra's Navi Mumbai, has told the police that he lost control over the vehicle as he dozed off because he was driving all night, an official said on Friday.
Deposit schemes for non-resident Indians could become unattractive as part of attempts to check foreign exchange inflows.
With hike in deposit rate for expatriates, RBI has reversed the trend of fall in NRI deposits and ensured that banks have additional funds to lend to needy sector of the economy.
Shami Chakrabarti, leading NRI human rights lawyer and director of prominent civil liberties group -- Liberty, has been appointed as the chancellor of Oxford Brookes University.
The inflow of Non-Resident Indian deposits shot up to $3.99 billion at the end 2008-09 as against mere $179 million at the close of the previous year, according to Reserve Bank of India data.
