Non-resident

10 answers every NRI wants to know about demat account !

August 27, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: Where can an NRI/PIO open a demat account? Ans. NRI/PIO can open a demat account with any Depository Participant [DP] of NSDL. Almost every bank in India today also gives service of demat account . So, you can contact your bank , and they will do the rest . Does an NRI need any RBI permission to open a demat account? Ans. Generally permission is not required from RBI to open a demat account. However, credits and debits from demat account may require general or specific permissions as the case may be, from designated authorised dealers. If NRI/PIO desires to make…

Filed Under: Uncategorized, non-resident Tagged With: basis, credits and debits, demat, depository accounts, depository participant, india today, NRIs, Repatriable, repatriation, status

Can NRI extend PPF account for five years after maturity ?

August 26, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: An Indian resident becoming non resident has one common query. What happens to Public Provident Fund account subscription. Is it allowed ? Can he repatriate proceeds from PPF account ? Can he avail of the facilities to exend the PPF account after 15 years ? Similar question has been asked by Mr Ravindran on 25/08/2010 . He asks I understasnd that a resident who has opened a PPF account subsequently becomes NRI during the currency of maturity period may continue to subscribe to the Fund till it’s maturity on a non-repatriation basis. My question is: Whether this account can be extended for…

Filed Under: A of Your Question, non-resident Tagged With: basis, currency, maturity, maturity date, maturity period, Non, period, public provident fund, ravindran, tax implication

Can Non Resident buy insurance policies in India?

June 26, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: Indian insurance companies are selling insurance products only to Non Resident Indian and to some extent to Person of Indian Origin . Following six things every non resident must know regarding insurance buying in India. A non-resident Indian who is a citizen of India temporarily residing in foreign country and holding a valid passport issued by the Government of India are only allowed to buy insurance product in India. Further , NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country…

Filed Under: non-resident Tagged With: Business, financial questionnaire, income tax returns, Indian, indian insurance companies, indian rupees, insurance, mail order business, NRIs, order

How much money can be brought in India without approval of RBI?

June 26, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: Unlimited amount can be brought without any approval of RBI.The money can be brought in different manners- by cheque, by travelleres cheque ,by currency notes, by online transfer , by money order. It has been provided under Foreign Exchnage Management Act 1999,the Reserve Bank makes the following regulations for export from and import into, India of currency or currency notes, vide Notification No.FEMA 6 /RB-2000 dated 3rd May 2000 as under 6. Import of foreign exchange into India :- A person may – a) send into India without limit foreign exchange in any form other than currency notes, bank notes and travellers cheques ; b) bring into India from…

Filed Under: non-resident Tagged With: aggregate value, arrival in india, Bank, currency declaration, currency notes, declaration, foreign currency, Form, limit, person

Whether Pleasure Trip Aborad Count For Determination Of Residential Status?

June 3, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: My Husband & I are both NRI’s. We can’t find any clear advice or information regarding how to keep our NRI status. He has been traveling & has nearly finished his NRI time. I will be a 15 days short of the 183 days required. I have been told that I will be taxed 30% if I fail to maintain 183 days abroad. I wished to know can I go across to Singapore or Thailand & finish my time? Is there any other requirement apart from maintaining 183 days out of India? I heard it cannot be a pleasure trip,…

Filed Under: non-resident

Leave India on these two dates for saving tax !

May 11, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: NRI (Non resident Indians ) can really save tax by giving attention to the date when they leave India. If you are going abroad and likely to take employment or start a profession outside India or start a business outside India , the better keep in mind golden rules of tax planning for budding Non Resident Indians .The simple rule is that you should do all the things by which you get the status of Non Resident in India .Thus ,all your income which is received outside or accrues outside or arises outside India , shall These are 1….

Filed Under: non-resident Tagged With: 28th september, 365 days, citizen, days in the year, employment, India, Non, resident, resident indians, tax, tax planning

Is Teaching Assignment in Germany Tax Free for Two Years?

April 17, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: I will be going to Germany to work as a teacher. I have viewed the India German Tax treaty(article 20) which mentions that there is a tax exemption for teachers/reserchers for the first two years from the date of entry. I am sending the link http://www.incometaxindia.gov.in/DOUBLE%20TAXATION%20AGREEMENT/Germany1.asp Does this mean I do not pay taxes in either country for 2 years? If I stay longer than two years can the tax for the two years which were exempt be claimed retrospectively from the German government?I would be grateful if I could get a response as I have posted this question before , but…

Filed Under: non-resident Tagged With: Ann, Article 20 of DTA, cultural institution, double taxation avoidance, DTAA, german tax treaty, Germany, going to germany, incometaxindia, India, Mumbai, Read What, remuneration, resident, state, Tax in Germany, Teaching in Germany, Visit, year

Is Bank FDR by NRI Treated As Investment Income u/s 115E ?

March 14, 2010 By taxworry 3 Comments

Archived; click post to view.
Excerpt: Is a Bank FDR with a Nationalised Bank treated as Investment income Under SEction 115E of the Income Tax Act. The Deposit is placed by a NRI and opting for special rates of Taxation w.r.t Investment Income. Vinod Shah , Banglore Section 115E under Chapter XII-A of Income Tax Act proides relief to Non Resident Indians on certain income. This certain income is restricted to income from “specified assets” which are purchased in convertible foreign exchange. What are those specified assets? Section 115C defines specified assets as under (f) specified asset means any of the following assets, namely : (i) shares in an Indian company; (ii)…

Filed Under: non-resident Tagged With: forign exchange, income tax act, indian banks, nationalised bank, ravi narayanan

Is Non Resident Eligible For Exemption u/s 54F or 54EC?

March 4, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: My elder brother is aged around 74 years was born in India and went to USA. He has been a NON-RESIDENT in India in 9 out of 10 previous years. He visited India in the years 2004 and 2000 and lived in his parental home around 60 days. He has got ancestral shops, which he sold in the months of July’2009 and August’2009.My queries are: 1. Whether he entitled of status “Resident and not ordinary resident” u/s 6(6)(a)? 2. Is he entitled in computation of capital gains for indexed cost of acquisition? 3. Is 2% brokerage allowed on deals? If not, what is…

Filed Under: non-resident Tagged With: 9 out of 10, brother, cost, debenture, Delhi, elder brother, Exemption, F . Both, I T Act, India, Non, resident, Sudhir, term asset, term assets, USA

Will I Have to File Return For Rental Income in India and Pay Tax in India & USA Both?

January 7, 2010 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: I am an NRI and USA citizen. I received house from my father , after his death.I am getting some rental income from this house . D I have to file income tax return or I can show this income in my USA return.Do I need a PAN ? If yes, how to apply? PLEASE HELP RAVI RAJ, New YorkThere is Double Taxation Avoidance Agreement between India and USA. Article 6 of the said agreement is related to earning from immovable property. As per this Article , the country in which the property…

Filed Under: PAN, non-resident Tagged With: D i, double taxation avoidance, immovable property, Income, income tax return, India, nbsp, PAN, property, RAVI RAJ, Read, Read How, Return, United States, USA, usa citizen, usa return

India Income Tax Made Simple

10 answers every NRI wants to know about demat account !

Can NRI extend PPF account for five years after maturity ?

Can Non Resident buy insurance policies in India?

How much money can be brought in India without approval of RBI?

Whether Pleasure Trip Aborad Count For Determination Of Residential Status?

Leave India on these two dates for saving tax !

Is Teaching Assignment in Germany Tax Free for Two Years?

Is Bank FDR by NRI Treated As Investment Income u/s 115E ?

Is Non Resident Eligible For Exemption u/s 54F or 54EC?

Will I Have to File Return For Rental Income in India and Pay Tax in India & USA Both?

Subscribe latest by Mail

Recent Answers Published

Can Official Liquidator be given notice to file income tax return ?

Click your Topics

Recent Posts

Become FAN of taxworry