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

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 [...]

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

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 [...]

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

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? [...]

Is there a Way To Prevent TDS on Payment to Non Resident ?

Yes, but this facility is restricted to Non Resident persons involved in business or profession in India through a branch .
As per section 195 of the payment to a non resident of any sum which is taxable under I T Act has to be made only after deduction of tax at source from such [...]

Should The Techncial Fee Paid To Italian Company Suffer TDS?

I am working in a Limited Company in India. We are making payments for technical Services to Italian company in foreign currency for services rendered in India. Whether we have to deduct TDS under Income tax Act while making payments to Italian company and if Yes at what rate? whether DTAA will be applicable? Santosh [...]

A Dilemma About Deduction By Would Be Non Resident Indian?

I am planning to take a Rs 20 L loan to fund my MBA in Canada and I understand that the Indian laws allow an individual to avail 100% tax deduction for the interest payment for an education loan. Since I will be residing in Canada under student VISA and later as a Migrant Worker, [...]

What Every Non Resident Indian Must Know About Bank Accounts He/She Is Allowed to Open in India?

Almost every Non Resident Indian requires an Indian bank account so that he can transact in India for various personal purpose – be that giving money to relatives, buying assets or giving loans . Reserve bank of India has provided facility to Non Resident Indians for opening three kinds of bank accounts . Each bank [...]

Whether Pleasure Trip Aborad Count For Determination Of Residential Status?

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% [...]

Seven Answers A Resident Must Know Before Buying Property From A Non Resident?

Since the immovable property sale by non resident entails payment of sale consideration by the buyer who is resident Indian , tax has to be deducted at source and paid to government as per section 195 of the I T Act before paying the sum to the non resident seller of [...]

Are There Some Special Reliefs For NRI or PIO?

Yes, Income Tax Act , under the Chapter XIIA provides some special provisions which grants reliefs to Non Resident Indians or Person of Indian Origin. The provisions are contained in section 115C to 115 I .The special relief is regarding special tax rates for two types of income-investment income and income from long term capital [...]

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