Non Resident Indians and Person of Indian Origin are allowed to open and opearte Foreign Currency Non Resident (Bank) Account – FCNR (B) Account without any requirement of approval from RBI.You can read What Every NRI Should Know About NRO accounts if you have not read yet. Following are eight distinct characteristics of the FCNR accounts....
Six Simple Things Every NRI Should Know about Foreign Currency Non Resident (Bank) Account !
July 23, 2011 by
Can You Open NRE account Jointly with Indian Residents?
July 22, 2011 by
Non Resident External Accounts are for Non Residents and Person of Origin . RBI does not require any kind of approval for its opening or maintenance . However NRE accounts cannot be held jointly with residents. Another restriction is that it can be opened only by the non-resident himself and not through the holder of...
Can You Borrow Money from Close Relatives Outside India?
July 20, 2011 by
(Updated as on January 17, 2012) Reserve Bank of India allows an individual resident to get loan not exceeding USD 250,000 or its equivalent from his close relatives staying outside India, on following conditions: i) the minimum maturity period of the loan is one year; ii) the loan is free of interest; and iii) the amount...
Can Non Resident Prevent TDS on Income?
June 30, 2011 by
Yes !Section 195 of the I T Act payment of “any sum” to a non resident which is taxable under I T Act has to be done only after deduction of tax at source from such sums. However, sub-section 3 of section 195 has provided that tax may not be deducted on payment of such...
Is salary received in NRE account in India For services rendered outside India by a Non Resident taxable in India?
May 18, 2011 by
Let us take example of a Non Resident Indian who is giving services outside India and receives salary in his NRE account situated in India . The A.O tries to tax such salary on the ground that since salary has been received in India , it should be included in total income of assessee as...
When can income of a non resident exempt even if he becomes resident in India ?
October 16, 2010 by
Any income accruing to an individual outside India, in a financial year from a source other than a business controlled in or a profession set up in India, if the individual—
(a) has been a non-resident in India in nine out of ten financial years preceding that financial year; or
(b) has during the seven financial years preceding that financial year been in India for less than seven hundred and thirty days
How Direct Tax Code restricts Non Resident Indians’ stay in India ?
October 16, 2010 by
# Do not stay for more than 60 days in a year in India if in previuos four years , he was in India for more than 365 days. If he was not, he can stay in India , safely upto 182 days.
# Also please go through the Double Taxation Avoidance Agreement signed between India and your country and find that what are the income which are taxed only in your country. For example , salary income earned in USA of a resident of USA is to be taxed in USA only even if he also becomes resident of Indi under I T Act.
10 answers every NRI wants to know about demat account !
August 27, 2010 by
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...
Can NRI extend PPF account for five years after maturity ?
August 26, 2010 by
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...
Can Non Resident buy insurance policies in India?
June 26, 2010 by
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.
How much money can be brought in India without approval of RBI?
June 26, 2010 by
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
Whether Pleasure Trip Aborad Count For Determination Of Residential Status?
June 3, 2010 by
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%...
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