Author: Nricaservices

We get lot of queries from our NRI clients that what is the process they need to follow if they want to transfer their own funds residing in Indian bank accounts to their own NRE account or bank accounts in the country where they are residing. Rather than sharing what is written in law and [...]

Hi Friends, Let’s try to understand what is the concept of advance tax in India, when it is need to be paid, what if we don’t pay or what if we delay its payment etc. I have framed this article in question answers format so that it becomes easy to understand. 1. What is Advance […]

Sometime, it comes as a surprise for my NRI clients when their huge income of current year gets adjusted(set off) from past year carry forward losses which reduce their tax liability drastically. Or Short-term capital Loss they incurred by selling the Mutual funds get adjusted (set off) from their long-term gain from sale of equity […]

In this blog, we are going to understand the taxability of Gift in India, in case of individual. Gift is a sum of money or movable property (jewelry, shares etc.) or immovable property (house, plot, land etc) received or acquired by an individual without consideration or adequate consideration. If a person resident or non-resident including [...]

I get lot of enquiries from my NRI clients related to process of transferring funds from NRO to NRE or to overseas bank accounts. Sometime, they want to transfer funds from their saving account to NRE account or overseas bank account. Let me try to explain it and the process involved in simple points for […]

Under the Liberalised Remittance Scheme, all resident individuals are allowed to freely remit out of India up to USD 2,50,000 per financial year. It means a resident can remit money to his non resident relative under this LRS scheme, provided provisions of this scheme is fulfilled. As per current rule, If any forex transaction under [...]

Many of our NRI clients are getting refund failure intimations from Indian Income Tax Department. In that case, please follow the below steps: Login to your Indian Income Tax Account Go to My Profile>>My Bank Account> Re-Validate your bank accounts. You shall revalidate the bank account even if you have done this few month back. [...]

This blog is for you, if you are an NRI and you are unable to login to your online income tax e-filing account because: You forgot your password and Login through net banking is not working for you as you have bank accounts in banks like CITI bank or HSBC which are not in available [...]

Indian Income Tax department has recently launched a facility/tool in department’s new portal called TIS and AIS statements. Let’s try to understand them in detail so that we can avoid any notice from department due to our ignorance. We all know that income tax department has recently launched its new portal. All is done to [...]

Good news- Processing of ITRs of F.Y 2020-21 has already started There is a good news that Income Tax department has already started the processing and issuing refunds of the tax returns of F.Y 2020-21. Considering the fact that filings of F.Y 2020-21 have started very late this year, getting refund so fast is a [...]