Blogs

For Non-Resident Indians (NRIs) looking to remit funds abroad, compliance with the Indian tax regulations is essential. One of the key compliance requirements under the Income Tax Act, 1961, is the filing of Form 15CA and Form 15CB. These forms are necessary when making foreign remittances and ensure that the remitter is compliant with the [...]

Introduction: In this blog post, I aim to highlight key tasks and changes that Non-Resident Indians (NRIs) should promptly address to maintain a clean record with the Indian Income Tax Department. Despite not being liable for tax returns in India, many NRIs have received Income Tax notices due to outdated contact information and incomplete financial [...]

This Article is for you if: You are an NRI You are selling a Residential property/house in India The Residential property is held by you for a period of more than 24 months Any you want to save taxes by reinvesting in any other asset It means we are not considering here sale of commercial […]

Finance Bill, 2023 1. Proposed Changes in Tax Rates In the alternate tax regime under Section 115BAC, a revision to the basic exemption limit and the number of slabs has been proposed. The revised basic exemption limit shall be INR 3,00,000 and for every additional INR 3,00,000 of income, the next slab rate will be [...]

Hi Friends, Here is my most awaited blog, requested by many of my NRI clients. In this blog, I have covered six major proposals related to personal taxes announced by our Finance Minister Nirmala Sitharaman in Union Budget on 1st Feb’23. These proposals are going to impact NRIs directly. First of all, I want to [...]

1. NRE account: Interest Earned is exempt from income tax Freely repatriable Investments done from NRE account are taxable Funds from India cannot be directly transferred to NRE. Bank may ask to submit Form 15ca and 15cb certificate to transfer funds from NRO or Resident account to an NRE account. 2. NRO account: Interest Earned [...]

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 [...]