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Non-Resident Indians (NRIs) often navigate unique financial landscapes, especially when managing earnings and investments across borders. To ensure compliance and maximize benefits, understanding residential status under FEMA and the Income Tax Act is crucial. Equally important is leveraging specialized NRI bank accounts—NRO, NRE, FCNR, and RFC accounts. Here’s a closer look at these accounts and [...]

For many NRIs, one common issue is their PAN card becoming inoperative, which can hinder various financial activities like opening bank accounts, investing, and claiming refunds in India. Understanding why your PAN card may become inoperative and how to reactivate it is crucial to avoid any disruption in your financial dealings. This article explains the [...]

For NRIs, managing their tax obligations in India can be challenging due to communication issues and outdated details. Below are key steps to help maintain proper tax compliance: Update Your Income Tax Profile Ensure your details are up to date by logging into the Indian Income Tax Department’s website (incometax.gov.in). If you haven’t created a [...]

Errors or omissions in Income Tax Returns (ITRs) can happen, but there’s no need to panic. The Income Tax Department offers a solution through the Updated Income Tax Return (ITR-U). Let’s explore what ITR-U is, its benefits, who can file it, and the filing process. What Is ITR-U? Introduced in the Union Budget 2022, ITR-U [...]

For Non-Resident Indians (NRIs), managing finances across borders can be complex. Understanding the classification of residential status under FEMA and the Income Tax Act is essential to staying compliant and optimizing benefits. Equally critical is making the best use of specialized NRI bank accounts like NRO, NRE, FCNR, and RFC accounts. Let’s explore how these [...]

Advance tax is a vital concept for taxpayers in India, helping them pay their income tax liability throughout the financial year instead of a lump sum payment at the end. This system ensures a steady revenue stream for the government and allows taxpayers to manage their finances more effectively by spreading tax payments across the [...]

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 [...]