Clarification from CBDT (Circular dated 3rdMar, 21) regarding Residential Status of Certain Individuals For F.Y 2020-21 (A.Y 2021-22)
Many NRIs who were unable to leave India during F.Y 2020-21 due to Covid-19 outbreak were waiting for some clarification from Indian Income tax department regarding relaxation in determination of residential status. They are worried that they may end up paying taxes on the same income in both countries i.e source country and country of [...]
Are you still waiting for processing of your ITR or for your refund for F.Y 2019-20 i.e A.Y 2020-21?
Dear Friends, 3rd March,21 I know it is very frustrating when being an NRI your huge fund gets stuck with the Indian income tax department due to high rate of withholding taxes in India. And when it’s almost the end of next financial year and still your ITR is not processed or if even processed, [...]
Residential status and Tax incidence in India for F.Y 2020-21
Hi Friends, This year we got many emails with questions about residential status and their taxability in India. This is due to the fact that because of current pandemic situation, many people who went on the off shore projects were not able to come back due to suspension of flights while many NRIs who were [...]
All about selling a property in India by an NRI and then repatriating the funds
We get many enquiries from our NRI clients who want to sell an immovable property in India but they don’t know how to go about it. They want to know the tax implications of selling an immovable property by an NRI in India, TDS applicable when an NRI sell a property, How to reduce TDS [...]
Tax filing in India by Non-Resident Individual(NRIs)
Hey friends, If you are anon-resident Indian, you shall be aware of a few basic points mentioned below to file income tax return with ease in India(F.Y 2019-20)- If you are an NRI and you have income in India, other than income from a business or a profession then ITR form applicable for you is [...]
Why can’t we file the annual income tax return for F.Y 2019-20 in India in spite of the fact that financial year has already ended??
Hey Friends! I am daily getting emails/messages from my clients inquiring about when we will be filing their annual income tax return for F.Y 2019-20. If you are also thinking that F.Y 2019-20 has already ended in India and now it’s time to file annual income tax return in India then you are right. But….