Category: Income Tax Filing

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 [...]

I get a lot of enquiries from my NRI clients about implications of taxation on investments in mutual funds or any other securities in India. There is lot of confusion as few provisions of Indian income tax is different when redemption is done by NRIs as compare to when redemption is done by residents Indian. [...]

If you are a resident Indian and you are planning to buy a property from NRI then you shall keep few points in mind: 1) Provisions in Income Tax for buying a property from NRI is different from buying a property from resident Indian. 2) For Nonresident sellers, rate of TDS (Tax Deducted at Source) [...]

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 [...]

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, [...]

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 [...]