Friday, June 24, 2016

Tax Benefit of Buying Health Insurance in India for NRI - Section 80D

There is no doubt that in today's expensive world you need a good health insurance policy for your family and parents. Hospitalization and the Medical cost have risen significantly in India and expenditure ranging in 5 lakhs to 10 lakhs is nothing for a major critical illness like Cancer and Heart-related disease. It's simply not possible to arrange huge amount, ranging from 5 to 50 lakhs for hospitalization and medicines at the time of need, it's both difficult and troublesome, that's why buying a health insurance is a must for a family guy.  Indian government allows both residents and NRIs to claim tax rebate under section 80D for health care expenses for its spouse, children and parents. Particularly for NRI, where parents are living in India, they should buy adequate health insurance policy.

Friday, June 17, 2016

How to Send Money to Overseas from NRE or Resident account - Online Repatriation

You can send money to abroad on your overseas saving account from an NRE account in India. You can do this both online from the comfort of your office or home and offline from any branch of your bank. This is also known as repatriation or outward remittance. Almost all banks in India, both private sectors e.g. HDFC bank, ICICI, Kotak, YESBANK, Citibank and public sector banks like SBI, Bank of Baroda, Bank of India and others provide an online facility in their net banking website to transfer money to your overseas account.

Saturday, June 11, 2016

How to determine NRI status of Individual for Income tax purpose?

If you have just gone last year, how do you check whether you are an NRI or not? Well, this guide will help you to determine your NRI status. In general, if a person stays more than 182 days outside of India in a given financial year then he is considered as NRI (Non Resident Indian) for income tax purpose, but there are more to it. In this tutorial, I'll explain how to check NRI status in detail and why it is important to find out NRI status before filling income tax return.

Saturday, June 4, 2016

3 Ways to avoid TDS on Bank Fixed Deposit

One of the bad thing about Fixed deposits are TDS i.e. tax deducted at source. If you don't pay attention to TDS or doesn't do enough to prevent or avoid TDS, you could lose a good amount of your interest income to banks. I have many friends who never care about TDS, they think that their bank fixed deposits are getting good interest at least 8.5% per annum, only to find out that interest earned is also taxed at the rate of 20% as TDS due to not furnishing PAN details.