Monday, July 15, 2019

How NRI can avoid Tax on Foreign Income by timing Departure and Return

If you are an NRI returning to India for good or an Indian going abroad, you need to be aware that you need to pay tax on your foreign income (earned outside India a.k.a global income) if you come before February 1st or leave after September 28th. Taxation in India depends upon individuals residential status. An Indian citizen, who is NRI for a financial year i.e. from 1st April to 31st March is not required to pay tax on their global income but if his residential status is Resident and Ordinarily Resident (R) then his global income is also taxable. In order to attain NRI status, you need to stay more than 182 days outside India, remember the arrival and departure dates are also counted as stay in India.

Monday, June 24, 2019

What is the limit and tax implication of Sending Money to India from the USA?

In theory, there is absolutely no limit to how much money you can send to India, provided you earned your money legally and paid your taxes but the USA is special. In practice, depending upon which channel you are using for sending money to India, you might have some limit. Similarly, you will also hit the daily limit of transaction you can do with your local bank e.g. paying bills up to 50,000 dollars daily for remittance purpose.

Saturday, June 15, 2019

How to deposit money in NRE and NRO account -Savings Fixed deposit

How to deposit money in NRE account  -ICICI, HDFC, SBI
You can deposit money in NRE account held with ICICI Bank, HDFC Bank, SBI Banks, Kotak, Axis by using following methods:

Friday, June 14, 2019

Is it Mandatory to declare Foreign bank Accounts and Assets in Income tax return by NRI?

One of the common doubt among NRIs who are filing their income tax returns in India is to whether to declare foreign bank accounts and assets or not. I often receive comments and questions whether it's mandatory for an NRI to disclose the foreign bank account details and an asset on income tax returns? The short answer is No. It's not mandatory for an NRI to disclose or mention its foreign bank account details while filing income tax returns in India, but you need to be sure about your residential status.

Saturday, June 8, 2019

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.

Wednesday, June 5, 2019

Does Interest on NRE Fixed Deposit is Taxable?

In short, No, interest earned on NRE fixed deposit is tax-free in India. If you are an India working abroad and earning in foreign currency, you have a couple of more investment options available than to a resident customer. If you keep your money or some part of your money in India, NRE fixed deposit is the best option for you.