Saturday, September 17, 2022

Can an NRI open Multiple NRE or NRO Account in India? and Why?

Can NRI open more than one NRE, NRO or FCNR account with different banks?
Yes, an NRI can more open more than one NRE, NRO or FCNR accounts with different banks in India. I am not exactly sure if you can open two accounts with a different branch of the same bank, but multiple accounts can definitely be held with different banks. For example, many of my friends have NRE accounts with HDFC Bank, Kotak Mahindra and YES bank. They even have multiple accounts with same bank but account type is different. For example, you can open one NRE, one NRO and multiple FCNR deposits with HDFC bank.

Does NRIs need to link their PAN Card with Aadhaar Card? How to Link Aadhaar with PAN Online? [Steps]

If you are an NRI, which has both PAN card and Aadhaar card then it is must for you to link your PAN card with the Aadhaar card. Failing to do so, will result in their PAN card cancellation. Though I have not seen any official news on that this is what many newspapers in India quote. On other hands, it's not legal for NRIs to get the Aadhaar card because it is only for the residents of India i.e. anyone currently living in India, irrespective of their citizenship. This means, both foreigners and Indias with foreign passports e.g. OCI and PIO holder can apply and get Aadhaar card if they are currently living in India.

Sunday, September 11, 2022

10 Income Tax Deductions and Exemptions NRIs should know

It's that time of the year again when every NRI starts to worry about their income tax filing in India. Thankfully, due to technological advancements, now NRIs can file income tax online with their comfort of office and home. Nevertheless, filing Income tax returns is not an easy job and there are some key things which every NRI should remember about income tax, filing returns, tax saving, deductions, and exceptions, etc. In this article, I'll share 10 of such things, which is useful for every Indian living abroad, particularly for those who have recently migrated to overseas from India, like a young software engineer from Infosys or TCS.