As the financial year proceeds to end, many of my colleagues and friends started thinking about tax saving though I have always suggested them to do it in a planned way from the start of the year it never happened. Since we all know that we can save up to 1 lac under Section 80C of the Income Tax Act there are lots of tax saving schemes available.
Can I Repatriate (Transfer) Money from NRO Account to Overseas? [Answered]
This is one of the most common questions from my NRI friends who are earning rental income or business income in India. Yes, you can repatriate money from an NRO account unless it doesn't exceed USD 1 million per calendar year. Normally, funds lying in NRO saving account or NRO fixed deposit is not subject to repatriation abroad and that's why I suggest you open an NRE account, which allows you to freely repatriate the money.
13 Things about Public Provident Fund PPF Investment in India You Should Know
PPF is a short form of Public Provident Fund and it's one of the best long-term investment for Indian citizens, sorry to my NRI friends but you cannot invest in PPF unless you have an account already. Almost all the salaried employed person in India contribute money on EPF (Employee Provident fund) which is similar to PPF. Since this is done automatically by their employers many Indians are not aware of PPF and doesn't know much about it, I have jotted down some important points of Public Provident Fund scheme. I also didn't know much about PPF and EPF (Employee Provident Funds) until I have to change job and then I realize that either I can withdraw funds form PPF or migrate to new company. At that time, I did few more research and found useful points about Public Provident funds which I am sharing with you guys here
Can you send money from abroad to a normal Indian savings account, will it be taxable?
One of the frequently asked questions by people going abroad is that, whether
they can send money to a resident saving account in India or not? Will that be
taxable? The answer to this question depends upon whose resident saving
account? For example, if you send money from abroad to a normal saving account
of your parent, spouse, or children then it will be considered as a gift from
an Income tax perspective, and gift to a parent, spouse, and children are not
considered as income in India, hence they will not be taxable. But, if
you send them to somebody else’s normal savings account then it will be
considered as their income and they are liable to pay income tax on that.
Is Laptop, Tablets, and Mobile Phones allowed in Checked-In or Cabin baggage?
Yes, Laptop, Mobile Phones, Smartphones or any other Personal Electronic device, also known as PEDs are allowed in both check-in luggage and in cabin luggage in most of the countries and most Airlines. Though, it's general practice to carry mobile phones, laptops, tablets or any other personal electronic device in cabin luggage due to safety and security reasons. Since these devices have a battery which may spark the fire and if they are in check-in luggage it will not be handled properly and in the worst case, it may result in loss of Aircraft. Hence its advised to always carry electronic devices with the battery in cabin luggage.
5 Differences between NRE and NRO Fixed deposit -HDFC ICICI SBI Kotak
Difference between NRE and NRO fixed deposit
NRI has two options to invest in Fixed deposit in India NRE fixed deposit and NRO fixed deposit, but you need to be careful whether you choose NRE or NRO fixed deposit as taxation rules on NRE and NRO Fixed deposit is different. Principle and Interest earned in NRE fixed deposits are completely tax-free while interest earned on NRO fixed deposits are subject to TDS and deduct at the maximum rate of 30%. Also, you can send rupees back to your overseas account if it is held in NRE fixed deposit, but you can not repatriate money from NRO fixed deposit.
7 Things to Consider While Buying Online term Insurance plans
Hello guys, I was doing research for buying Travel insurance before traveling when I thought about sharing my experience on buying insurance online like online term insurance plans which are not just essential for any person but also must have. Online insurance plans like an online term insurance plan, online health insurance plans are getting popular due to their lower cost compare to buying similar insurance plans from agents or insurance agency. An online terms insurance plan for 1crore for 30 years may cost you around 5500 from ICIC Prudential iProtect which is way lower than if you buy it from any insurance agent.
Is Aadhaar card mandatory for filling Income tax return for NRIs in India?
Based upon my knowledge, Aadhar Card is mandatory for filling income tax return this year for all resident Indians. They even need to link their PAN Card to Aadhar card before filling income tax returns, but for NRIs, Aadhar card is not mandatory for filling income tax return. If you remember, NRIs need to file IT return if they have any income in India, even though it is not mandatory for NRIs to file income tax returns, especially if they have only income from Fixed deposits and Equity investment where TDS is already deducted, its advised that they file income tax return every year. It has many benefits but most important is that you will get your money back which is deducted as TDS if your total income is less than 2.5 lakh.
Can you deposit Indian rupees to NRE account? Is it allowed?
No, you cannot deposit Indian rupees into an NRE account. The only way to fund an NRE account is via foreign currency remittance, foreign currency deposit when you visit India, or via foreign currency traveler's cheque. Since the NRE saving account is at par with the FCNR deposit, this is the restriction they have imposed. This also means that you cannot ask your friends, relatives, and parents to transfer money to your NRE account. I think the only way to transfer Indian rupees into an NRE account is by transferring money from your NRO account.
Can I repatriate funds from NRE or NRO Bank account? Yes
Yes, you can repatriate funds from NRE, NRO, or FCNR account abroad, but each has its own rules and limitations. For example, both NRE and FCNR accounts are most flexible in terms of repatriation, also known as freely repatriable, which means that no prior RBI approval is required to remit funds overseas from these accounts. This includes both NRE and FCNR fixed deposits as well as NRE saving the account. You can also repatriate both principal and interest earned overseas from these two accounts. One reason of that is because both of these accounts can only be opened form the fund you have earned overseas and you can only deposit the funds whose source is overseas. For example, you cannot deposit Indian rupees earned on India from rental income or any other income to NRE account.
Can You Transfer Money from NRE to another NRE, NRO, FCNR and Resident Saving account? ICICI or HDFC?
One of the most common question among NRIs (Non-resident Indians), especially among IT professionals traveling to the USA, UK, Singapore onsite is whether they can transfer funds from one NRE account to another NRE account, or NRO account, or FCNR account, or a Resident saving account or not? Since many IT professionals have their resident saving account in India when they traveled to Overseas and which they later converted to NRO account, this doubt is obvious. Well, since the NRE account is maintained in Indian rupees, there is no restriction on transferring your money from one NRE account to another NRE, NRO, FCNR, or resident saving account.
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