Many Non-Resident Indians (NRIs) working abroad earn various types of income outside India, including salary income, capital gains, investment income, or other foreign income. Based on their residential status under the Income Tax Act, such foreign income may not be taxable in India. Many NRIs are now receiving an Indian [...]
When individuals return to India after working abroad, one of the most important areas that requires attention is the taxation of foreign retirement accounts. Many returning professionals have accumulated retirement funds like 401(k), IRA, UK RSPP or Singapore CPF during the stay overseas. The tax treatment of these accounts changes [...]
Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas. [...]
Budget 2024 changes on Sale of properties for NRIs The 2024 budget impacts capital gains tax on the immovable sale of property for NRIs sold in India. There is a fair amount of confusion about the tax implications for NRIs who want to sell any property they may have in [...]
HOME TRUTHS. There are many tax implications in property sale if you are a nonresident This article was published in The Hindu Businessline dated Feb 12, 2023, here is the link With the pandemic highlighting the need to stay physically closer to one’s family and the many impediments to this, [...]
According to Section 90(5) of the Income Tax Act, a non-resident must provide specific information in Form 10F along with the Tax Residency Certificate (TRC) in order to claim the benefits of any Tax treaty in respect of any income earned in India. This benefit may be claimed at the [...]
The Central Board of Direct Taxes (CBDT) has received various representations requesting for relaxation in the determination of residential status for the previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so [...]
Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas. [...]