India has always been the most rewarding and sought after destination for investments for NRIs due to higher interest rates and growth potential. However, their experience may not be excellent mainly due to theirs or their advisors’ ignorance of rules and regulations specific to NRIs for investments or taxation or both. It is our endeavor […]
With FCNR rates regulated by RBI and volatile foreign currency market, a lot of banks have introduced and are marketing products for NRIs to generate more return on FCNR deposits. While there are catchy names used for the plans by various banks, like RupeeMax (HDFC Bank), Rupee Advantage Plan (Kotak), FCNB Premium Account (SBI), Smart […]
On February 28, Indian Budget 2013 was presented in the Parliament. I have selected 15 major proposals that could affect NRIs and have analyzed them as follows: 1. Tax credit of Rs. 2,000 for Individuals with income upto 5 lakhs: The budget proposes to give tax credit of Rs. 2,000 to individuals with total income […]
FATCA Basics: The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore (out of USA) accounts. Under FATCA, 1. U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. US tax […]