NRI Investments, NRI Taxation, TDS, Remittance, Repatriation, NRI Real Estate, RBI, FEMA, Business Set up, WOS

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Jun 17, 2015
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Understand how RBI uses UCIC to monitor and regulate NRI’s banking accounts

Until recently, NRIs were maintaining multiple bank accounts with multiple residential statuses. They would maintain one account as a non-resident to earn tax free income (NRE account) and another account as a resident to avoid any TDS and related FEMA and Income Tax compliance on local funds. Further, NRIs would also invest in equity and […]

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May 14, 2015
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NRO to NRE transfer Update: 15CB/15CA required for Both “Taxable” and “Non Taxable” Transfers

From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA to the income tax department. On May 14, 2015, the President of India gave […]

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Jan 03, 2015
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Which ‘YEAR’ is this? Understanding Assessment Year (AY), Financial Year (FY), Previous Year (PY) and Preceding Year

A “Year” is very important. The Income Tax Act (ITA) and Foreign Exchange Management Act (FEMA) both mention various years, such as Assessment Year, Previous Year, Financial Year, Calendar Year, Preceding Year, etc. The deadlines, reporting requirements, limits, etc. are prescribed based on a “Year”. It is very important to understand the differences between the […]

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Jan 03, 2015
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Who is ‘Your’ Relative? – Detailed analysis of Relative definition for Gift, Income Tax and FEMA

The definition of Relative is different in different Acts and also for different provisions. Also, the definition changes based on the point of view. For example, if Umang is Aanya’s mother’s brother; Umang is a relative to Aanya but Aanya may not be a relative to Umang. This couldeasily confuse anyone. Let us understand the […]