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

10 Comments
Jul 11, 2012
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No Service Tax on NRI Money Transfers from abroad (Inward Remittance) – CBEC

CBEC (Central Board of Excise and Customs) Circular No. 163/14/2012 –ST dated July 10, 2012 clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. This is a good news for NRIs as they will not be charged any service tax on money transfer services provided by […]

8 Comments
Jul 04, 2012
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RBI allows transfer from NRO to NRE account 2: Understand Tax Drag and Why transfer.

I have been receiving lot of inquiries whether to transfer, when to transfer, whether to break NRO FD to transfer funds out of NRO to NRE accounts and many more. My answer has been and is always going to be Break FD and Transfer funds AS SOON AS POSSIBLE provided total cost of premature withdrawal […]

6 Comments
Jun 13, 2012
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FBAR 3: Required Information for Compliance with FBAR (June 30 Deadline)

FBAR Requirement: In simple terms, US Citizens and resident aliens (i.e. anyone filing Form 1040) are required to report Foreign Financial Accounts in FBAR form if Value of their Foreign Financial Accounts (FFA) (including bank, FD, shares, securities, mutual fund, cash value of life insurance, etc.) exceed $10,000 at any time during the calender year […]

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Jun 13, 2012
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FBAR 2: Foreign Financial Accounts – Whether reportable?

No. Foreign Financial Accounts ^ Reported in FBAR?^ Example* 1 Financial (deposit & custodial) accounts held at foreign financial institutions Yes Account with Indian Bank e.g. Kotak in India 2 Financial account held at a foreign branch of a U.S. financial institution Yes Account with US Bank e.g. Citi Bank in India 3 Financial account […]