Under India's Income Tax Law, Non-Resident Indians (NRIs) must file an annual tax return if their yearly income surpasses the government's set exemption limit. Learn more about the obligation for NRIs to file tax returns based on their income.
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In line with India's Income Tax regulations, an individual's residency is determined by their presence in the country throughout a financial year. Categories encompass Resident (meeting conditions like 182 days' stay or 60 days' stay with 365 days over 4 preceding years), Non-Resident (not meeting these criteria), and Resident but Not Ordinarily Resident. Explore these categories to understand how residency affects tax status.
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Explore Indian Income Tax regulations concerning payments to Non-Residents. Such payments are liable for withholding tax, typically based on the total payment. For capital assets held beyond 36 months, the withholding tax rate is 20% plus surcharges. Yet, a provision allows for a reduced tax deduction on gains rather than the full sale value. Non-residents selling Indian property should heed these steps with expert advice.
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Discover how Double Taxation Avoidance Agreements (DTAA), also referred to as Tax Treaties, are bilateral agreements between two nations. These agreements work to prevent double taxation of the same income in both countries. Click to learn more about how DTAAs help eliminate this taxation challenge.
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Explore the key aspects of the Foreign Exchange Management Act (FEMA): residential status and the nature of transactions, whether they fall under capital account (e.g., buying/selling property, shares) or current account (e.g., sending income from property, shares). Click to delve deeper into how these factors shape FEMA's regulations.
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Discover the Indian Tax law's unique consideration for Returning Non-Resident Indians (NRIs), often assessed as RNOR upon their return for a few years. Our experienced team offers advisory sessions to guide these returning NRIs through India's legal provisions and compliance requirements. Learn how we assist in their financial and tax planning for a smooth return while ensuring accurate adherence to regulations. Click to explore further details.
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When sending money to India, it's crucial to use an approved remittance channel to ensure accurate reporting. This is essential for the future repatriation of funds outside India. NRIs can repatriate up to USD 1 million per calendar year, provided they've paid the applicable income tax. Learn more about the significance of proper remittance channels and repatriation rules.
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Move funds from an NRO to an NRE account, with no limitations, up to USD 1 million per calendar year after paying the required income tax. This process involves straightforward steps and requires documents like a Remitter Declaration, Chartered Accountant Certificate, and a declaration following FEMA guidelines. Learn more about the transfer process and the necessary documentation.
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