These days, NRIs are increasingly investing in India, driven either by economic growth opportunities or emotional ties, often with the intention of retiring in the country. Consequently, they opt for investments in real estate, benefiting from its appreciating value over time. Some NRIs find it convenient to rent out these properties for additional income and …
Continue reading “TDS on Rent paid to NRI, Tax Planning for NRIs on Rental Property”
Introduction: Filing Income Tax Returns (ITR) is not just a responsibility for residents; Non-Resident Indians (NRIs) also need to comply with Indian tax laws for income earned in India. Whether you’re a working professional abroad, a student, or an entrepreneur, understanding the documents required for ITR filing as an NRI is crucial. In this blog, …
Continue reading “Essential Documents for NRIs: A Guide to ITR Filing”
Introduction: As the ITR filing season for Assessment Year (AY) 2024-25 kicks off, taxpayers, whether residents or Non-Resident Indians (NRIs), are gearing up to ensure a smooth and hassle-free process. Whether you’re a regular taxpayer or filing for the first time, it’s crucial to gather the necessary documents and understand the process to meet the …
Continue reading “Guide to ITR Filing for AY 2024-25: Essential Documents and Tips for Taxpayers”
In recent times, it has become increasingly common for the income tax department to send notices to Non-Resident Indians (NRIs) regarding their investments in fixed deposits and mutual funds. Typically, these notices begin with an inquiry under section 148A, aimed at verifying the source of income for transactions involving fixed deposits and mutual funds. If …
For NRI taxpayers, when their income is scrutinised by the income tax department and a draft assessment order is issued by the assessing officer, they have the option to file objections before the Dispute Resolution Panel (DRP) within 30 days from the date of receiving the notice. This 30-day period is crucial, as objections must …
Facts of the case: During the assessment year 2020-21, an employee of Nokia Solutions and Networks India Private Limited (Nokia India) worked overseas in Australia from 23 August 2017 to 10 March 2020, providing services to Nokia Australia and being stationed there. Throughout the financial year 2019-20, the employee was based in and physically present …
Continue reading “No Income tax on Salary earned in Australia by NRIs”
The facts of the case are as follows: DRP Rejection The Dispute Resolution Panel (DRP) upheld the action of the Assessing Officer (AO) in reopening the assessment under section 147 of the Income Tax Act. The DRP approved the draft assessment order of the AO, which added additional income on account of capital …
Continue reading “NRIs with income below Rs 50 lakhs: Notice U/s 148 after 3 years is invalid.”
When an NRI (Non-Resident Indian) chooses to sell property in India, it’s not just a simple transaction. It’s a big decision that comes with various factors to think about, including financial and emotional aspects. Selling property involves emotions, understanding market conditions, dealing with income tax implications, and considering the repatriation of funds to the home …
Continue reading “What NRIs Need to Know Before Selling Property in India”
The Income Tax Department has recently enabled the filing of ITR-1, ITR-2, ITR-4, and ITR-6 for Assessment Year (AY) 2024-25 through both offline and online modes on the e-filing portal. Additionally, Excel utilities for ITR-1, ITR-2, and ITR-4 for AY 2024-25 can be accessed under the ‘Downloads’ section on the e-filing portal. Let’s go deeper …
Continue reading “Understand ITR Forms 1,2,4,6 for AY 2024-25: A Comprehensive Guide”
As a seller when you are selling property, it’s crucial to inform the buyer about your residential status, whether you’re a resident or non-resident of India. If you’re a resident, the buyer will deduct TDS at a rate of 1% on the sale consideration when it is up to Rs 50 lakhs. The buyer deposits …
