1. What is Form 15CB? Form 15CB is a certification issued by a Chartered Accountant (CA) in situations where payments exceeding ₹5 Lakh in a financial year, chargeable to income tax, are made to a Non-Resident (excluding companies) or a Foreign Company, and no certificate under Section 195/197 from the Assessing Officer is obtained. This …
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When Non-Resident Indians (NRIs) return to India permanently or for an uncertain period, their residential status changes under Indian law. Consequently, it is crucial for them to redesignate their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts to resident savings accounts. This article explores the importance of this conversion, the regulatory requirements, potential consequences …
In today’s dynamic financial landscape, NRIs (Non-Resident Indians) holding property in India often face numerous doubts and challenges when planning to sell. These concerns revolve around income tax rates, legal compliance, documentation, and procedural requirements. The situation has become even more complex with the recent changes introduced in the 2024 budget, which now allow taxpayers …
Acquiring property in India has become common among Non-Resident Indians (NRIs) due to the general permission granted to them for buying residential properties and renting them out. In cities like Gurgaon, Pune, Faridabad, Bangalore, NRIs are either holding or purchasing properties for rental income. However, it’s crucial to note that the rental income earned by …
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In cities like Gurgaon, Pune, Faridabad, and Bangalore, the number of immovable properties owned by NRIs is significantly high. NRIs typically acquire properties either through their own funds or by availing bank loans. Additionally, the RBI permits investments in residential properties by NRIs. If you’re an NRI (Non-Resident Indian), you’re fortunate because you can obtain …
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Determining an individual’s Non-Resident Indian (NRI) status is a pivotal aspect of India’s tax framework, contingent upon their residential status as elucidated in Section 6 of the Income-tax Act. A profound understanding of these provisions is imperative for individuals and tax practitioners alike, as they navigate the intricacies of taxation and ensure compliance with the …
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In the realm of financial transactions and income tax filings, having a Permanent Account Number (PAN) is crucial for individuals, including non-resident Indians (NRIs). This unique identifier issued by the Indian government facilitates various economic and financial activities. Here’s a detailed guide on PAN applications for NRIs, covering mandatory requirements, the application process, necessary documents, …
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India is a land of opportunities and offers an attractive market for entrepreneurs looking to start a business. With a growing middle class and a large population, India offers a vast market for businesses across various sectors. Setting up a business in India can be a complex process, but with the right guidance and support, …
India has emerged as one of the fastest-growing economies in the world, with a strong focus on entrepreneurship and innovation. The government has taken several steps to promote the ease of doing business in India, which has led to a surge in the number of companies being incorporated in the country. If you are planning …
The Jaipur Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to pass an order on the merits of chargeability of salary earned by a non-resident Assessee through employment in Kenya, which was inadvertently offered to tax in India. The ITAT opines that the AO should have guided the non-resident and have passed …
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