International secondments offer employees global career growth, but they also introduce complex tax challenges. If you are temporarily working in another country, you may have several tax-related concerns, such as: This guide breaks down the tax implications for seconded employees, explaining DTAA benefits and providing a real-life case study to help you navigate tax planning…
For Non-Resident Indians (NRIs) selling property in India, adhering to tax compliance under the Income Tax Act, 1961, is crucial to prevent excessive tax deductions and transaction delays. One major challenge NRIs face is the high rate of Tax Deducted at Source (TDS), which significantly reduces net sale proceeds. Key Topics Covered: By following these…
Many Non-Residents (NRs) returning to India are unsure about the tax implications of their residential status change. They often ask: If you are an NRI planning to move back to India, this article will help you understand the tax impact of becoming a resident under the Income Tax Act, 1961. What Are the Common Misconceptions…
When an individual move abroad for work or business, their residential status changes, leading to significant tax implications. Some of the key questions they ask include: This article will clarify these key tax concerns for individuals transitioning from Resident to Non-Resident under the Income Tax Act, 1961. What is Unclear About NRI Taxation? Many people…
Many Non-Resident Indians (NRIs) believe that just because they reside outside India, their business and professional income is exempt from Indian taxes. But is that really the case? The Income Tax Act does not just consider where you live; it also looks at where your business is controlled from and where your profession is set…
If you are planning to move abroad for work or business, or if you are an NRI managing financial affairs in India, you might assume that once you leave India, you automatically qualify as a Non-Resident (NRI) under all Indian laws. But is that really the case? The reality is that residency status is not…
Thinking of safe Investment with good returns? PPF often tops the list with approx 8 to 9% Interest, but what about NRI’s? On an average 6 out of 10 Resident Individual open a PPF account every year in India. But what if an existing PPF account holder who is a Resident Individual moves abroad and…
53 percent of NRIs believe that domestic investments offered better returns NRI’s who seek investment opportunities, with their excess capital, in their home country should know about the detailed regulations set by RBI and must consider prior.
No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign asset (foreign bank account) in ITR, where- The amount was not assessee’s unexplained investment as, though held in her name, they represented her deceased mother’s tax paid monies held by assessee in fiduciary capacity and hence it was not ‘undisclosed…
Residential status might be getting impacted due to extended stay, in which case DTAA will come to the rescue. Under Indian laws, service rendered from India is taxable in India irrespective of residential status However, there is a short stay exemption u/s 10(6)(vi) for non-resident As per updated Guidance of OECD Article 15 may be…