Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

NRI Tax

Oct 14, 2019, 04.28 PM IST
11,341.1536.1
Stock Analysis, IPO, Mutual Funds, Bonds & More
Non-residents, not-ordinarily residents in tax tangle: Experts

"CBDT may need to clarify reporting requirement for unlisted equity shares in foreign companies for NR/NOR,” said Sonu Iyer, tax partner and people advisory services leader at EY India.

NRIs’ residential status comes under I-T lens

An NRI is spared tax on income outside India. A resident is required to pay tax on global earnings.

Are you earning abroad? Know the tax rules

Indians who are on deputation overseas or have settled overseas — whether by way of acquiring a permanent residency such as a green card in the US, or acquiring citizenship of a foreign country — need to be aware of their tax obligations in India. A recent move seeking details from non-residents of foreign bank accounts in income tax (I-T) returns caused anxiety about whether India was taking steps to tax global income. The Central Board of Direct Taxes (CBDT) subsequently clarified that providing such details was optional and it was to facilitate refunds in those cases where individuals did not have a bank account in India. Here is a primer explaining the tax incidence for Indians overseas:

New I-T return forms: Expats need to give more info for claiming tax pact relief

Overseas residential details, tax identification numbers & residential status in India will need to be provided.

Earning abroad? Know the tax rules

Only, tax residents of India (ROR) are subject to tax on their global income, which would include interest income on overseas bank accounts.

Without UID, expatriates unable to file tax returns

NRIs are unable to upload their ITRs when they mention their country of residence & several representations on the issue have been made to the govt.

NRIs with offshore bank accounts cannot escape investigation by tax authorities

Governed by rules and conventions of banking secrecy, banks in Switzerland and tax havens divulge information only after account holders give their consent.

Budget 2016: NRIs without PAN not to be subjected to higher rate of TDS

"It is proposed to amend the relevant provision to provide that on furnishing of alternative documents, the higher rate will not apply," the Budget says.

Government to relax compliance norms for payments to NRIs

The Revenue Department today said reporting and certification requirements in case of payments made to non-residents will be relaxed from April 1, 2016.

Banks, MFs ask US NRIs to submit FATCA certificates

It also meant convenience as many countries don’t require US passport holders to get visas. Now, these NRIs who have bought real estate or made other investment in India could be taxed as per the US taxation laws.

US entices NRIs to disclose their unreported assets

On June 18, 2014, the IRS announced new Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary disclosures.

Foreign Account Tax Compliance Act will result in heightened tax scrutiny of NRIs

Foreign Account Tax Compliance Act will result in heightened tax scrutiny of NRIs

FATCA requires all foreign financial institutions to enter into an agreement with the US government & disclose foreign account information of US accountholders.

Tips for NRIs for filing tax returns

Tips for NRIs for filing tax returns

If NRIs carry out transactions in securities like shares and mutual funds, the capital gains are liable to tax and, hence, the return must be filed.

US IRS starts new initiative to target unreported Indian accounts

US IRS starts new initiative to target unreported Indian accounts

In recent years, the US Congress and IRS have increasingly become convinced that many US taxpayers, including those living both inside and outside the US, do not comply with US tax reporting laws.

Salary credit to non-resident external rupee account not taxable

Salary credit to non-resident external rupee account not taxable

Under tax laws, the tax incidence is based on the concept of residence, which in turn depends on the number of days stayed in India.

Foreign portfolio investors to have uniform tax rate

Foreign portfolio investors to have uniform tax rate

The Central Board of Direct Taxes has notified that new class of investors, FPIs, would be treated as FIIs under the Income-tax Act, 1961.

Load More...
1

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service

BACK TO TOP