Can PIO and OCI setup business in India
Question: Can PIO and OCI setup business in India?
Raju Kanumuri: Yes, PIO and OCIs can set up business in India. They are allowed to set up a limited liability company (LLC) and limited liability partnership (LLP) form of company. For more information you can follow the link https://www.mea.gov.in/faq-overseas-indians.htm
Q: What are the tax exemptions incomes for NRIs?
A: * Interest on NRE & FCNR(Foreign Currency Non- Repatriable) account
* Interest on government-issued savings certificates, notified bonds
* Dividends from shares of domestic companies
* Long term...
Q: Why ITR should be filed by NRI?
A: * If the Tax deducted at source is more than the actual tax liability of the NRI, then refund can be claimed by the NRI only after filling return along with interest.
* If the NRI has incurred any...
Q: What is tax consideration of NRE/NRO account?
A: Considering the interest income in NRE/ NRO Account, NRI can file their return in India. The income of NRE Account shall be exempt whereas, Income in NRO Account shall be taxable.
Q: What are the tax deductions that are not allowed to NRIs?
A: * Investment in PPF
* Investments made in NSCs
* Post Office 5 Year Deposit Scheme
* Senior Citizen Savings Scheme
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.