Q: Does NRI need Aadhar card for bank account in India?
A: NRI need not link their aadhar card with the bank account. If you are an NRI and want to apply for aadhaar card then you must stay in India for a minimum period of 182 days in a current financial...
Q: Who needs to submit Form 10F and Tax Residency Certificate (TRC)?
A: Form 10F and TRC is required to avail the benefit of no TDS. This benefit is only available if the DTAA treaty with the country of your residence specifies that the income is taxable in other...
Q: What is the Tax Residency Certificate (TRC)?
A: Tax residency certificate (TRC) is a document issued by an authorized Governmental body of a country certifying that the person is a tax resident of the issuing country. TRC issuing authorities are...
Q: Is TDS applicable on insurance payouts to NRIs?
A: Yes, the tax will be deducted at source (TDS) under Section 195 of the Income Tax Act, 1961 on any sum paid under a life insurance policy to Non-Resident Indians only if the policy is not exempt...
Q: What are the details required for submitting FATCA/CRS?
A: Following additional details will be mandatorily required at the time of account opening and at the time of renewals for pre-existing accounts as defined under FATCA/CRS, if not provided earlier....
Q: What are the tax deductions allowed to NRI's?
A: The following are the tax deductions allowed to NRI's:
* Life insurance premium payment
* Tuition fee payment
* Principal repayments on loan for the purchase of house property
* ULIPS or...
Q: What are the tax deductions not allowed to NRI's?
A: The following are the tax deductions not allowed to NRI's:
* Investment in PPF
* Investments made in NSCs
* Post Office 5 Year Deposit Scheme
* Senior Citizen Savings Scheme
* Section 80CCG,...
Q: What are the tax exemptions income for an NRI?
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.