FM Nirmala Sitharaman sets Rs 15 lakh income cap to tax NRIs
Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.
No intention to tax global income of NRIs in India, says FM
In order to avoid any misinterpretation, it is clarified that in case of an India...
Income Tax department may ask NRIs to explain 'bloated' income
Clarification that overseas earnings of bona fide workers won’t be taxed is am...
New criteria for NRI status and how income will be taxed in India effective from FY2020-21
At the stage of the passing of the Bill, the amendments originally proposed in the criteria determining 'residential status' in India of a person in the Finance Bill 2020 were relaxed. This change will directly impact the non-resident Indian.
Now, Overseas Citizens of India can invest in NPS
Up until now OCIs could not invest in the National Pension System or NPS. PFRDA, through a circular issued on October 29, has said that OCIs can now invest in NPS tier 1 accounts. This is good news as NPS offers various tax benefits.
Diaspora deposits down 29 per cent in FY20
NRI deposits between April & August saw an inflow of $4 billion, compared with $5.7 billion in the same period last year. NRIs in the Gulf, who contribute the maximum to the deposit chunk, are showing preference towards mutual funds.
Target of making India a $5 trillion economy 'completely doable': Piyush Goyal
"Prime Minister Narendra Modi's goal of making India a $5 trillion economy is completely doable if all the stakeholders come and work together," Goyal said.
Lockdown period not to be counted for determining residency status of NRIs, foreign nationals: CBDT
India has allowed discounting of prolonged stay period for determining the residency status in relief for NRIs.
New tax regime and other tax changes that will come into effect from April 1
The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year. Here is a look at seven new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.
Maritime Unions oppose NRI tax proposal in Budget 2020
The Maritime Union of India (MUI) and National Union of Seafarers of India (NUSI) have initiated a strong protest campaign against the proposed change in the Income Tax Act after Budget 2020 proposed to tax Non Resident Indians (NRI) in India.
Non-taxpaying NRIs to be taxed in India: FM
The Union Budget 2020 has now proposed to introduce a deeming provision that every Indian citizen who is not liable to tax in any other country, shall be deemed as a resident of India. Consequently, his global income would be taxable in India. It also proposed to reduce the period of stay in India to 120 days from 182 days earlier for PIOs to be categorised as NRIs.
NRI push for BJP Lok Sabha poll campaign
The party held a meeting of around 150 non-resident Indians (NRIs) from 25 countries on the eve of Republic Day at the BJP headquarters in Delhi to discuss the role and responsibilities of the diaspora.
Budget 2020: NRIs to face more tax compliance issues
According to the proposal, income earned abroad will be exempt if any tax is paid in another country. The question that arises is what happens to Indian citizens who live in countries where there is no tax on individual incomes?
Can NRIs save tax through health insurance bought in India?
An NRI is allowed to buy a health insurance policy in India to secure their health as well as that of their family members. Most Indian health insurance policies provide treatment only within the boundaries of 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.
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