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Income Tax department may ask NRIs to explain 'bloated' income

Clarification that overseas earnings of bona fide workers won’t be taxed is ambiguous, say experts.

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 Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession.

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:

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.

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

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

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.

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