NRI's CORNER
- NRI FEMA Definition
- INVESTMENT FACILITIES- FEMA
- NRI-BANK ACCOUNTS
- SHARES, SECURITIES, UNITS etc
- IMMOVABLE PROPERTY IN INDIA
- REPATRIATION OF NON-REPATRIABLE AMOUNT
- NRIs - TAX PROVISIONS
- TAX FREE INCOME
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CAPITAL GAINS
- Capital Gains from Shares & Debentures in case of non-resident Capital Gain Arising From Sale of Residential Property Held For More Than 3 Years Capital Gain of Immovable Property & Other Assets Held For More Than 3 Years. Capital Gain of Immovable Property & Other Assets Held For 3 Years or less Long Term Capital Gain of Specified Assets Exemption of Long Term Capital gains of other Assets upon investment in Residential Property Exemption of Long Term Capital gains upon investment in specified Bond
- CONCESSIONAL INCOME TAX
- WEALTH TAX for NRI's
- TAX RATES / TDS etc
- NRIs - USA
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FATCA & FBAR
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OVDP, GLOBAL INCOME & PFIC
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FATCA - UK IGA AGREEMENT - 2013
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FATCA - FRANCE IGA AGREEMENT - 2014
RETURNING NRI's CORNER
- FEMA - PROVISIONS
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TAX - PROVISIONS
- ::: Taxation - Income Tax ::: Foreign Currency Non - Resident (B) - [FCNR(B)] Non - Resident (External)- [NR(E)] Resident Foreign Currency A/c.[RFC] Non Resident [Ordinary] Deposit State Bank of India'S IMDs ::: Taxation - Wealth Tax ::: Overseas Assets Taxable Assets in India. Exempt Assets in India. Tax Rates - Table. retnricms.php
- TAX RATES / TDS etc.
- IRA
- Roth - Stock Option
F.E.M.A.
- FEMA - ACT & REGULATIONS
- Foreign Exchange Management Act, 1999
- F.E.M. (Encashment Of Draft, Cheque, Instrument And Payment Of Interest ) Rules, 2000
- F.E.M. (Authentication of Documents) Rules, 2000
- F.E.M. (Current Account Transactions) Rules, 2000
- F.E.M. (Adjudication Proceedings And Appeal) Rules, 2000.
- F.E.M. (Compounding Proceedings) Rules, 2000.
- F.E.M. (Permissible Capital Account Transactions) Regulations, 2000
- F.E.M. (Issue of security in India by a branch, office or agency of a person resident outside India) Regulations, 2000
- F.E.M. (Borrowings And Lending) Regulations, 2018
- F.E.M. (Deposit) Regulations, 2016
- View All...
- FEMA - NOTIFICATIONS
- Foreign Exchange Management (Deposit)(Amendment) Regulations, 2019
- Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019
- Foreign Exchange Management (Permissible Capital Account Transaction) (First Amendment) Regulations, 2019.
- Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) (Amendment) Regulations, 2019
- Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) (Amendment) Regulations, 2019
- Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2019
- Foreign Exchange Management (Export and import of Currency) (Amendment) Regulations, 2019
- Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2019
- Foreign Exchange Management (Establishment In India Of A Branch Office Or A Liaison Office Or A Project Office Or Any Other Place Of Business) (Amendment) Regulations, 2019
- Foreign Exchange Management (Borrowings And Lending) Regulations, 2018
- View All...
- FEMA - CIRCULARS
- Exim Bank's Government of India supported Line of Credit of USD 800 million to the Government of the Republic of Maldives
- Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019 – Acceptance of Deposits by issue of Commercial Papers
- Exim Bank's Government of India supported Line of Credit of USD 38 million to theGovernment of the Republic of Mozambique
- External Commercial Borrowings (ECB) Policy – Rationalisation of End-use Provisions
- Exim Bank's Government of India supported Line of Credit of USD 10 million (as first tranche out of USD 50 million) to the Government of Republic of Seychelles
- Exim Bank's Government of India supported Line of Credit of USD 24.50 million to the Government of the Republic of Senegal
- Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of Independent State of Papua New Guinea
- Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies
- Exim Bank's Government of India supported Line of Credit of USD 95 million to the Government of the Republic of Mozambique
- Exim Bank's Government of India supported Line of Credit of USD 150 million to the Government of the Republic of Ghana
- View All...
- FEMA - FORMS
- Annual return
- Advance Remittance Form
- Form FC - GPR
- Form FC - TRS
- Annual Performance Report (APR) on the functioning of Indian Joint Venture (JV)/Wholly Owned Subsidiary (WOS) abroad
- Statement showing details of remittances effected towards import in respect of which documentary evidence has not been received despite reminders
- Currency Declaration Form
- Application for permission to raise External Commercial Borrowings under Short Term Loan/Credit/USD 5/10 million Scheme
- Reporting of actual transactions of External Commercial Borrowings (ECB) under Foreign Exchange Management Act, 1999
- FORM FC-GPR
- View All...
- FEMA - MASTER CIRCULARS
- Reserve Bank of India has discontinued publication of Marster Circular and instead initiated publication of Master Directions since 1-01-2016
- Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts
- Master Circular on Interest Rates on Deposits held in FCNR (B) Accounts
- Master Circular on Non-Resident Ordinary Rupee (NRO) Account
- Master Circular on Foreign Investment in India (Updated upto October 30, 2015)
- Master Circular on Memorandum of Instructions governing money changing activities
- Master Circular on Miscellaneous Remittances from India - Facilities for Residents
- Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses
- Master Circular on Money Transfer Service Scheme
- Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals
- View All...
- FEMA - FAQs
- September 19, 2019-Overseas Direct Investments
- May 29, 2019-Overseas Direct Investments
- May 29, 2019-External Commercial Borrowings (ECB) and Trade Credits
- May 07, 2019 Overseas Direct Investments
- April 25, 2019-Accounts in India by Non-residents
- February 28, 2019 Overseas Direct Investments
- February 13, 2019 Liberalised Remittance Scheme
- December 26, 2018 External Commercial Borrowings (ECB) and Trade Credits
- December 26, 2018 Issuance of Rupee Denominated Bonds Overseas
- August 30, 2018 Issuance of Rupee Denominated Bonds Overseas
- View All...
- FERA - CONTINUED
- FERA - FORMS CONTINUED
- Remittance in Foreign Currency (Imports)
- Transfer of Rupees to the Account of a Non-resident Bank (Imports)
- Payment through Asian Clearing Union (Imports)
- Remittance in Foreign Currency (Non-Imports)
- Transfer of Rupees from/to the Account of Non-Resident Bank (other than transactions with public)
- Operations on Non-resident Accounts (other than Accounts of Non-resident Banks)
- Remittance on Account of Advertisements Abroad
- Annual Performance Report of Indian Joint Ventures/WOSs abroad
- Statement of Foreign Currency Balances of Authorised Dealers and Rupee Balances of Non-resident banks
- Particulars of Shipments under Inward Air/Sea Cargo Consolidation
- View All...
- ALLIED- ACTS & RULES
- Foreign Exchange Regulation Act, 1973
- Prevention of Money Laundering Act,2002 [As Amended by The Prevention of Money Laundering (Amendment) Act,2005]
- The Conservation of Foreign Exchange Prevention of Smuggling Activities Act, 1974 (COFEPOSA)
- Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA Rules)
- Smugglers and Foreign Exchange Manipulators (Appellate Tribunal for Forfeited property) Rules, 1977 (SAFEMA Rules)
- Smugglers and Foreign Exchange Manipulators (Receipt, Management and Disposal of Forfeited Property) Rules, 2006
- Foreign Contribution (Regulation) Act, 1976
- The Foreign Contribution (Regulation) Rules, 1976
- Foreign Contribution (Acceptance or Retention of Gifts or Presen?tations) Regulations, 1978
- Appellate tribunal for forfeited property (procedure) rules, 1986
- View All...
- IMPORTANT PRESS RELEASES
- FDI POLICY ON E-COMMERCE
- RBI announces the New External Commercial Borrowings (ECB) Framework
- RESPONSE TO COMMENTS REPORTED IN THE MEDIA ON PRESS NOTE 2 (2018)
- Review Of The Policy On Foreign Direct Investment (Fdi) In E-Commerce
- RBI releases Discussion Paper on ‘Voluntary Retention Route’ (VRR) for investment by FPIs
- Statement on Developmental and Regulatory Policies
- Penal Provision of Fema Covers Violation of FDI Policy Regulations
- CONSOLIDATED FDI POLICY CIRCULAR OF 2017 EFFECTIVE FROM 28-8-2017 - REVIEW OF FOREIGN DIRECT INVESTMENT (FDI) POLICY ON VARIOUS SECTORS
- FDI POLICY FURTHER LIBERALIZED IN KEY SECTORS - CABINET APPROVES AMENDMENTS IN FDI POLICY SO AS TO PROVIDE EASE OF DOING BUSINESS IN COUNTRY
- RBI issues Master Direction on Foreign Investment in India
- View All...
- OTHER NOTIFICATIONS / CIRCULARS
- RRBs - Interest Rates on FCNR (B) Deposits
- Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
- Interest Rates on FCNR(B) Deposits
- FCNR(B)/NRE Deposits - Exemption from Maintenance of CRR/SLR and exclusion from ANBC for Priority Sector Lending
- Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme
- Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities
- KYC norms/AML Standards/CFT Standards - Obligation of Authorised Persons under PMLA, 2002
- Know Your Customer Norms/Anti-Money Laundering Standards /Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 - Money Changing Activities
- Know Your Customer Norms/Anti-Money Laundering Standards /Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 - Cross Border Inward Remittance under MTSS
- KYC/AML standards /CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act
- View All...
- FDI POLICY - 2017
MAPPING WITH NIC-2008
NRIs CORNER- WEALTH TAX
WEALTH TAX HAS BEEN ABOLISHED SINCE 1ST APRIL 2015.
Rules hereunder apply till Financial Year 31 ST March 2015.
The most common fallacy amongst NRIs is that they are exempt from almost all taxes in India and particularly not Wealth Tax liability as regards their assets in India.
NRIs are to pay Wealth Tax on chargeable assets in India i.e. immovable properties, jewellery and vehicles. The subject is discussed at length under the following chapters :
Many NRIs believe that they are not liable to Wealth Tax at all. This is not true. Like Residents, NRIs are also liable to pay Wealth Tax in India.
The assets chargeable to tax are : immovable property (other than one residential house, or plot of land having area 500 square meters or less), jewellery , cash exceeding Rs 50,000 and propelled vehicles i.e. cars etc.
All other assets are free from Wealth Tax.
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