Author: Daassociates
For Non-Resident Indians (NRIs) looking to invest in Indian stock markets, the Portfolio Investment Scheme (PIS) is an essential facility regulated by the Reserve Bank of India (RBI). A PIS account simplifies investments in shares and convertible debentures, ensuring compliance with India’s foreign exchange and tax laws. What is a PIS Account? A pis account for nri is a dedicated bank account that facilitates NRIs’ investment in Indian stock exchanges, enabling them to buy and sell shares of listed companies. This scheme allows NRIs to invest while adhering to guidelines prescribed by the RBI. Key Features of a PIS Account…
The introduction of PAN 2.0 marks a transformative step in India’s efforts to modernize and streamline its financial and tax systems. For Non-Resident Indians (NRIs), this updated version of the Permanent Account Number (PAN) brings a host of new features aimed at improving accessibility, compliance, and integration with digital platforms. This blog explores PAN 2.0 and its implications for NRIs, ensuring they stay informed about this vital update. What Is PAN 2.0? Pan 2.0 nri is the enhanced version of India’s Permanent Account Number system, designed to incorporate advanced digital capabilities and address modern financial needs. It extends the traditional…
For Non-Resident Indians (NRIs), understanding the nuances of taxation can be a complex yet crucial aspect of managing finances. NRIs are subject to specific tax rules in India, and keeping abreast of these can help in efficient tax planning and compliance. This blog delves into the key aspects of NRI taxation, providing clarity on what NRIs need to know. Who Qualifies as an NRI for Tax Purposes? An individual is considered an NRI for NRI taxation if they fulfill certain criteria related to their stay in India. As per the Income Tax Act, 1961, an individual is considered a resident…
For Non-Resident Indians (NRIs) earning income in the UK, understanding the intricacies of UK income tax return for NRIs is essential for staying compliant with the country’s tax laws. Filing tax returns can seem complicated, especially when you are managing income in multiple countries. However, by familiarizing yourself with the basics, you can streamline the process and ensure you are taking advantage of available tax reliefs. In this guide, we will walk you through the key aspects of the UK income tax return system for NRIs. 1. What is an NRI for UK Tax Purposes? The term “NRI” refers to…
When Non-Resident Indians (NRIs) sell property in India, one of the most crucial aspects of the transaction is the deduction of Tax Deducted at Source (TDS). Governed by Section 195 of the Income Tax Act, TDS ensures that taxes are collected on income earned by NRIs in India. For a smooth transaction, understanding TDS rules, rates, and procedures is essential for both buyers and sellers. What is TDS on Property Sale by NRIs? TDS for property sale by nri is the tax deducted by the buyer when making payment to the NRI seller. This deduction is mandatory and applies to…
The power of attorney (POA) is a vital legal instrument for Non-Resident Indians (NRIs) who need a trusted representative to manage their affairs in India. This document allows an appointed agent to act on behalf of the NRI for various tasks, such as managing property, handling financial transactions, or representing the NRI in legal matters. The Power of Attorney for NRIs ensures that NRIs can maintain control over their assets without the need to be physically present, which is particularly beneficial given the time and distance constraints associated with living abroad. What is a Power of Attorney? A power of…
Introduction For Non-Resident Indians (NRIs), managing income tax obligations in India is not only about compliance but also about strategic planning to reduce tax liabilities. NRIs have access to specific deductions and exemptions that can help maximize tax savings. In this blog, we explore various tax-saving strategies for Income Tax for NRIs In India, including leveraging bank accounts, investing in tax-free instruments, and utilizing the Double Taxation Avoidance Agreement (DTAA). Utilizing NRE and NRO Accounts for Tax Savings NRE and NRO accounts offer NRIs opportunities to manage income and minimize taxes. NRE Accounts: The Non-Resident External (NRE) account is specifically…
India has emerged as a lucrative destination for Non-Resident Indians (NRIs) looking to diversify their investments. With a fast-growing economy, favorable government policies, and a wide range of investment opportunities, India is an attractive choice for NRIs wanting to capitalize on its potential. Whether it is in real estate, stocks, mutual funds, or government schemes, NRIs can benefit from NRI Investment in India. This article explores the key investment avenues and considerations for NRIs interested in the Indian market. 1. Real Estate Investment One of the most popular investment options for NRIs is real estate. NRIs are allowed to purchase…
Non-Resident Indians (NRIs) have a unique tax status, with obligations that can be complex and challenging to navigate. Whether it’s income earned in India, capital gains from property sales, or investments in Indian markets, NRIs are required to comply with Indian tax laws while also ensuring they meet their home country’s tax requirements. Given the complexities of cross-border taxation, NRI taxation services provide critical assistance in ensuring compliance, minimizing tax liabilities, and making the process seamless. Understanding NRI Taxation NRIs are individuals who reside outside India for more than 182 days in a financial year but still have financial dealings…