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Is NRI required to file income tax return? In short — an NRI is liable to pay tax under certain conditions. If you are an NRI and have one or more of the following income sources and your income in India exceeds Rs. The due date for filing income tax returns in India is on or before 31st July for the preceding financial year. If as an NRI, you are a working partner in a firm that has not had the accounts audited yet, then you have to file taxes by September You need not be physically present in India to file your tax returns.
You can send all the relevant documents, complete the relevant form and sign it and send it to a tax expert in India who can file it for you. So even if you do not have to pay any tax but are eligible for a refund, you will still have to file tax returns. If you want to offset your capital losses against capital gains to lower tax liability, you have to file tax returns.
Please feel free to ask questions in the comment section regarding NRI Taxation. Hemant is also a member of the Financial Planning Association, U.
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Returning to India? An NRI’s perfect guide for Income Tax Planning
Press Release. OCI Card is a multiple entry life-long visa which enables the holder to have unlimited travel and stay in India. OCI is an online process. The time taken for issue of OCI Card is minimum weeks, delay beyond the specific time frame cannot be ruled out owing to certain technical reasons.
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In an alien land where social distinctions are blurred, Indian parents find themselves confronting some unexpected dilemmas that they solve in their own unique way. Somehow, introducing social ranking pegs that Indians recognise and respect gives a socially acceptable face to a dubious alliance with a foreign family. Since they have not grown up in India, my children do not know how to peg everyone they meet into the fine web of social hierarchy woven by previous generations.
This is not necessarily a bad thing and makes them much more open-minded than people like me. Mahima and Ashima are constantly amazed at my ability to recognise Indian surnames and slot them into regional communities. However, it is this ability that makes me slot people into preconceived categories and that is surely, not such a good thing.
The NRI nightmare: When the daughter or son wants to marry a foreigner
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These subscriptions automatically renew unless auto-renew is turned off at least hours before the end of the current period. The account will be charged for renewal within hours prior to the end of the current period.
Transactional Accounts:An IDFC FIRST Bank NRI Savings Account is a US Dollar; British Pound; Euro; Singapore Dollar; Australian Dollar funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the.
The widely read London tabloid, Daily Mail , has gone hammer and tongs against Shilpa Shetty, who till recently was the toast of Britain following her win on the television reality show Celebrity Big Brother. The actress, who has been jet-hopping between Mumbai and London, has been charged guilty of breaking the marriage of an affluent millionaire NRI couple of London. Of late, there have been reports claiming that Shilpa could tie the knot with Raj Kundra, a well-heeled London businessman and film financier.
Kundra’s estranged wife, Kavita, 25, has blamed her marital break-up on the actress. Kavita has been quoted as saying, “My husband’s obsession with Shilpa Shetty has broken up our marriage. The Daily Mail story reports elaborate details about how Raj split from Kavita last November, weeks after their daughter Deleena was born on September 9. Kavita is reported to have said that the subsequent messages were even more cruel: “He made it clear that he considered our relationship was over and didn’t want to work on repairing our three-year marriage.
Kavita has gone on to lament that Raj was always enamoured by Bollywood and had a fling with another actress last year. She added that Raj had been praising Shilpa and her family of late and said that they liked him. She added: “If he is planning to marry Shilpa, I would say to her, good luck. I was never the kind of wife he wanted. He always told me I wasn’t ambitious.
Overseas Citizens Of India (OCI)
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Your NRI status after returning to India will be deemed as RNOR status for 2 Based on your return date to India, you stand to enjoy these tax benefits for 2 to 3 I first time came to UK for employment purpose in November and never.
Good news: You can choose the right financial planner now. As an NRI returning to India, you need a well-thought-out financial plan. Making any impulsive decision will have an adverse effect. Returning NRIs can save tax on their overseas income through their Residential Status until a period of 3 years after return. You may be curious to know more about that. This article is an attempt to clarify the tax implications for NRIs returning back to India.