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Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs

 
1. The Direct Tax Laws which affect NRIs
2. Incomes of NRIs liable to Income Tax
3. How to Compute the Taxable Income of a Non-Resident Indian (NRI)
4. Income Tax Planning by an NRI Returning to India permanently
5. Wealth Tax Liability of an NRI ?

2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children

 
1. Income From Joint Accounts Or Joint Investments by NRI : Is it Liable To Be Clubbed For Tax Purposes in case of NRI ?
2. When is the income of wife liable to be clubbed with the income of her husband, and vice versa ? in case of NRI
3. When is the income of a Minor Child liable to be Clubbed with that of a Parent in case of NRI ?
4. When is the Income of Daughter-In-Law Liable to be Clubbed with that of her Father-In-Law or Mother- In-Law in case of NRI ?
5. Income of a Major Child cannot be Clubbed with that of his Parent in case of NRI
6. When is the Income Of An HUF From Self-Converted Assets Liable To Be Clubbed In The Members’ Hands in case of NRI ?
7. When is income from Assets Received on Partial Partition of an HUF liable to be Clubbed with the Income of the HUF in case of NRI ?
8. Joint Ownership Of House Property: Does It Make The Income Of A Husband, Wife, And Children Liable To Be Clubbed Together in case of NRI?
9.  How To Avoid Clubbing Of The Wife’s Wealth With That Of The Husband’s In Case Of NRI
10. Gift From Non-Relatives Now Taxed As Income In Case Of NRI

3. The Incomes of an NRI completely Exempt from Income Tax

 
1. Interest On Non-Resident (External) Account Is Fully Exempt From Income Tax
2. Interest On NSCS Is Completely Exempt From Income Tax Under Section 10(4B)
3. Remuneration Of Non-Citizens Is Exempt From Income Tax
4. Income Of Certain Venture Capital Undertakings Section 10 (23FB)
5. Other Exempted Incomes
6. Income in Special Economic Zones, 100% EOUs etc.

4. Capital Gain of an NRI could be Completely Exempt from Income Tax

 
1. Exemption of Long-Term Capital Gains regarding Residential House Property (Section 54)
2. Exemption of Long-Term Capital Gains from any Capital Asset On Investment In House Property (Section 54F)
3. Exemption of Long-Term Capital Gains On Investment In Bonds of NHAI & REC
4. Exemption to facilitate the Conversion Of Partnership Firm into a Company
5. Exemption from the Levy Of Capital Gains Tax to facilitate Conversion Of Sole Proprietary Concern Into A Company
6. Computation of Capital Gains In Real Estate Transactions
7. Other Important Exemptions Regarding Capital Gains Available to NRI
8. Cost Inflation Index And Computation Of Capital Gains in case of NRI
9. Reduction Of Tax Rate On Long-Term Capital Gains In Regard To Shares And Securities
10. Concessional Rate Of Tax On Income From Certain Global Depository Receipts
11.Tax Treatment Of Capital Gain On Sale Of Shares, Debentures, Etc. Received Under ESOP
12.Provisions Relating To Set-Off Of Long-Term Capital Loss And Carry Forward Thereof ModifiedSections 70 and 74
13. Exemption Of Long-Term Capital Gains On Securities And Lower Tax On Short-Term Capital Gains
14. Issue of Foreign Currency Exchangeable Bonds Scheme, 2008
15. Miscellaneous provisions’ regarding Capital Gains in case of NRI

5. Items completely Exempt from Wealth Tax for an NRI

 
1. Only Non-Productive Wealth Is Liable To Wealth Tax From Assessment Year 1993-94.
2. Specific Exemptions for NRI under Section 5 of the Wealth Tax Act.
3. Clubbing Of The Wealth With The Income Of The Parents
4. Assets And Tax Outside India Are Not To Be Calculated While Computing Taxable Wealth Tax

6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets

 
1. Special Provision Of Computation Of The Total Income Of A Non-Resident Indian
2. Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?
3. Specified Foreign Exchange Assets Income From Which Is Eligible For The Special Provisions Of Assessment
4. Income Tax On Investment Income And Long-Term Capital Gains Of An NRI
5. When Is No Income Tax Payable On The Long-Term Capital Gains Of Foreign Exchange Assets?
6. A Non-Resident Indian Need Not File Any Income Tax Return In Certain Cases
7. When Does The Special Procedure Continue To Apply To A Person Even After He Becomes A Resident In India?
8. NRIs Have The Option Not To Be Governed By The Special Provisions
9. Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income

7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable

 
1.Tax Benefit Regarding Life Insurance Premium, PPF Contributions, Nscs, Tuition Fees, etc.
2. Deduction For Donations To Certain Funds And Charitable Institutions
3. Deduction In Respect Of Profits And Gains From A New Industrial Undertaking Or Infrastructural Facility
4. Five-Year Tax Holiday To Hospitals At Certain Locations Sec. 80-1B (IIC)
5. Tax Holiday To Enterprises Providing Telecommunication Services, Industrial Parks, New Hotels And Having Commercial Production Of Mineral Oil
6. Five Year Tax Holiday For New Industrial Undertakings In Industrially Backward Areas & Districts
7. Liberalisation Of Tax Holiday Provision For Infrastructure, Telecom Services, Power Generation, Special Economic Zones, Industrial Parks, etc. [ Section 80-IA]
8. Ten Year Tax Holiday In Respect Of Certain Undertakings In Himachal Pradesh, Sikkim, Uttaranchal And N.E. States Section 80-IC
9. Five-Year Tax Holiday For Hotels In Districts Having A World Heritage Site Sec. 801D
10. Tax Holiday For Hotel And Convention Centres In NCT Of Delhi And Other Areas Section 801D
11. Deduction’ In Respect Of Medical Insurance Premia Section 80D
12. Additional Deduction For Health Insurance Premium Paid For Parents Section 80D
13. Deduction Of Repayment Of Loan For Higher Studies Section 80E
14. Deduction In Respect Of Certain Undertakings In North Eastern States
15. Other Deductions Like Depreciation, Etc. To Nonresident Indians

8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds

 
1. Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India
2. The Assessing Officer Can Also Require The Non-Resident To File Income Tax Return
3. NRls Can Apply For Refund Of Income Tax By Filing Income Tax Return
4. Income Of Nris Is Generally Accepted Without Scrutiny
5. Regular Assessment After Personal Hearing, And Examination Of Papers, Etc. By The Assessing Officer
6. Ex Parte Assessment By The Assessing Officer
7. Re-Assessment Or Additional Assessment In Case Of Income Escaping Assessment
8. Completion Of Assessment And Payment Of Tax
9.Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax
10. Deduction Of Tax At Source And Payment Of Advance Tax By NRIs
11. Remedies By Way Of Appeal, Etc. Available To A Non-Resident Indian
12. Other Provisions For Rectification And Settlement Of Cases
13. Who can be an Agent of a Non-Resident Indian?
14. Procedure for getting a Permanent A/c Number (PAN)
15. Double Taxation Relief
16. Assessment Procedure for Wealth Tax

9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax

 
1. Gift Tax By NRIs Exempt from Gift Tax
2. No Aggregation Of Taxable Gifts
3. Gift Of Immovable Property Situated Outside The Taxable Territories Is Completely Exempt From Gift Tax — Regarding Gift Made Till 30 September 1998
4. Gifts To Non-Relatives By NRI Is Income

10. FEMA and NRIs Preliminary Aspects Analysed

 
1. Basic Introductions
2. FEMA and FERA
3. NRIs Under Income Tax Act And Persons Resident Outside India Under FEMA
4. FEMA Rules
5. RBI Regulations under FEMA

11. Acquisition and Transfer of Immovable Property in India by NRIs and FEMA

 
1. Basic Introductions
2. NRIs Can Hold, Own Or Transfer Immovable Property In India Without Any Condition
3. Acquisition And Transfer Of Immovable Property By An NRI
4. Acquisition And Transfer Of An Immovable Property By A Person Of Indian Origin
5. Acquisition Of Immovable Property For Permitted Activity
6. Repatriation of Sale Proceeds
7. Latest Amendments Regarding Acquisition Of Immovable Properties

12. Permissible and Prohibited Current Account Transactions in Case of NRI

 
1. Basic Introductions
2. Prohibited Categories Of Current Account Transactions
3. Prior Approval Of Government Of India Required For Certain Transactions
4. Prior Approval Of Reserve Bank Required For Certain Current Account Transactions
5. Liberalisation Of Current Account Transactions

13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India

 
1. The salient features of Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2000
2. Foreign Direct Investment Scheme
3. Investment by Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme
4. Portfolio Investment Scheme for NRIs on Repatriationlnon-Repatriation Basis
5. Purchaselsale of Shares and Convertible Debentures by NRIs on Non-Repatriation Basis
6. Purchase and Sale of Other Securities
7. Long-Term Capital Gains On Shares : Exemption under Section - 10 (36)
8. Other Regulations :  under Foreign Exchange Management (Transfer or issue of Security by a Person Resident Outside India) Regulations

14. Deposits in India by an NRI

 
1. Introduction- Deposits in India by an NRI
2. Non-Resident (External) Account Scheme
3. NRE account to RFC account
4. Foreign Currency (Non-Resident) Account (Banks) Scheme, i.e. FCNR (B)
5. Non-Resident Ordinary Rupee(NRO) Account Scheme
6. Non-Resident (Non-Repatriable) Rupee (NRNR) Deposit Scheme
7. Non-Resident (Special) Rupee (NRSR) Account Scheme
8. Acceptance of deposit by a company in India from NRIs on repatriation basis
9. Acceptance Of Deposits By Indian Proprietorship Concernlfirm Or A Company From Nris On Non- Repatriation Basis
10. Full convertibility of deposit scheme Non-Resident Indians
11. NRNR, NRSR Accounts To Be Discontinued On Maturity

15. RFC account of a Returning NRI and Investment Abroad

 
1. Introduction - RFC Account Of A Returning NRI And Investment Abroad
2. Opening, Holding And Maintaining A Resident Foreign Currency (RFC) Account
3. Tax Haven For Returning Indians Via RFC Account
4. Exchange Earner’s Foreign Currency (EEFC) Account
5. Direct Investment Outside India By A Returning NRI Or A Resident In India
Reg-5
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Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs
2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children
3. The Incomes of an NRI completely Exempt from Income Tax
4. Capital Gain of an NRI could be Completely Exempt from Income Tax
5. Items completely Exempt from Wealth Tax for an NRI
6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax
10. FEMA and NRIs Preliminary Aspects Analysed
11. Acquisition and Transfer of Immovable Property in India by NRIs and FEMA
12. Permissible and Prohibited Current Account Transactions in Case of NRI
13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India
14. Deposits in India by an NRI
15. RFC account of a Returning NRI and Investment Abroad
   
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