Your videos are always very informative and helpful. One suggestion would be to consider referring to individuals as he/she instead of just “he” as that has been the case in all your videos. 👌
Thank you very much for the insight. Could we request similar information for seafarers working on international shipping? There are millions of us without proper guidelines for tax filing. 🙏🏽
Yes will highly appreciate informative video on taxation of non resident seafarers. Pls help clarify on Non resident seafarer working on contract for services with foreign companies on foreign ship outside India more than 240 days ( also registered under GST filing GST returns-Export of services) should file ITR 2 or ITR 3? Please also help clarify on jurisdiction part in ITR to be selected by non resident seafarers as they work in international waters in various countries and are not tax resident of any country.
My son maintains stays in USA and NRI. He maintains one NRE a/c for inward remittance and one NRO for local payments. My question is "Whether he should fill both NRO and NRE accounts in income tax portal. Should he not mention NRE account as no refund from income tax dept or local credit can be made"
Government could not find, is Vinod Adani is Indian or not ? Government couldn’t find whether Adani’s money is RSS money or Modi’s money invested through Lee Chang Lee , how can they find any other persons details ,… Gujjus are leaving 180 days here then 180 days some where .. govt can’t find
Your channel is providing very useful information for the NRIs. I am a NRI and personally I have benefitted a lot seeing your videos. I have a particular query. I will be grateful if you could provide a response to that. Both myself and my wife have NRE accounts. We live in the Netherlands. My wife is not working here. Every month I transfer part of my money from my NRE account to my wife's NRE account. She uses this money to invest in equities or fixed deposit. My question - is there any restriction to transfer money from one NRE account to other NRE account? Since it is not my NRE account, but my wife's NRE account, is she will be subject to any tax liabilities due to this money she is receiving in her NRE account? Just for your information both of us submit out ITR regularly in India.
Your channel is highly appreciated. It is informative and alerts NRIs to the intricacies of being an NRI. Thank you for your yeoman service. Please clarify: Can an NRI send foreign funds into his NRO account and claim 'not liable for taxation' for that amount? Or must the funds go only into the NRE account? Thank you.
NRO Account is for income earned by an NRI in India. I think you can send money into your NRO account from abroad but then you can’t repatriate that money back from NRI account directly and may have to go through some paperwork to repatriate back your money.
Building is under redevelopment. Builder paid Hardship compensation fund, which is exempt from tax. However TDS is applied. How to show this income as exempt income? Thank you
Hi @Dr Bhat and NRI clinic team…I have recently subscribed to your channel and will like to start with a feedback. Your videos are super informational and the way you explain things are amazing. It truly resonates the real problems that we as NRI faces and helps us a lot. Thank you and wish you great success. I would like to request you to put together a video on how indian income should be reported in foreign countries where financial years is differs. Eg. I am Canada based, Canadian financial year is 1Jan to 31Jan whereas India is Apr to Mar. As word income needs to be reported in Canada , considering you have interest, rental etc income in India with TDS deductions. How do we address the gaps as there are 3 quarters on India current financial years and 1 quarter of previous Indian financial year. One challenge I can share is TDS deducted in 3 quarters (current financial year of India) can be claimed back in India when you file your India tax return , however Canadian tax returns are completed before Indian tax conclusions.
Who can live in Bharat can be decided only by central government, not a state government. Reason is simple, it effects all states due to freedom of movement and interaction. It is a straight matter of security. Going against this amounts to treason against nation and is punishable accordingly. Courts can't override security in the name of freedom.
I am an oman based nri. Kindly recommend a CA for filing my return. Someone who can help with capital gain returns of mutual funds under DTAA as well pl.
There is no DTAA Between India and oman. However you may claim lower tax rate for dividend and interest income if you obtain tax certificate from Oman tax authority which is not an easy task unless your dividend and interest income are very high.
It seems IT dept has introduced new rule to link pan and aadhar for OCI card holders to submit taxes. I am currently facing this challenge, as an OCI card holder, I dont have Aadhar (coz of the 6 month stay requirement) ; my PAN card is updated to reflect the OCI / NRI status in the IT systems but I am still unable to file taxes. any suggestion you have would be appreciated?
@CASriram, You touched upon 20% TDS deduction for NRI's on their Dividend received on their shares held in their Demat Account through PIS. My query therefore is that while filing ITR in India, will I be able to get Refund for this complete TDS Amount deducted at 20% if I have no other Taxable Income in India and no Double Taxation issue since for a Seafarer the Tax liability if any is only in India as he is not Resident in any other Country but Non-Resident in India basis his stay in India for any given Year being less than 182 Days thereby having an NRE Status every Year.
@@seemasinha5972 Thanks for replying back on my Query addressed to @CASriram. My query to CA Sriram was a bit more Technical for which I did not get a convincing reply from a couple of my CA Friends with whom I had taken up this Topic. For NRE's having Stocks bought through their PIS Account, the Dividend credited into your NRE Account is after 20% TDS and all these details can be fetched from 26AS, AIS, TIS Data captured for our PAN Card under our Income Tax Login. There is a confusion on where to show this Dividend Income in ITR. Conventionally Dividend Income is to be shown in SCHEDULE OS INCOME FROM OTHER SOURCES under 1.aii - Dividend Income u/s 2(22)(e). However there are many who say that Dividend Income for NRE's should be disclosed under the column "Income Chargeable at Special Rates" because for NRE's Dividend is Taxed at 20% TDS whereas for Resident Indian's Dividend is Taxed at 10% if Dividend Amount is above Rs 5000. Now for the above let me explain a typical Case: If suppose as an NRE you have a Dividend Income of say Rs 2,00,000 and a TDS of Rs 40,000 has been deducted. Also take a Case Income in India is NIL which means you have the complete NIL Tax Slab available either in New or Old System. While filing your ITR as an NRE, moment you put your Dividend Income in SCHEDULE OS INCOME FROM OTHER SOURCES under 1.aii - Dividend Income u/s 2(22)(e), the complete Rs 40,000 of TDS deducted on your Dividend Income of Rs 2,00,000 is shown as Refundable by the Tax Utility. On the other hand if you show your Dividend Income of Rs 2,00,000 under the column "Income Chargeable at Special Rates" in the ITR section, the Tax Refundable Amount shows just Rs 1,000. To conclude I have so far not got a convincing answer from my few CA friends with whom I discussed this matter. For NRE PIS Account Holders, where in the ITR the Dividend Income should be shown? SCHEDULE OS INCOME FROM OTHER SOURCES under 1.aii - Dividend Income u/s 2(22)(e) OR "Income Chargeable at Special Rates"
@@jagannathshetty6196 I too have the same question. Its automatically pulling all the dividend income at aii..Did you clear it from there and add under the column "Income Chargeable at Special Rates"..please let me know if found out how to do it.. thanks
One more helpful video with class presentation.I always wait for your new video. Sir , for NRI while filling online ITR-2 and to enable 115AD (1)(iii) proviso , SEBI Registration number is must as per new rule. What is this number and from where this number can be obtained. I have NRI Trading and Demat account. Please help. Your help is highly appreciated. Thanks
NRO : Saving account for indian income. NRO Intrest is 33% on intrest. Example you get 10000 rupees on intrest , 3300 will deducted at source immediately . NRE: Remittance account for overseas income.Tax is not deducted on intrest earned . Only people out of India.can have NRO, NRE .
I have NRI/ NRE AC in Indian bank. The interest earned in FY 2023-2024 is below Rs. 1000 ( Rs. Ten Thousand only) My general enquirers to some CAs shows no need to file taxes as interest earned is below Rs. 40 thousand. So do you think we will have to file taxes on NRI interest that’s below Rs. 10k Thanks
Like to know in general without any notice served for any assessment year untill how many year book of account has to be maintained commonly ?? Is it for 3 years or 10 years ??? If income tax rules is for 3 years can ED department can ask records for upto 10 years?? Pls advice
Thanks for the informative video.. I didn’t file IT in India from 4 years.. India income is less than 2.5 lakhs.. can I file all 4 years now? Appreciate if you provide some info on the same.. Thanks!
@kishkumar7628, No you cannot File your ITR for the last 4 Years. You can only File ITR example for FY 2023-24 till 31st July 2024. IN case you miss filing by 31st July 2024 you can still file ITR for FY 2023-24 & AY 2024-25 till 31st March 2025 after paying a Penalty for late Filing. For the last 4 Years since you have Indian Income less than 2.5 Lakhs you need not worry. Just keep all relevant Documents like Bank Statements, Interest Certificates, Passport Stampings in case you need to show Exempt Income, etc. ready for all the 4 Years in your Hard Drive so that you have things ready in case Department queries you for any particular Year. Income Tax Department will allow you to File ITR for previous Years only after issuing you a 147A & 148 Notice when they have reasons to believe that you have carried out some High Value Transactions but not filed ITR for that relevant Year. Upon issuing above notice a Window will be opened for you to file an ITR on Income Tax Portal under your login.
Hello sir , I’m facing heavy TDS deduction this year as an NRI? How did you handle it? I'm having trouble with the income tax portal not reflecting the deduction, and i complaint to the bank has gone unanswered for a month. Also no have time Any ideas on how to claim my tds deduction
Need to access 26AS which will reflect all your income tax deductions. You can also get this information on Annual Information Statement & Taxpayer Information Summary from the Income Tax site. However, 26AS is considered more accurate in case of any discrepancy between the two. Also need to get Form 16A from banks in case of any TDS/ TCS on interest. You will need to file ITR and can then claim refund. All the best😊
Hello sir, I already accessed 26AS and collected Form 16A from the bank. It seems that only a small amount is reflecting, not a huge amount. what steps to take next.
Hello Sir, if someone is a resident and shows his global income, does he show the income recieved or accured in USA. Lets say for march some income is received in April in USA, does he include the amount received in april also in the last financial year in India.
You can access your account through OTP sent on your registered mobile and then change the password. Take your charge. Many such shameless people out there ready to take advantage of you. Start educating your self about your finances little by little.
@@seemasinha5972 CA has not registered my but their mobile number. Attempt to gain control have failed, anyhow if anyone has suggestions on how transfer to another CA & get control of my IT account, it would be helpful
I am an NRI, My only income in the foreign country is my salary. I hold NRE/ NRO account in India. I get some interest out of amount I have in it. How do i file the tax returns? Only for the interest I get from the savings in NRO account or do I have to declare my salary also in the returns?
Sir What if you have no income in either country like india or US as OCI . And you have less than 40K rupees in NRI or NRO Account then you adult have to file taxes ? Thank you in advance
I AM NRI .CAN I TAKE INSURANCE PREMIUM DEDUCTED BY QUEBEC CANADA GOVERNMENT AS DEDUCTION UNDER SEC 80D FROM MY INCOME IN INDIA .WHILE FILING MY INDIA TAX RETURN .PLEASE REPLY .
Sir I stopped IT filing for last 3 years, as income from India was less than 1L. Am I correct or still I have to file IT whether income is less than 1 L
@margaretjohn5590 : NRI days in India is determined based on the No. of days you stayed in India during the previous year. Your arrival and departure stamps in your passport is used to determine the total No. of days in India. Please refer Section 6 of Income tax Act, 1961 for the same.
Sir, I am an NRI residing in UAE since last 2.5 years. My income in India last FY is getting more than 15 lacs. Will I be applicable for tax on my global income or just on what has been accumulated in India. Kindly clarify.
Hello Sir, Does your company help us to file Income Tax?, I never filed Income Tax and I have been in Gulf 22+ years. As you have indicated my impression was since I am paying or TDS is applied, thought that is okay. Kindly advise your services.
@@VishalSfmc Yes, only sale of shares and dividend both through NRI and NRO Stock investments. I think I will be able to get return as they deduct TDS and Long term tax. My investment in stock 2.5 Cr
Sir Do an UAE based NRIs can get 1 lakh capital gain per year on LTCG in India Equity mutual funds same like resident Indians ? 2. Do and NRIs can get tax exemption of 2.5 lakh per annum same like Indian residents ? Thanks Ramzan
