Is the Residential status of a person relevant for determining the taxability of the income in his hands?
Yes, the residential status of a person earning income is very relevant for determining the
Does NRI need to pay taxes in India?
Non – Resident Indians have to pay taxes only for income earned or accrued in
Which ITR form is applicable on NRI assesee?
If an individual is not eligible for ITR – 1 and individual/ HUF having no
What are the tax implications for an NRI on inheriting agricultural land?
An NRI inheriting agricultural land is not taxable.
Are dividends earned by NRI for the shares/ stocks/ securities in India taxed?
Dividends earned from stocks are exempt from Income Tax of India irrespective of the residential
What is the due date for NRI Income Tax Return filing?
NRI Income Tax Return must be filed on or before 31st July following the Financial
What is the difference between a current account and a capital account transaction?
The term "current account transaction" is defined in Section 2(j) of the FEMA. This means
What role does the RBI have in respect to FEMA?
RBI's key responsibilities under FEMA are as follows: Controlling foreign exchange deals by granting general
When is it possible for a person to open a foreign currency account outside of India?
In the following circumstances, a resident individual can open a foreign currency account with a
What are the several ways to open a foreign currency account in India?
A foreign currency account maintained by a person resident in India with an authorized dealer
What is the definition of a foreign currency account?
A foreign currency account is one that is held or maintained in a currency other
Why it is necessary to determine the residential status as per FEMA on any particular day?
The FEMA law contains regulations governing transactions with non-residents and any other cross-border transaction, such