Tag: Banking services for NRIs
Taxation on Rental Income in India for NRIs
Are you a Non-Resident Indian (NRI) earning rental income from property in India? If yes, understanding taxation rules is crucial. The Indian Income Tax Act has special provisions for NRIs, and following them not only helps avoid penalties but also ensures maximum benefits for taxation on rental income . Rental income is fully taxable under…
Read More
Gifts and Inheritance – Things NRIs Must Know
Non-Resident Indians (NRIs) often receive gifts and inheritance assets from loved ones in India. While these acts stem from love and tradition, they carry legal and tax implications that should not be ignored. Understanding the Foreign Exchange Management Act (FEMA) and the Income Tax Act (IT Act), as well as associated compliance procedures, is crucial…
Read More
What is a Foreign Currency Non-Resident (FCNR) fixed deposit account? know about its features and benefits?
Introduction – Foreign Currency Non-Resident (FCNR): For Non-Resident Indians (NRIs), managing foreign earnings efficiently is crucial. One effective way to achieve this is through a Foreign Currency Non-Resident (FCNR) fixed deposit account. This account allows NRIs to deposit their foreign income in India without converting it into Indian Rupees, thereby avoiding exchange rate risks. An…
Read More