NRI - Wealth18.com

Jul232021 by wealth18.comNo Comments

July 2021 – Best NRE FD Interest Rates for NRIs – Fixed Deposit Interest Rates Comparison

NRI

NRE Fixed Deposit is one of the best investment for NRI, if they are looking to invest their money in India. In this post, I have compared the NRE FD Rates offered by different banks in India. Benefits of NRE FD 1) Interest earned on NRE FD is tax free in India. 2) Currently exchange rates for INR are higher, so you will get more INR for your foreign currency. 3) Banks are offering good Interest rates on NRE FD, as RBI wants more foreign currency inflows into the country. NRE FD Rates Comparison July 2021 Latest ICICI Bank NRE FD Rate - Link Latest SBI Bank NRE FD Rate - Link Latest Axis Bank NRE FD Rate - Link Latest PNB Bank NRE FD Rate - Link Latest Yes Bank NRE FD Rate - Link Latest HDFC Bank NRE FD Rate - Link Latest Kotak Bank NRE FD Rate - Link Latest...

Nov202016 by wealth18.comNo Comments

What is Benami Property – All you need to know

NRI

You must be hearing this word a lot now a days - "Benami property". Government is taking actions to remove corruption and black money. After demonetisation of Rs 500 / 1000 notes, government is now starting to take action against benami properties. What is Benami property - As the name suggest, it means property without a name. In such transaction, the person doesnot buy the property in his / her name but buys in some other name. Exclusions for benami transactions: If the property purchased in name of spouse or child if the joint property with brother, sister etc for which amount is paid out on known source of income charitable or religious properties are excluded Benami Transactions (Prohibition) Act - Aug 2016 In order to tackle this issue, parliament has passed the Benami Transacti...

May302014 by wealth18.comNo Comments

Check if you are Resident or Non Resident under Income Tax Act ?

NRI

Many NRIs are not aware that the he concept of "Non-resident" is different under Income Tax Act & under FEMA. Under Income Tax Act, the status depends on the actual number of days for which one stays in India. A person is Resident in India 1) if he is in India for more than 182 days during the fiscal, beginning 1 April and ending 31 March. OR 2) If he is in India for 60 days or more during the year and 365 days or more during the earlier 4 fiscals. If you fulfil both these conditions, you are regarded as a tax resident of India, though you have been in India for less than 182 days. There are two relaxations available from this period of 60 days, which provide relief to many NRIs, preventing them from becoming tax residents of India.The 60 days clause will be replaced by 182 days in...

May152014 by wealth18.comNo Comments

Send Money from UAE to India instantly – Emirates DirectRemit

NRI

UAE-based bank 'Emirates NBD' has launched 'DirectRemit' service which would enable customers to speedily transfer money to other banks in India. A first-of-its-kind remittance service, it would also allow Non-Resident Indian (NRI) customers to remit money to any HDFC Bank Account in India in just 60 seconds. Money Transfer time Emirates NBD said with the launch of this service, customers can transfer money to other banks in India with their remittance being processed within an hour. Delivery to HDFC Bank is immediate, Mon-Sat 7am-8pm UAE time. All other bank credits will take 60 minutes, Mon-Fri 7:30am-4:30pm UAE time, Sat 7:30am-10:30pm UAE time. Charges Transfers to HDFC Bank and ICICI Bank accounts in India - FREE Transfers to all other Indian banks - AED 10 According to...

Apr232014 by wealth18.comNo Comments

Can NRIs invest in Public Provident Fund (PPF) in India?

NRI

Public Provident Fund (PPF) is one the best investment options in India which provides risk free & tax free returns (8-10%). But, Can NRIs take benefit of this investment option? Let’s discuss in detail. 1. I am an NRI. Can I open NEW PPF Account? No, an NRI can’t open a new PPF Account in India. However, he can maintain the existing PPF Account opened when he/she was resident. 2. I opened PPF account when I was in India but now I am working outside India. Can I continue with this PPF account? Yes. If the PPF account was opened when you were resident, then you can continue with this PPF account even after you become an NRI. Till 2003, NRIs were not allowed to contribute amount into existing PPF accounts opened when they were resident. However, in 2003, government allowed NRIs to con...

Apr142014 by wealth18.comNo Comments

Should NRI file Income Tax returns in India ?

NRI

If you are an NRI, are wondering whether you need to file Income Tax returns in India, this post will help you . Any Income which accrue or arise in India, wil be taxable in India. For e.g common income which are taxable in India are - Bank Interest, Fixed deposit Interest, Profilt / Loss from Shares, Mutual Funds, Bonds, Rental Income, Profit / Loss from Sale of Property in India etc. When an NRI should File IT Returns in India? As an NRI, you should file your income tax returns in India, if you meet any of the following criteria – 1) Your taxable income in India during the year was above the basic exemption limit of Rs 2 lakh OR 2) You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit....

Apr92014 by wealth18.comNo Comments

Transfer money to India – Best Exchange Rates Comparison

NRI

Over the last 1 year, Indian Rupee has depreciated against major currencies like USD, GBP etc the exchange rate is quite good if you want to convert foreign currency into INR and send money to India for Savings or Investment. So, What is the best way to transfer your money to India and get best exchange rates for your hard-earned money ? In the table below, I have included the Exchange rates indicated for GBP = INR by various money transfer services: Various Options to transfer money to India from UK, USA, Canada, Singapore, Australia, UAE, Europe & other countries 1. Transfer through Indian Banks having Branches abroad Normally, Overseas branches of Indian PSU banks give better exchange rates for transferring money to India. In my experience, SBI in UK offers the best exchange r...

Mar282014 by wealth18.comNo Comments

NRI Bank Accounts – NRE / NRO / FCNR

NRI

As NRI, you can open following different type of Bank accounts in India based on your requirements: NRO - Non-Resident Ordinary Account NRE - Non Resident External Account FCNR (Foreign Currency Non Resident) NRE Account vs NRO Account vs FCNR Account - Key Features NRE NRO FCNR Type of Account Savings, Current, FD Savings, Current, FD FD Held in Currency INR INR USD, GBP, EUR, AUD, CAD Source of Funds Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Local Income in India (Rent, interest or dividend income). Transfer from existing NRE Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Deposit of Rupee funds generated in India No Yes No Repatriation Fully repatriable – both principal and Interest Restricted repatri...

Jan12014 by wealth18.comNo Comments

NRI – How to claim Income Tax refund

NRI, Taxation

Any interest earned in NRO Account is taxable and TDS of 30% flat is deducted by the Bank. There are few ways by which you can reduce this tax amount. 1) Check for DTAA - If the DTAA between India and country of your residence allows a lower rate of TDS India has Double Taxation Avoidance Agreement (DTAA) with many countries under which a lower rate of tax is deducted. For e.g. if you are residing in US or UK, a concessional rate of 15% will de deducted (instead of 30%) provided you complete the documentation formalities. You will need to submit : PAN Card Copy DTAA Declaration form Original or certified true copies of the ‘Tax Residency Certificate’ (TRC) from the income-tax authorities. For tax residents of countries where there is no income tax, a “Self-declaration” shall be su...

Sep252013 by wealth18.comNo Comments

Form 15CA & 15CB – Revised rules – NRI / Non-resident Payments

News, NRI

As per the revised rule, Form 15CA/CB is APPLICABLE only if a person responsible for paying to a non-resident, any interest or salary or any other sum chargeable to tax under the provisions of the Act. It means, NO CA Certificate in Form 15CB and NO furnishing of Form 15CA to the Income Tax department for any payment or money transfer out of India that is NOT Taxable. As a result, Form 15CA/CB may not be required for the transfer from NRO to NRE or for outward remittance from NRO funds. 2. For the nature of the payments contained in the “Specified List” (nature changed from 39 to 28), No information to be submitted, i.e. No CA certificate in Form 15CB and No Form 15CA. 3. For payment that is taxable but does not exceed Rs. 50,000 or aggregate of payment does not exceed Rs. 250,000 in ...