News Update

Nobel Prize for Physics goes to three scientists for study of electron dynamics in matterTremors of 5.5 magnitude scare NCR region; Epicentre is close to NepalCore Sector grows by 12% in August monthDRI lands hard punch on illicit wildlife trade; 955 live Gangetic Turtles rescued, 6 persons apprehendedOver 30 Lakh Audit Reports filed on I-T e-filing portal till Sept 30India, B'desh hold Joint Working Group on Trade meet; deeper trade ties, sustainable development on agendaRecycling on Wheels Smart-ER - Govt flags off new initiative for recycling e-wasteDecriminalisation of offences - A positive stepBSF seizes 2.7 kg drugs and China-made drones in PunjabInflation Reduction Act of America: Lessons for Indian Tax Administration!Crypto fraud in HP - Commoners lose over Rs 200 CroreST - Refund - Once it is found that assessee was not liable to be subjected to tax, it would not be bound by the limitation as prescribed u/s 11B of the Act: HCUS Speaker McCarthy on cusp of being voted outGST - ITC Refund - Zero Rated supplies - COVID-19 - Extension of time limit - Benefit of notification 13/2022-CT not provided as same was issued after rejection of application - Respondents to process application and grant interest: HCPope Francis does not mind blessing same-sex marriageST - Revenue has not denied the fact that service if at all rendered by appellant, was works contract per se, same cannot be taxed prior to 01.06.2007: CESTATWHO recommends Malaria vaccine developed by Oxford Univ and Serum InstituteST - In view of CBEC circular 112/06/2009-ST if the service provider providing various services to exporter, but has registration under one service, refund cannot be denied on this ground: CESTATElon Musk blasts Justin Trudeau for suppressing free speech in CanadaI-T- Writ Court's intervention is warranted only where the matter entails arbitrariness, lack of jurisdiction or contravention of principles of natural justice ; issues relating to assessment or manner of computation of income can be looked into by ITAT: HCWhatsApp bans over 74 lakh accounts in IndiaI-T - Show Cause Notice issued under Section 142(1) is invalidated where it allows only three days' time to the Assessee to file response thereto: HCCBDT receives over 30 lakh tax audit reports till Sept 30I-T- Draft assessment order merits being quashed where passed without considering reply submitted by Assessee to Show Cause Notice received: HCIndonesian President flags off BRI-funded high-speed train ‘Whoosh’ connecting China at 350 km per hourI-T- As per settled precedent, re-opening of assessment is invalidated, where it is triggered by change of opinion on part of the AO : HC
 
Life made easy for NRIs

NRI Regulations - Decoding the Complexity
Authored by - CA Sumit Gupta & CA Amit Maheshwari
Published by Wolters Kluwer
Number of Pages: 378
Price: Rs 995/-

Life made easy for NRIs

Reviewed by Keshav S Singh, ACA

THE word NRI in itself is a puzzle for both a resident as well as non-resident of India. What does it mean? How does one become an NRI? What are the tax implications for NRIs? Whether if someone is NRI in a particular year, does that mean that he/she is to be treated as an NRI for next year too? If somebody becomes an NRI, does he or she become entitled to special tax treatment? If somebody is an NRI for two years and then comes back to India, how is his saving going to be treated or his investment overseas to be treated for the tax purposes. All such questions become more relevant today particularly in the light of the Black Money Act enacted by the NDA Government last year. Even now, if one goes by the Panama Papers scam, too many Indian names coming out from the cupboards of the Panamian law firm Mossack Bonseca, were probably NRIs and the initial reaction is that they did not require the RBI persmission for overseas investment made from income earned aborad. There are multitudes of such situations and questions which may be posed to find an answer.

Becoming an NRI has come to be seen as a status symbol in today's globalised environment. With the rapid growth of the IT Industry to the level of a sunrise industry and a large number of Indians being given on-site assignment abroad, NRIs have become a mega source of foreign exchange earnings for India. With India topping the chart of inward remittances, NRIs continue to account for over 20% of such funds. Although India welcomes NRIs or Persons of Indian Origin (PIOs) to invest in India but there are too many regulations which impact their investments and also restrict them from investing in many sectors. Some of the laws which often apply to them are the Income Tax Act, FEMA and FDI Guidelines.

To decipher the mystery of complex laws and their implications, this book authored by two hardcore professionals would come quite handy as it has been written in a very simple and lucid manner. They have detailed the implications under different regulations currently applicable in India to an NRI. The best part is that this book also contains a separate chapter on Visa Guidelines in India. Authors have tried to explain the practical implications like needs for different forms for submissions with different Govt Authorities etc.

The book has covered exhaustively the areas of regulations, compliances and submissions in relation to FEMA as well as taxation aspects.

In a nutshell, I am not dwelling on each chapter in details as it would kill the fun of reading this book by keen readers but one thing I can promise is that it would have answers to all your practical questions which vex the NRIs community today.


POST YOUR COMMENTS
   

TIOL Tube Latest

A Tete-a-tete with Larry Summers





TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.




Mr. Vishweshwar Mudigonda, Partner, Deloitte Touche Tohmatsu India LLP sharing his thoughts at the TIOL Awards 2022 event.