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GST - Rule 89 - Refund of ITC - 14/2022-CT - Benefit that gets accrued by way of legislation cannot be denied/curtailed moreso when it is clarificatory in nature: HCGST - Refund of ITC - Production of shipping bills - Transmission of energy could not have been visualized when Rule 89(2) was incorporated in the Statute book: HCGST - Requiring petitioners to produce shipping bills, as proof of export cannot be made applicable to electricity as export can only be through transmission line, but not through rail, road or water for which documents can be made available: HCEconomy Needs Synergetic Inputs to fix twin Deficits of Inflation & Rupee fall43 injured in fire at Durga Puja pandals on UPAgriculture Income & ITR 7OPEC+ debate cutting production by 1 million barrels per day; Crude price up by 3%I-T - 6 months' limitation for deciding refund claims is to be followed strictly: HCBrazil’s Presidential elections: Neither candidates get 50% votes; Bolsonaro to face Lula in second round of pollI-T- Customs duty paid for yacht can be allowed as it is not used by assessee for its own personal use and has operated yacht for benefit and use of entities paying operating fee : ITATLanka reduces tax rate on sanitary napkins amid fiscal crisisI-T - No addition on account of bogus sundry creditors can be made, if AO fails to substantiate non-availability of vendors: ITATXiaomi expresses despair over attachment of Rs 5500 Cr assets in IndiaST - No service tax is payable on amount collected towards liquidated damages: CESTATTruss says her Chancellor decided himself to reduce UK’s rate for top tax bracketCX - There is no reason to deny refund when assessee has availed drawback of only the customs duty portion and not of excise duty: CESTATSexual assault case against founder of JD.com, China’s one of biggest e-commerce giants, settled in USCX - After 1.4.2011, appellant cannot avail credit on outdoor catering services, thus credit availed for period 1.4.2011 to 30.4.2011 which is part of SCN is not eligible for credit: CESTATIsrael, Lebanon about to hammer out deal on maritime tangled borderCus - First Appellate Authority was correct in allowing appeal thereby ordering provisional release of goods in question and since there is no change in facts, same is followed in case on hand as well: CESTATBurkina Faso’s junta leader agrees to dethrone himselfUkraine war - France’s spirited support being questioned; 2% arms support found lowest in EUDeath toll from Hurricane Ian mounts beyond 80 thus far in Florida & Carolina put togetherMexico braces up for Hurricane OrleneSP’s supremo Mulayam Singh Yadav is in ICU at Gurugram MedantaGovt reduces export duty on petro goods; makes Special Additional Excise Duty NIL for ATF; Rs 3.5 per litre on diesel & Rs 8000 per tonne for petrol125 die in Indonesian stampede after fans invade football ground and police hurl teargas; 180 injuredAnti-hijab fire spreads across Iran; Rallies organised throughout countryKing Charles III not to attend COP27 in Egypt on advice of Truss GovtUS, Venezuela swap prisoners - 7 Americans for 2 relatives of President MaduroUS, Japan & Australian Defence Ministers vow to work against Chinese military ambitionsWIPO’s Global Innovation Index - India walks up to 40th rankFM says IBC law cannot be allowed to lose its teeth and object
 
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.


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