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Should an NRI buy Life Insurance in India?

Category: Taxpertise

As he sums up the tax liabilities and exemptions under provisions of legislations as well as the relevant Double Taxation Avoidance Agreements, the author offers further tips on how best to safeguard your NRI client’s interests on this front.

Tags: Egypt – tax-free, G Balasubramanian – sums up – tax liabilities and exemptions – Double Taxation Avoidance Agreements – Non-Resident Indians – income-tax returns – general rule - income earned abroad – Non-Resident Ext, Iran, Kuwait

IT Act and Non-Residents

Category: Taxpertise

Now that you have a clear idea of how to identify who an NRI is as per law, Mr G. Balasubramanian offers you in this issue a wealth of relevant information on how the IT Act provisions apply to non-residents in different circumstances. Follow him closely…

Tags: : IT Act and Non-Residents – Mr G Balasubramanian - Exempt income – NRE account – FCNR – RFC – special tax rates – TDS – crucial provisions – short-term capital gains – ‘Foreign Exchange Assets’ – lon

Are You Sure Your Client is an NRI?

Category: Taxpertise

NRI status of your client hinges not just on the IT Act. The Foreign Exchange Management Act is perhaps equally or more important in deciding whether your prospect actually enjoys that status or not, says the author. Learn the nitty-gritty from him.

Tags: Are You sure Your Client is an NRI? – G. Balasubramanian – NRI status – Income Tax Act – Foreign Exchange Management Act – another type – definition – person resident – So, who’s an NRI? – conditions – circumstances – purpose – PIO – Indian passport – Pakistan – Bangladesh – immovable property – condition of stay – uncertain period – criteria – Bala & Associates

Status is Important!!

Category: Taxpertise

NRIs are potentially a huge source of business and so you, as a financial services agent, should be able to tell a Resident tax-payer from a Non-Resident one. The author lets you in on some fundamental facts about this important distinction.

Tags: Mr G. Balasubramanian – Who is an NRI? – important distinction – Income-tax Act 1961 – FEMA – resident or non-resident – period of stay – time limit – Indian citizen – Examples – financial year – crew

Capital Gains – III Putting Your Client in the Know!

Category: Taxpertise

In the third and last section on Capital Gains (CG), the author explains the main exemptions available in the case of CG. Certain CGs are tax-free provided they are invested or used in the manner specified by the Income-tax Act. There are also some ideas for financial intermediaries dealing in bonds…

Tags: Mr G. Balasubramanian – capital gains – reinvestment in residential house – investment in specified bonds – NHAI – REC – investing in residential house – Capital Gains Deposit Account - LTCA – LTCG

Not All Shares are Created Equal!

Category: Taxpertise

Thank you dear readers, for the many responses to the column on Capital Gains. Many of you also requested us to explain the effect of share-splits and bonus shares in capital gains calculation. In this column, the author explains the concepts and relevant tax treatment.

Tags: 1961 – Foreign Exchange Management Act 1999 – Resident – definition – financial year – Condition 1 – citizen – Indian origin – examples – Resident – Ordinarily Resident – different status – Hindu Undi, Non-Resident Indian – Income-tax Act

Capital Gains Made Simple!

Category: Taxpertise

G. Balasurbramanian demystifies capital gains tax and tells you how it is one thing to help your client make money and quite another to help him protect that money from grasping the taxmen!.

Tags: Mutual funds – short-term capital gains – long-term capital gains – Securities Transaction Tax – Indexation – Cost Inflation Index – well-informed intermediary – Deadline Alert - Primer