#NRI TDS Refund

[nriservices]

NRI Investment In India |  NRI Services Canada

NRIs have a vital role in the Indian Economy. There are different tax benefits for NRIs in India. Because of a lack of time and information, NRIs need honest and specialized consultants like NRI Services Canada. We provide advisory services like Investment in India, NRI Investment In India, tax advice, planning, filing of Income Tax Returns, and Wealth Management. For more information, contact us at +1 705-980-0009 or +91 1-515-4322.

[propertythn]

Investing in Under Construction Projects in Thane: A Guide for NRIs

Investing in under construction projects in Thane, India, can be a lucrative opportunity for NRIs (Non-Residential Indians) looking for both a property investment and a connection to their motherland. This comprehensive guide aims to provide NRIs with a detailed overview of the benefits, considerations, and steps involved in purchasing under construction projects in Thane. From property types and taxation to power of attorney, finance and funding, and registration documents, this guide covers essential information to help NRIs make informed investment decisions.

Benefits of Investing in Under Construction Projects in Thane

Investing in under construction projects in Thane offers several advantages for NRIs:

1. Regular Rental Income:

Real estate valuers employ two primary methods to determine the market value of a property: the sales comparison method and the cost approach.

2. Favorable Investment Policies:

The Indian government considers NRI investments equivalent to those made by residents, offering a level playing field for NRIs.

3. Limited NRI-Focused Projects:

As only a few developers cater specifically to NRIs, investing in under construction projects in Thane can provide unique investment opportunities.

4. Growing Demand for Office Spaces:

The increasing demand for office spaces by multinational corporations and startups in Thane presents a high-return investment opportunity.

5. Favorable Exchange Rates:

The falling value of the Indian rupee and recent policy reforms have made it an opportune time for foreign investors to gain high returns on their investments.

6.Emotional Attachment:

Many NRIs, driven by nostalgia and the desire to return to their home country or support their relatives, choose to invest in India.

Detailed Guide for NRIs Investing in Under Construction Projects in Thane

1. Property Type :

NRIs can purchase residential and commercial properties in India but are restricted from buying agricultural land, farmhouses, or plantation estates without authorization from the Reserve Bank of India. It is essential to have a legal power of attorney if an NRI cannot visit India to make the purchase personally.

2. Taxation and Benefits:

When an NRI acquires a property in India, taxes are deducted at source (TDS) at specific rates on both long-term and short-term capital gains. NRIs can claim a refund on TDS if they fall into a lower tax bracket by filing their income tax returns. NRIs are entitled to several tax breaks similar to those available to Indian residents. Selling a property within three years is considered short-term capital gains and is taxable. However, selling after three years allows NRIs to utilize the proceeds to reduce long-term capital gains tax by investing in another under construction property in Thane.

3. Power of Attorney (PoA) :

NRIs are required to grant a power of attorney to the builder or an associate to handle the property acquisition process. Seeking legal assistance can help prevent fraudulent activities and safeguard the NRI's investment during the development phase. NRIs living abroad can grant power of attorney to trusted friends or family members to complete the property acquisition process in India.

4. Finance and Funding :

NRIs must use Indian currency and local banks to finance their property purchases in India. They need to have an NRI account with an authorized Indian bank. Financial institutions offer NRI home loan plans, requiring NRIs to invest a minimum of 20% of the property's value and allowing them to borrow up to 80%. It is crucial to have all documentation reviewed by a legal professional before approaching a bank for funds. A certificate from the seller confirming the absence of liens and clearing of joint ownership or inheritance issues is necessary. NRIs should ensure that no outstanding debts or dues are owed to any authorities.

5. Registration Documents :

To register the sale deed, NRIs need to provide identification proof documents such as their passport and PAN card, along with current address proof documents like utility bills. Additionally, NRIs, PIOs (Person of Indian Origin), or OCIs (Overseas Citizen of India) require specific documents such as a copy of their passport, visa, passport-size photographs, PAN card, and address proof. Salaried individuals need to submit additional documents like appointment letters and bank statements for the preceding six months, while self-employed individuals require income proof, business incorporation documents, partnership deeds (if applicable), and bank statements.

Conclusion

Investing in under construction projects in Thane offers NRIs an excellent opportunity to connect with their homeland while also enjoying potential high returns on their investments. By considering property types, taxation and benefits, power of attorney, finance and funding, and registration documents, NRIs can navigate the process smoothly and make informed decisions. It is crucial to engage trusted legal professionals, deal only with RERA-registered projects and real estate brokers, and conduct thorough research before making any investment decisions. By following this comprehensive guide, NRIs can maximize their investment potential and fulfill their aspirations of owning property in Thane, India.

Get To Know About: Real Estate Appraisal: Understanding Its Significance

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Underconstruction Residential projects in Ghodbunder Road Thane-A Comprehensive Guide for NRIs Interested in Investing in Under Construction Projects in Thane

Introduction:

The love for one's motherland is a sentiment deeply ingrained in the hearts of NRIs (Non-Residential Indians). Although many NRIs sell their personal and ancestral properties to settle abroad, their attachment to their homeland often grows over time. This nostalgia and emotional connection drive them to consider investing in a property in India, which they can use as a home during their visits. Additionally, NRIs are also keen on exploring investment opportunities that offer high returns. However, choosing the right property and managing it remotely can be challenging, which is why the services of a Property Management Consultant may be required.

Moreover, NRIs may also consider purchasing a 2 BHK flat in Thane for their family members or parents residing in India. This not only provides a comfortable place for their loved ones to stay but also serves as accommodation for the NRIs when they visit. It's important to note that NRIs do not require permission to buy land in India, but there are restrictions on purchasing agricultural plots, farms, or plantations. In this guide, we will explore the benefits of investing in under construction projects in Thane and provide a checklist of considerations for NRIs planning to make such investments.

Benefits of Investing in Under Construction Projects in Thane:

Regular Rental Income:

Investing in under construction projects in Thane offers the potential for regular rental income. With the rising demand for housing in Thane due to its proximity to business centers and improving infrastructure, NRIs can benefit from a steady flow of rental returns.

Equal Treatment by the Government:

The Indian government recognizes NRI/OCI/PIO investments on par with those of residents. This provides NRIs with a level playing field when it comes to property ownership and associated rights.

Limited Availability of NRI-Focused Projects:

Only a few developers cater specifically to NRIs, offering projects tailored to their requirements. These projects often come with additional benefits and services to attract NRI investors.

High-Return Investment Opportunity:

Thane is experiencing an increased demand for office spaces from multinational corporations and startups. This creates a lucrative investment opportunity for NRIs looking for high returns. The recent policy reforms and economic growth in India, coupled with the depreciation of the Indian rupee, further enhance the potential returns on investments for foreign investors.

Emotional Connection and Future Plans:

Many NRIs, driven by an emotional connection to their homeland or the desire to return in the future, choose to invest in India. Investing in under construction projects in Thane allows them to fulfill this emotional quotient while also benefiting their relatives or future plans of returning to India.

Considerations Before Buying Under Construction Projects in Thane:

Property Type:

NRIs are allowed to purchase both residential and commercial properties in India, except for agricultural land, farmhouses, or plantation estates. If an NRI wishes to buy agricultural land, authorization from the Reserve Bank of India is required. Additionally, NRIs can purchase multiple properties in India without any restrictions. In case an NRI is unable to travel to India for the property purchase, they can appoint a legal power of attorney to act on their behalf.

Taxation and Benefits:

When an NRI acquires a property in India, tax deducted at source (TDS) is calculated at rates of 20.6% for long-term capital gains and 30.95% for short-term capital gains. However, the final taxation rate for NRIs is the same as that for resident Indians. If an NRI falls into a lower tax bracket, they can claim a TDS refund by filing their income tax return.

NRIs are eligible for many tax breaks available to Indian buyers. If they sell the property within three years, the proceeds will be taxed as short-term capital gains. However, if they sell the property after three years, they can reinvest the money in another under construction property in Thane to reduce the long-term capital gains tax liability.

Power of Attorney (PoA):

It is recommended for NRIs to grant a power of attorney in the name of the builder or a trusted associate when purchasing under construction projects in Thane. This helps safeguard their investment during the development phase. Seeking assistance from a lawyer in this matter ensures the validity and authenticity of the power of attorney document.

As NRIs reside abroad, they have the option of granting a power of attorney to their friends or family members to complete the property acquisition process in India. The powers granted can be general or specific, depending on the rights and responsibilities the NRI wishes to delegate.

Finance and Funding:

When purchasing new projects in Thane, NRIs must use Indian currency and transact through local banks. NRIs planning to buy property in India must have an NRI account with an authorized Indian bank.

Documentation and eligibility requirements vary for NRIs seeking property loans. Financial institutions offer NRI home loan plans, but NRIs are typically required to invest at least 20% of the property's value from their own funds. The remaining 80% can be borrowed from the bank.

As all transactions must be conducted through Indian banks, NRIs must use their NRO/NRE accounts for remittances. They can provide post-dated cheques or use Electronic Clearance Service (ECS) from their NRO, NRE, or FCNR accounts.

Before approaching a bank for funding, NRIs should ensure that their documentation is in order and seek professional legal advice. They should obtain a certificate from the seller confirming that the property is free from liens. Additionally, if the property is jointly owned or inherited, the title deed must be clear of any disputes or claims. NRIs must also ensure that there are no outstanding debts or dues to any authorities.

Registration Documents:

To register the sale deed, NRIs need to provide proof of their current address, such as utility bills, along with passport-sized photographs. Identification proof documents, such as passports and PAN cards, are also required.

The following documents are necessary for NRIs, PIOs, or OCIs purchasing under construction projects in Thane:

NRI Passport

Copy of Visa

Passport Size Photographs

PAN Card (Permanent Account Number)

Address Proof

OCI or PIO Card (Person of Indian Origin)

Additional documentation for salaried individuals includes:

Copy of the appointment letter

Bank statements for the preceding six months

Additional documentation for self-employed individuals includes:

Income proof

Copy of the business's certificate of incorporation

Deed of partnership (if applicable)

Bank statements in the applicant's name for the last six months

Bank statements for the preceding six months in the business's name

Proof of office address

Conclusion:

Investing in under construction projects in Thane provides NRIs with an excellent opportunity to fulfill their emotional connection to India while potentially gaining high returns on their investments. By following the considerations outlined in this guide, NRIs can navigate the property buying process smoothly. It is crucial to choose a power of attorney wisely, ensure compliance with RERA regulations, conduct thorough research, and seek professional advice when necessary. By doing so, NRIs can make informed decisions and maximize their investment potential in under construction projects in Thane.

Squarefeet Group

To Know About 2 BHK Residential property in Thane GB road 

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[rtsprofessionalstudyindia]

Everything You Need To Know About Income Tax Return

Income tax is a levy imposed by the Government of India on individuals and entities, who earn income from taxable sources within or outside India. An individual who earns income from other sources, such as salary or business incomes, is also liable to pay taxes. Indian citizens also have to pay taxes on foreign income. The Income Tax Department charges taxes on different categories of income, such as salary income, business and investment income, capital gains and more.

What is Income Tax Return?

Income tax return is a document which discloses the income earned by an individual in a financial year. It is mandatory for all individuals to file their income tax returns, who are liable to pay tax under Indian Income Tax Act. The due date for filing income tax returns is 31st July, following the end of a financial year.

Income from a variety of sources—salary, business profits, sales of property and houses, dividends or capital gains, interest on investments—can be taxed by the government. The Income-tax Department refunds money to taxpayers if they've paid too much in taxes for a given year.

Is Filing ITR Compulsory?

The short answer is yes, it is compulsory to file your income tax return (ITR) if you are an Indian citizen and you have earned income from any source. If you are a resident in India and have earned any taxable income during the assessment year, then it is mandatory for you to file taxes.

If you are a Non Resident Indian (NRI), then there are specific rules that apply to individuals who are not resident in India. These rules and procedures vary depending on whether the individual has been in India during the tax year or not.

Doing your taxes can be quite tricky, especially if you haven't done them before or if this is your first time doing it alone. You may also find some of the terms used in the process confusing at first such as TDS or TCS etc.

But don't worry because RTS Professional Study is here to help! Let us guide you through each step so that filing your taxes becomes easier than ever before!We offer the best income tax course online. The income tax course we offer is unlike anything else out there. We've spent years developing our system, which combines in-depth instruction with practical application exercises that make learning fun and easy.

Resource: https://rtsprofessionalstudyindia.wordpress.com/2023/03/01/everything-you-need-to-know-about-income-tax-return/

[propertyexperttips]

TDS on property on NRI| Section 195! Tax Saving for NRI | Exemption for NRI | Lower Tax Certificate

\What is the TDS on sale of property by NRI in India?1

As an NRI, if you sell a property in India, the buyer deducts 20% as Tax Deducted at Source (TDS) as Long Term Capital Gains Tax for properties sold after two years. For properties sold before 2 years, the TDS rate is 30%, deducted as Short Term Capital Gains Tax.

Tax deducted at source (TDS)*

When a resident buys property from an NRI, she/he must deduct TDS at 20% if the property has been held for more than two years and at 30% if the property is being sold within two years. The deduction must include TDS plus surcharge, health and education cess3 .

Ready reckoner for LTCG TDS rates

Properties valued less than INR 50 lakh: Total tax 20.8% (including surcharge and cess)

Properties valued between INR 50 lakh and INR 1 crore: Total tax 22.88%

Properties valued above INR 1 crore: Total tax 23.92%

W.e.f. FY 2018-19,  the finance ministry has announced a higher surcharge on properties valued above INR 2 crore. The applicable LTCG TDS rates are 25% and 37% for properties valued above INR 2 crore and INR 5 crore respectively.

TDS at a lower rate

If tax deducted at source is more than your tax liability, then you can opt for a tax refund at the end of the year for the excess TDS. However, if you wish to avoid this cumbersome process, you can apply for a certificate that allows you to file for a lower TDS rate4 . Please note that you must apply before you execute the sale agreement. The assessing officer will determine the TDS after calculating the capital gains. This will put the money in your hands instantly instead of waiting for a refund.

Tax exemption

Capital gains made through the sale of a property can be reinvested in India to reduce tax liabilities. If you invest the capital gains in buying another property within two years, then the profit generated from the sale is exempted from tax. Similarly, under section 54EC, you can invest the profit from the sale of property in Capital Gains Bonds within six months to get an exemption. These bonds offer an interest rate of around 5.75% p.a.* and have a lock-in of five years.5

Repatriation of funds

If you wish to repatriate the proceeds from the sale of a property, you will need to submit Forms 15CA and 15CB. While you can fill out and submit Form 15CA yourself, Form 15CB has to be signed and submitted by a chartered accountant. You can repatriate up to USD 1 million a year outside India.

[legal-blogs]

NRI Taxation: A Complete Overview

Tax Exemptions for NRIs

There are several types of income that are exempt from nri taxation in india:

Accounts with NRE/FCNR interest

Certificates and bonds issued by the government and notified to the government of their interest earnings

Dividends from domestic Indian companies

In the long run, capital gains from listed equity shares and equity-oriented mutual funds can be significant

Sections and conditions apply to exempting capital gains:

Capital Gains Account Scheme of 1988 stipulates that Section 54 applies if you sell a house property and use the proceeds or part thereof to buy another property or deposit it in a federation or other bank.

If you sell an estate other than a house and incur capital gains, this exemption can be claimed on the purchase or construction of a new house in proportion to the sale proceeds.

Bonds issued by the Rural Electrification Corporation and the National Highway Authority of India are subject to Section 54EC - Long-term capital gains. Since these have a redemption value, selling them before three years is not a good idea. The maximum amount for such investments in 2014 is 50 lakhs, depending on the budget

Note that all of these exemptions are subject to the current tax laws.

Tax Deductions for NRIs:

The taxation of NRIs is stricter than that of residents. The following methods can be accommodated under tax deductions:

NRIs are allowed to deduct under Section 80C

Insurance coverage is only available to NRIs, spouses, and children of NRIs. The sum assured must not exceed 10% of the premiums paid for life insurance.

The tuition fee in India is the cost of educating two children full time at an institution

An NRI can deduct stamp duty, registration fees, and other expenses related to transferring a house property to them for tax deduction purposes.

LIC Mutual Fund's Unit-Linked Insurance Plans (Dhanraksha 1989) or UTI's Unit-Linked Insurance Plans

A vacant house can be deducted for interest paid on a home loan up to a maximum of INR 2,00,000 from its property income

Allowed deductions for NRIs under Section 80D

Aside from premiums for the immediate family, dependents will also pay premiums

Up to a maximum of INR 5000 for preventive health check-ups

In accordance with Section 80E, NRIs may deduct interest paid on education loans taken for themselves, their spouses, children, or dependent students for up to eight years or until the loans are repaid. There is no cap on interest rates

Only NRIs who have made the appropriate donations according to Section 80G may claim deductions under Section 80G through donations.

Savings bank account interest is deductible up to 10,000 rupees by NRIs under Section 80TTA

Investing the proceeds of the sale into another house or specific bonds can result in an exemption if the property has been owned for more than 36 months. When a new bond or property is less valuable than the proceeds, a tax exemption may be available

Tax Returns for NRIs:

NRIs do not have to include income from investments and long-term capital gains in their taxable income as discussed above. Income from these sources is subject to tax deductions at source. There may also be other sources of income that must be declared and taxable according to prevailing tax laws.

Investments and long-term capital gains may, however, result in TDS exceeding the individual's tax liability. For a refund or exemption, a tax return must be filed.

The Income Tax Department of India's online portal is the preferred method for NRIs to file their tax returns.

The Complete Picture of NRI Taxation:

Understanding whether one is actually an NRI is essential in light of FEMA's guidelines. To avoid paying excess taxes, one should take into account the above exemptions and deductions. If the TDS exceeds their tax liability, NRIs must file a tax return with proof of investment and income to receive a refund if they don't use forms 15G and 15H.

NRIs can also be subject to double taxation, so they should ensure they understand and gather proper proof of their tax paid in India so that they can take advantage of the Double Taxation Avoidance Agreement signed between India and many nations.

Trademark Class: What is trademark class? & Basics

According to the NICE classification for trademarks, also known as the International Certification of Goods and Services, trademarks are divided into 45 different classes. Various goods and services are represented by various trademark classes.

To avoid discrepancies, it is necessary to conduct a trademark search prior to filing a trademark registration application. Choosing the wrong trademark class can impede the registration process if the mark is incorrectly classified.

Business activities that involve various goods or services that fall under different trademark classifications can result in trademark applications being filed in more than one class. Additionally, even if a trademark is registered under one class, another entity can file a trademark application under another class for the same mark.

Therefore, filing a trademark application under one class does not guarantee complete exclusivity over the mark. Registration of a trademark only includes exclusivity for the mark's use in the class of goods or services for which it is registered. You can find the right trademark class for your goods or service using the trademark class finder tool.

A total of 45 classes are listed below, 34 of which fall under the Goods section, and 11 under the Service section.

Basis of Trademark classification

Trademark Classification of Goods

Finished products are classified based on their function and purpose. Suppose the product is not listed in any of the classes, then it is compared with the other finished products.

All the classes corresponding to a product's functions can be used to identify a multipurpose product. The raw materials used for the products or the mode of operation of the products should be taken into account if those functions are not mentioned in any class.

Raw materials and semi-worked products are classified by their materials. In cases where the product consists of different materials, it is organized according to the material that dominates.

Trademark Classification of Services

As described in the explanatory notes and headings of the service classes, services are classified according to the branches of activities they cover.

Rental services get classified in the same class

In the same category as the services related to the advice, information, or consultation, are services that provide advice, information, or consultation.

Trademark Class 45 - Personal and Social Services

A trademark is a recognizable sign, design, or expression that identifies products or services of one source from those of another, although service marks are trademarks used to identify services. It is a type of intellectual property consisting of a recognizable sign, design, or expression that distinguishes a product or service from that of another source, although service marks are usually trademarks for services.

Trademarks are classified into 45 classes, and goods and services are classified into different classes. There is a different registration requirement for each class. There are almost 80,000 products and services categorized in two sections - Classes of Goods and Classes of Services. The purpose of this article is to explain what Trademark class 45 is.

Trademark Class 45

Trademarks must be applied for or registered under classes, and each class represents a distinct class of goods or services. This post covers comprehensively the services that fall under Class 45 of the trademark classification. The NICE classification heading for class 45 is "classes of services".

Types of Services come under Trademark Class 45

Individuals, groups, organizations, and enterprises receive legal services from lawyers, legal assistants, and personal advocates

Safety investigation and surveillance services

Social escort services, matrimonial agencies, and funeral services provided to individuals in relation to social events.

Types of services that do not come under Trademark Class 45

The provision of direct assistance in the operation or function of a commercial enterprise

Services related to financial affairs and insurance

Escorting Of Travelers

Security Transport

Services Consisting Of All Forms Of Education Of Persons

Performances Of Singers Or Dancers

Computer Services For The Protection Of Software

Services Provided By Others To Give Medical, Hygienic Or Beauty Care For Human Beings Or Animals

Certain Rental Services

[legalbusinessservice]

GST Filing - A Simple Guide

Introdution :

GST or Goods and Services Tax changed the severa one-of-a-kind taxes which have been levied with the aid of using Central and State governments on one-of-a-kind merchandise or offerings. While it became enforced in 2017, the GST Act became handed withinside the yr 2019 . Here Know more about Gst registration in andhrapradesh

This taxation machine appears to streamline the severa taxes levied on merchandise, making it easy for the taxpayers, their collectors, etc. Additionally, it additionally makes tax submitting clean due to the fact that taxpayers should report for simply one tax.

What is GST Return? Before going into the method of GST submitting, it's miles critical to recognize what GST go back approach for commercial enterprise proprietors and provider providers. GST returns basically stands for submitting of all GST. Every character who's included beneathneath the GST Act should produce their earnings to the Tax Department of India. This is called go back and it consists of information of each sale and buy.

Under this machine of taxation, worried people should report their GST go back 26 instances a yr. While commercial enterprise proprietors should pass for items and offerings tax submitting instances each month, they should additionally report extra instances half-yearly. Before stepping into the method of submitting GST go back, it's miles vital to recognize some extra things.

Types of Returns There are pretty some styles of GST submitting that have their particular bureaucracy. These bureaucracy are indexed under withinside the chart.

While the desk above explains who the bureaucracy for GST e-submitting are intended for in conjunction with their submission date, it's also critical to understand the information to be crammed withinside the shape.

GSTR-1 Suppliers should validate the vehiclemobile-generated buy records in their outward deliver of products and offerings. The shape incorporates the subsequent information.

GSTR-2 Taxable recipients should offer the subsequent element on this shape throughout their GST submitting.

GSTR-3 1.Taxpayers submitting this shape have already got their information electronically up to date in conjunction with bureaucracy GSTR-1 and 2. Taxpayers should test and affirm the above bureaucracy as and whilst necessary, and additionally offer the information underneath.

GSTR-4 Businesses with a turnover as much as Rs.seventy five lakh can choose Composition Scheme and opt for GST submitting with GSTR-four shape. They pay tax at constant costs primarily based totally on their commercial enterprise type. While they do now no longer have a tax credit score facility, they should additionally offer the subsequent information.

GSTR-5 NRIs should offer the subsequent records whilst submitting this shape.

GSTR-6 Input Service Distributors should offer the subsequent information whilst they're finishing their GST submitting method. Some information are already electronically up to date thru bureaucracy GSTR-1 and 5.

GSTR-7 Taxpayers who've deducted tax at supply should offer the subsequent information of their shape. The TDS legal responsibility is generated automatically. The Electronic Cash Ledger refunds may be vehiclemobile generated.

GSTR-8 E-trade operators should offer the subsequent information of their GST submitting with shape GSTR-8.

GSTR-9 Filed with the aid of using ordinary taxpayers, it incorporates each earnings and expenditure information. It is compiled and various with month-to-month returns. Filing this should accompany audited copies of annual accounts, and taxpayers can amend the preceding go back filings if necessary.

GSTR-10 To be filed on cancellation of GST, taxpayers should offer the subsequent information whilst their GST submitting with this shape.

GSTR-11 Every character registered beneathneath GST with their UIN (Unique Identity Number) should report this shape. This is used to say money back of extra taxes paid in inward resources.

GSTN GSTN, or Goods and Services Tax Network, is an internet portal containing all of the information of dealers and customers registered beneathneath GST’s regulation. Businesses and taxpayers can get entry to those information from the GSTN for submitting their returns, logging bill information, etc.

Companies should report a complete of 37 returns, one annual go back and three month-to-month returns (as soon as each three months) throughout a monetary yr. These incorporate records, inclusive of information of inward and outward resources instigated with the aid of using an organisation. The information may be organized offline and uploaded each time there's a web connection available.

Online Filing Process GST may be filed on-line the usage of the software program furnished with the aid of using the Goods and Services Tax Network. Below are the stairs required to report GST on-line.

Penalty for Late Filing Penalty with inside the shape of past due charge may be levied on taxpayers in the event that they fail to report their GST go back on time. A overall of Rs.200 (Rs.a hundred as CGST and Rs.a hundred as SGST) is charged according to day, that could pass as excessive as as much as Rs.5000. However, this charge may also alternate relying on gift regulations. The term may be calculated from the day after the very last cut-off date until the day the entire fee is made.

Integrated Goods and Services Tax does now no longer entice any past due charge, even though the taxpayer may be required to pay a further 18% hobby similarly to the past due charge.

[cafornri]

Chartered Accountant for Non Resident Indian

A Portal dedicated to provide exclusive professional services to Non Resident Indians (NRI) for NRI Taxation and FEMA Compliance since 2012. We understand the challenges of Non Resident Indians of complying with the Taxation and FEMA woes. Whether it is filing Indian Income Tax Return, Getting back the TDS Refund, Repatriation of Funds, Procedures for Buying and Selling an Immovable Property or Addressing the Income Tax Scrutiny Letters received. To address the challenge faced by you, that s where we can help you out. The sole purpose of our firm is to serve as a trusted advisor. We do it this by helping you cut through the red tape, viewing the big picture and understanding the options. This makes your financial and compliance peace move forward and grow. CAforNRI.com, this website is dedicated to serving Non Resident Indians (NRIs) with respect to NRI Taxation and FEMA Compliance. This website is incorporated by Zenify Consultancy Services to have a click away assistance to the clients looking for professional services in various countries including US, UK, UAE & Other Gulf Nations, Canada, Singapore and Australia to name a few. Zenify Consultancy Services incorporated by Founder CA Ajay R. Vaswani is a leading Indian Consultany firm, led by skilled and experienced team of professionals for near a decade by now. Zenify Consultancy Services is exclusive firm to provide services with matters related only to Non Resident Indians with dedicated and most knowledgeable team having read related applicable laws in depth and having professional rich on hand experience.

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How to File an ITR in India – Complete Guide

Taxpayers use an Income Tax Return filing to report their income, expenses, tax deductions, investments, and other financial obligations. You can file your income tax through the income tax portal as set up by the Indian government. In this blog, the entire process of ITR is decoded into simple steps.

What is An Income Tax Return (ITR)?

An income tax return is a form used to record a taxpayer’s annual income to the IT office. There are various reasons for ITR filing, even if you do not have any taxable income. Taxpayers also use an income tax return to declare their taxes. Following the Income Tax Act of 1961, a taxpayer is required to file an income tax return in various circumstances.

To record his income for a financial year, carry forward losses, claim an income tax refund, claim tax deductions, and other purposes, a taxpayer may need to file their income tax return with the Internal Revenue Service.

Is ITR Filing Compulsory?

According to Indian tax legislation, if your income exceeds the basic exemption amount, you must file an income tax return. The rate of income taxation is predetermined for taxpayers. A delay in filing returns will not only result in late filing fines, but it will also reduce your chances of obtaining a loan or a visa for a trip. And don’t forget there is the ​​last date to file ITR, look out for it.

Who Should Be Filing An Income Tax Return?

Income tax is only required to be paid by individuals or corporations who fall into particular income bands. Entities or businesses that are obliged to file their IT Return in India are listed below:

Individuals under the age of 59 whose total income for the fiscal year exceeds ₹2.5 lakh. The maximum increases to ₹ 3 lakh for senior persons (aged 60-79), and ₹5 lakh for super senior citizens (aged 80 and above)

It is vital to note that the income amount should be computed before taking into account the deductions allowed under Sections 80C to 80U, as well as any other exemptions allowed under Section 10

All registered businesses that generate income, regardless of whether they turned a profit or not during the fiscal year

Those who seek to receive a refund for excess tax deducted/income tax paid

Individuals with assets or financial interests in entities located outside of India

NRIs who earn or accrue more than ₹ 2.5 lakh in a single fiscal year in India.

Guided Steps For ITR Filing

Go to the www.incometax.gov.in portal to begin the process

Step 1: Determine your Income and Tax Liability

Let’s go through the exact steps of how to file IT Return in the steps given below.

The taxpayer will be obliged to compute their income following the rules of the income tax legislation that applies to them

The estimate should consider all kinds of income, such as salary, freelancing, and interest income, among other things. Taxpayers can claim deductions for items such as tax-saving investments made under Section 80C, among other things

In addition, a taxpayer should consider the credit for TDS, TCS, or any advance tax that they have paid to the government.

Step 2: Tax Deducted at Source (TDS) Certificates and Form 26AS

The taxpayer should calculate their TDS amount based on the TDS certificates they have received for each of the four quarters of the financial year and total it. Form 26AS provides the taxpayer with a summary of the TDS and tax paid during the financial year, which is helpful.

Step 3: Select the Appropriate Form for Filing Income Taxes

The taxpayer must determine which income tax form is required to file their income tax return. Following the determination of the income tax form, the taxpayer can proceed with the filing of the income tax return with the IT. There are two options for submitting paperwork: online and offline.

If we consider the online mode, it is important to understand that

It is only available for ITR 1 and ITR 4 forms

It is not available for conditions for other categories of individual taxpayers

The online mode is accessed through the login of the taxpayer.

The offline version (which involves producing XML and uploading it) is available for all types of income tax forms.

Step 4: Download the ITR programme from the IT’s website (Income Tax Portal)

Follow the steps below to download IT Programme from IT’s website

Go to www.incometax.gov.in and select ‘Downloads’ from the top menu bar to access the necessary documents.

The home page of the income tax portal

You can choose the assessment year and then download the offline utility programme, either Microsoft Excel or Java, or a JSON utility if that’s what you want.

Step 5: Complete the information requested in the downloaded file

Once you have downloaded the offline utility, enter the appropriate information about your Income Tax Return Last Date and check the amount of tax payable or refund recoverable, It will be based on the utility calculations, as applicable. The details of the income tax challan can be entered into the form that can be downloaded

Step 6: Verify the information that has been entered

Once the Income Tax Return Last Date is filled, on the right-hand side of the downloaded form, you can see a few buttons that you can use. To check that all essential information has been entered, click on the ‘Validate’ button

Step 7: The file should be converted to XML format

To convert the file into an XML format after it has been successfully validated, select it and click on the ‘Generate XML’ button located on the right-hand side of the file.

Step 8: Upload the XML file to the Income Tax Portal

Follow the steps given below to upload the XML file to the income tax portal.

Now, log onto the e-filing ITR portal and select the Income Tax Return option from the e-File button on the left-hand side of the screen

Provide all relevant information, including your PAN, assessment year, ITR form number, and the mode of filing. Before proceeding, remember to select the option Upload XML from the drop-down menu that corresponds to the field name Submission Mode

Attach the XML file from your machine and click on the Submit button to complete the process

Make a selection from the various verification methods, including Aadhaar OTP, electronic verification code (EVC), or mailing a manually signed copy of ITR-V to the Central Processing Center (CPC), Bengaluru.

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The Concept of Taxation for NRI

There is a concern about income tax for both citizens and NRIs, although the rules could differ. In general, an NRI is someone who has an Indian passport and has temporarily migrated to another country for employment, residence, education or another reason for at least six months. Visit legal services to find out more about the nri taxation in india.

When an Indian citizen leaves the country for work abroad or to work on an Indian ship and spends fewer than 182 days in India in a year, he or she is considered a nonresident.

The taxability of an individual in India is dependent on whether the individual is a NRI or not.

Among the income tax regulations NRIs should be aware of are the following:

 1.     A non-resident Indian (NRI) has to pay tax on any income he or she accumulates in India or receives in India. The income received in India is taxable, including salaries, rental income, interest income from savings accounts, and capital gains on the sale of assets. An NRI must file a return if his/her salary is higher than the basic exemption limit for the year. NRIs are also required to file income tax returns if they want to claim tax refunds or carry forward losses.

2.     Foreign income earned by an NRI returning to India for good is not immediately taxable in India if the person returns forever. In tax plans, NRIs who have been non-resident for nine consecutive years continue to be RNORs (Resident but Not Ordinarily Resident) for two years, which is a transitional status between being NRIs and converting into Indian citizens. Unless a returning NRI has a business or profession run from India, any profit obtained outside the country will not be assessed in India until they become residents, which usually takes about two years. The income he receives outside of India (including income from India) is taxed once he becomes a resident.

3.     A Budget announcement stated that NRIs without PAN would not be subject to a higher rate of TDS (tax deducted at source). Earlier, an NRI without a PAN had to pay 20 percent tax or whatever the rate was in effect. New rules stipulate that an NRI need not provide his PAN to avoid paying the higher tax if he provides the documents specified under recently notified rules instead.

4.     Upon returning to India, an NRI will have to declare all foreign assets and income in his income tax return if he becomes an Ordinary Resident for the year. The Undisclosed Foreign Income and Assets Bill 2015 imposes harsh punishments on those who do not disclose their foreign income and assets. Unaccounted wealth will be assessed under the new legislation on unaccounted wealth instead of under the Income Tax Act.

5.     NRIs cannot open Public Provident Fund accounts (PPF). Individuals who already have PPF accounts before becoming NRIs can maintain them up until their maturity, however. The NRI will have the option of absolving the returns at maturity in their home country and will not be able to continue after the required lock-in period of 15 years. A matured account that has not been tended to after maturity will be recognized as "extended without contribution."

[nriservices]

What should NRIs watch out for when Investing in India this Year?

The investment landscape in India has expanded significantly in recent years, making it a great time to be a Non-Resident Indian (NRI) interested in doing business there. Finding the appropriate NRI investment in India may secure your future financial well-being regardless of where you live or what you do. The Indian market is increasing, and you can benefit from participating. The steps involved in investing may seem daunting, but these guidelines make the process much more manageable.

Know the difference

One of the foremost things to remember when deciding for Investment in India where to put your money is the distinction between buying a product and investing in a process. If you put money into real estate, you're buying something (say, a house). In the long run, real estate is one of the most reliable ways to increase wealth.

Make it a habit to keep tabs on where your money is going.

Money alone is not enough for investment. Also, it would help if you had complete transparency on the final destination of your cash. A large group of investors is made up of NRIs. Investment Options in India in a foreign currency may increase broker interest in advising you to invest in India's "fancy" investment possibilities.

Sometimes, brokers or plan administrators provide investment options that are out of the ordinary. But before you put your money into any of these goods, you should investigate the company and see where the money comes from.

Learn the function of the intermediate

The broker or dealer is also a vital part of any investment. You should know the intermediaries well and out if you're going to look at the many investment opportunities in India. The purchase of stocks, for instance, would typically be handled by a broker. The broker functions as a mediator in this transaction. Brokerage fees include service fees, commissions, and more. Brokers might charge varying fees. So, it is advisable to compare several platforms and their rates before settling on the best possible bargain for the Best Investment in India.

Verify where your payment will ultimately go

Before putting money into stocks, it's essential to research the firm and its guiding values. It facilitates informed financial choices. For instance, you may be interested in learning whether or not the firm you have invested in prioritizes things like ethical work practices, fair salaries, sustainability, etc., and financial success. Try to trace your money as it travels through the system.

Conclusion

As long as your investing strategy aligns with your requirements and objectives, there is no right or wrong option. It would help if you also had total NRI savings to account for Tax Filing For NRI, making it easier to manage all your investments in one place.

Location: Tax Filing For NRI, Mainroyal Street Mississauga ON L5L 1C9 CANADA.

[lawyers-advice]

“Under the NRI legal services the real estate laws or the property related queries find a special place. There have been cases/events wherein the NRI has entered into a wrong transaction as he/she did not avail a proper online legal consultation from a reputed real estate attorney or lawyer handling property cases and thus leading to a financial loss. There have been numerous cases where the property gets struck in litigation or the possession is not delivered and the buyer has to suffer the losses. Further, for want of knowledge of the real estate laws of India or the property laws of India there always exists a chance of deficient paperwork and legal documentation.”

Indian Residents can purchase property from fellow resident or Non-Resident Indians (NRIs) too. But before they buy the property it is advisable to keep certain things in mind like statutory regulations, confirmation with FEMA, RERA and RBI Rules along with rightful transfer of ownership of property.

Legal Tips before Buying Property in India The procedure of buying property from NRI and Indian resident is same, jut few things like tax implication and Power of Attorney (POA) should be given attention too. ‘ In case the Indian resident is buying property from NRI, below-mentioned things should be kept in mind or Indian resident should be aware about- 1. While buying the property from NRI, tax deducted at source (TDS) is applicable on the buyer which is provided under section 195 of the Income Tax Act, 1961. It put liability on buyer that whenever the buyer pays the NRI, he/she should deduct income tax at the rate prevalent in the market. It means that the buyer (Indian Resident) would have to deduct the TDS on amount of total sale consideration before paying the seller (NRI). 2. When the seller sale the property, he/she is liable to pay tax on capital gains from that property. There is 20 % tax implication on Long-term capital gain (LTCG) and short-term capital gains (STCG) are taxed as according to the individual ’s income slab rate. So, buyer should be very vigilant about these tax implications that if the seller has paid the tax on the property or not. 3. Buyer has to keep in mind Income Tax Refund also, it means if the TDS deducted is more than the tax on LTCG, the seller can file for income tax refund. Filing of income tax refund can ensure tax refund to seller but the seller will get the refund at the end of the financial year. To avoid this situation where TDS deducted is more than the tax on LTCG, the seller can opt for Certificate for lower deduction of tax provided under Section 197 of the Income Tax Act. It also took a long time. 4. The mistake buyer made is that they deduct TDS at the rate prescribed for buying of property from residents of India which is much lower than that prescribed for NRIs. It should be avoided by the buyers. 5. In case the NRI have appointed representative, then the buyer should make sure that what type of POA it is and if it’s executed legally or not. 6. The buyer needs to have Tax deduction and collection Account number (TAN), if buying property from NRI. In case the buyer doesn’t find to have one, there are consequences like penalty imposed by Income Tax department on Buyer. 7. There is penalty on collecting TDS and submitting it to the concerned authority. So, before buying property from NRI, the buyer who is Indian resident should keep above mentioned things in mind and shall be very vigilant during the whole process of transaction.

Legal Attorney’s Advice for Indian Residents before Buying Property in India Now, if a buyer is purchasing the property from Indian resident, there are some common things to be kept in mind- 1. Regulatory Law- Buyer should be aware about the laws governing Indian real estate sector i.e., RERA Act and regulatory authorities set up under this Act. 2. Check for encumbrances- The buyer should make sure that the property is not disputed, no monetary debts are there on that property or any outstanding mortgages and taxes are paid on that property. In short, anything regarding the property like monetary debts, legal dispute that could become obstacle in transfer of or after the transfer of the concerned property should be eliminated. 3. RERA approved Projects- It is advisable to go for RERA approved projects, because then the field visit can be avoided as RERA shows the carpet area and there are other benefits too like the NRI buyer can check the status of project and there are remedies too in case of any fraud, late delivery of possession etc. 4. Verification- Documents presented to the buyer should be checked for authentication and verified thoroughly. Make sure that the documents are not forged and the seller of property is the rightful owner. These mentioned things should be check by the Indian Resident before buying property from Indian residents or NRIs

Therefore, before buying any real estate or property in India the NRI should always obtain a proper legal consultation from the best real estate attorney or a property lawyer and should always avoid in investing in disputed properties or struck properties in India. A well drafted sale deed can save the buyer from lot of legal complications and legal issues and in case of buying property from NRIs, the buyer should pay extra attention to whole transaction process.

[ezybizadviser]

NRI TAXATION- NRI TAX RETURN FILING IN INDIA

NRI Tax Return

There are approx. 30 Million Nonresident Indians all over the world which comprises of Overseas Citizen of India as well as Person of Indian Origin. Like Residents, Nonresidents are also liable to pay taxes in India and file their Income Tax Return.

A question comes in mind as to how NRI tax return filing is different from Resident tax return filing?

First of all, income earned abroad will not form part of NRI Tax return. Thus, they are liable to pay taxes and file their Income tax return only on the income earned in India. Accordingly, NRIs are liable to pay taxes on rental income, salary income, capital gain on sale of property, interest on fixed deposits and capital gains on sale of shares and mutual funds in India. However, NRIs are liable to pay taxes on aforesaid income and file their tax returns in India only if such income exceeds the basic exemption limit of Rs 2.5 lac during a financial year.

NRI taxation is a wide concept covering not only Income tax but also wealth tax, property tax etc.

Some important features of NRI Taxation in India

1)      Since NRI are taxable on basis of “source”, instead of “residence”, their taxes are withhold at the highest rate on all types of income like interest on Fixed deposits, shares and mutual funds. As per law, in case the taxes of NRI are withhold and they have limited income in India, no need to file NRI tax return in India. However, in case, excess TDS has been deducted from their income, it will result in tax refund which compels NRI to file their tax returns in order to claim refund of excess taxes deducted.

 2)      Unlike Residents, who get exemption in tax slab based on age, gender etc., income of NRIs is based only on the income earned in India.

 3)      Unlike residents who are liable to deduct TDS in excess of threshold limits, in case of NRIs, there is no threshold for deduction of TDS and entire income is liable for TDS deduction.

 4)      In case income of NRIs falls under section 115G of the Act, they are normally not required to file their tax return in India.

 5)      NRIs are not allowed any nominal deductions on investment income barring some exceptional situations.

 6)      NRIs can opt to be taxed under special provisions mentioned in section 115E to 115I of the Act.

 7)      Unlike Residents, form 15G and 15H are not applicable in case of NRIs. Accordingly, tax is deducted on entire income and excess tax deducted can be claimed as refund by filing their Income tax return in India.

 8)      In case NRI are subject to double taxation, first owing to source of income in India and second owing to residence in other country, in such cases, NRIs may avail the benefit of DTAA and claim credit of taxes paid in one jurisdiction against total tax liability in another jurisdiction.

All the above are important points for consideration at the time of

NRI Tax return

filing in India and should be kept in mind by every tax payers.

[propertyexperttips]

NRIs Buying Property In India All that you need to know

There has never been a better time for non-resident Indians (NRIs) to purchase property in India. Despite recent price corrections in India's real estate market, favorable exchange rates have made it more profitable to purchase property there.

There has never been a better time for non-resident Indians (NRIs) to purchase property in India. Despite recent price corrections in India's real estate market, favorable exchange rates have made it more profitable to purchase property there.

To provide loans to NRIs for the purchase of residential property in India, the RBI has granted general authority to banks and housing finance businesses registered with the National Housing Bank. The loan must be repaid in Indian rupees because it was authorized in that currency. However, by the regulations, the loan amount cannot be credited to an NRI's bank account directly and must instead be transferred to either the seller's or the developer's account. Money from an NRI's NRO/NRE account or FCNR deposits may be used to repay the loan.

Power of attorney (PoA) NRIs who reside outside of India has the option of granting PoA to friends or family members to complete the acquisition of real estate in India. The rights that your representative may exercise can either be general or particular in the PoA.

TDS (tax deducted at source) is calculated at a rate of 20.6% for long-term capital gains and 30.9% for short-term capital gains when an NRI sells real estate in India. However, the final tax rate is the same for native Indians and NRIs. An NRI may request a refund of the TDS by completing their income tax return if a lower tax bracket applies to them.

Bringing money back to a foreign country through repatriation

For the repatriation of funds, there are specific rules. Under the following criteria, an NRI or person of Indian origin (PIO) may repatriate the earnings from the sale of real estate in India:

The property has to have been acquired in conformity with the FEMA guidelines in effect at the time.

If the property was purchased using foreign currency sent through standard banking channels or with money retained in an FCNR (B) account, the amount repatriated cannot be greater than the original amount paid for the property.

However, the NRI/PIO is only permitted to repatriate up to $1 million per fiscal year under the following conditions:

If the property was bought with rupees, then from the money still in the NRO account.

If the property was obtained as a gift, the sale profits must be credited to an NRO account before they can be returned.

If the property was inherited from an Indian resident, monies may be repatriated by presenting documentary evidence of the inheritance, an undertaking from the NRI/PIO, and a certificate from an authorized chartered accountant in the formats required by the Central Board of Direct Taxes (CBDT).

Repatriation of sale earnings is capped at less than or equivalent to two residential properties in the case of real estate. Even if the property was inherited from someone outside of India, a foreign national is still permitted to repatriate the selling proceeds. However, the RBI's prior approval is required. For the repatriation of sale proceeds, a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, or Iran must request specific clearance from the RBI.

[sbmbankindia]

Tips to optimize tax savings for NRIs earning abroad.

Non-Resident Indian life comes with its own sets of challenges. While they do have many perks, they also have to deal with problems like double taxation. Non-Resident Indians earning abroad are taxed on their foreign income by their resident country. They are taxed for investments, properties, or any income that they may have in India as well. It’s natural to want to make the most out of your earnings in India and use tax deductions and provisions made available for NRIs. There are many ways in which an NRI can optimize taxes in India while earning abroad.

Before we get into tax optimization tips, it’s important to identify which NRIs are supposed to pay taxes in India. If you are an NRI with active business transactions, investments, and assets from which you make money in India, you are liable to pay taxes to the Indian tax authorities.

As an NRI you have to pay taxes on the following:

● All income accrued in India

● Direct or indirect income received in India

● Income received, accrued, or accumulated in India when deemed as such by the Indian tax authorities.

NRIs who do not have any of the above incomes are exempt from paying taxes in India. If you fall under any of the above categories, here are some tax optimization tips that will come in handy.

Deductions

Non-Resident Indians do not enjoy many tax deductions that resident Indians enjoy, such as investing in social schemes like Public Provident Funds or the National Savings Certificates. However, NRIs can invest in the National Pensions System and avail tax deductions of up to Rs. 1.5 lakh attached with it. An additional deduction of Rs. 50,000 is also allowed above the Rs. 1.5 lakh limit to encourage more NRIs to invest in the scheme.

Get a PAN Card

Most NRIs who have moved abroad have a PAN card, but if you don’t have one, getting one made would save you a lot of money. Individuals with a Personal Account Number (PAN) can claim an income tax refund. Income in India beyond a certain point is subject to Tax Deducted at Source. If you don’t have a Permanent Account Number, you might have to pay a higher TDS amount.

Maintain NRI Status

NRIs do not have to pay taxes for income accrued abroad in India. However, if you have lost your NRI status, then you might have to pay taxes on your income to the Indian tax services. In order to avoid losing your NRI status, you need to plan your visits to India carefully since your tax liability in India changes with your residential status.

Provisions

As an NRI, you can take advantage of the tax provisions for long-term assets purchased in foreign currency. When you sell or transfer your foreign assets, you cannot deduct for capital gains received but you can get exemptions under Section 115F of the Income Tax Act.

Claim home loan interest

Many Non-resident Indians invest in properties in India. If you are one of them and have applied for a home loan, you can claim tax deductions. Once you’ve paid the interest on your home loan or the property tax, you are eligible for a tax deduction. If at all you decide to sell your property, you will have to pay capital gains tax, and hence recommended to limit the number of capital gains made in a year to stay in the lower tax bracket.

While you can use the above methods to optimize taxes in India, it would be best to take expert opinion in this matter. After all, every individual's corpus and investment portfolio is different, and hence, with expert advice, you can maximize your tax savings with the right guidance. SBM Bank India provides a range of banking and investment solutions to Non-Resident Indians. From NRE Savings Accounts, NRO Savings Accounts, FCNR Deposits, home loans to premium privileges, extraordinary experiences, wealth management solutions with expert assistance and so much more, SBM Bank India brings NRIs a world-class banking experience. Their banking experts will not only help you put together an impressive investment portfolio but will also help you optimize tax savings efficiently.

[wisenri]

Investment Options in India

NRIs except for the USA and Canada can invest in Indian Mutual Funds. NRIs from the US and Canada have certain restrictions and can buy only a select few Mutual Fund schemes. (even other fund houses request for additional information at the time of purchase & in a few cases even at the time of redemption)

Depending on risk profile, an NRI can invest in equity funds, balanced funds, debt funds, liquid funds, and MIPs.

The gains on the sale of non-equity funds within 3 years of holding will be considered as short-term capital gains. It will be taxed at 30%.

Gains on the sale of non-equity funds after 3 years are long-term gains. They will be taxed at 20% after indexation.

Taxation of Mutual Fund for NRIs is more or less the same as Resident Indian but for NRIs Tax is Deducted at source (TDS) by Mutual Fund Companies. Check Detailed Post on TDS for NRI & how to get a refund

Read More -  Investment Options in India