Rent free accommodation provided by the employer to an employee is chargeable to tax as a prerequisite under the head salary. Thus, you shall be required to pay tax on the same. The value of such perquisite is determined separately…
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Usually, Indians residing abroad keep a non-resident external (NRE) or a non-resident ordinary (NRO) accounts in India. Funds in NRE account are mostly freely repatriable outside India. You are allowed to receive income from investments in India in your NRE account and remit…
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The Indian tax authority has exempted NRIs from having to file applications online for deduction of taxes paid at source in a bid to ease hardship cases. In a new circular issued by the Central Board of Direct Taxes (CBDT),…
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Whether the real estate market remains bullish or bearish, NRIs prefer a place back in India – not just for investment returns but also to remain rooted in their country of origin. Previously, NRIs (like most other buyers and investors)…
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The interim finance minister abolished income tax on notional rent from the second self-occupied house, benefiting those with two houses but no outstanding loan on the second one. “Since most people don’t have housing loans running on their self-occupied second…
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The government is working on pre-filled Income-Tax returns using TDS data available with it. When did this idea originate? What are its advantages, and what are some of the concerns articulated by critics? In late 2002, when the then Finance…
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The word ‘gift’ generally brings with it a feeling of reward and gratitude, without any obligation on part of the recipient. However, little does a recipient know that the gift could also have a tax incidence associated with it. Broadly…
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The number of non-resident Indians (NRI) hailing from the central districts — particularly those working in Singapore and United Arab Emirates (UAE) — buying property in their native place has been going up gradually, say real estate developers here. On…
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Over 5,000 people will participate in this year’s Pravasi Bharatiya Divas (PBD) — the Indian diaspora conclave to be held in Varanasi from January 21 to 23, Minister of State for External Affairs V.K. Singh said on Friday. Briefing the…
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Muscat: Non-resident Indians who live in Oman and other parts of the world, can now register to vote in elections taking place in India. NRIs who are interested in casting their vote can register as NRI voters on the home page…
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