Do NRIs need to disclose foreign account details in tax returns?

 NRIs usually have earnings in India in the form of dividends, pension, salary, and housing or commercial property. If their Indian income exceeds the exemption amount, NRIs should file their income tax return (ITR) for income earned/ collected in India. Generally, NRIs are confident about disclosing their Indian income at the time of income tax filing, but many NRIs and expatriates are still confused about revealing their overseas accounts in the tax return in India. But do NRIs need to disclose foreign bank account information in tax returns?

SBNRI Team

· 20,698 views

Foreign Exchange Management Act (FEMA)

 Foreign Exchange Management Act, popularly known as FEMA, was introduced in 1999 to replace the Foreign Exchange Regulation Act (FERA), 1973. FEMA, 1999 was formulated to consolidate and amend the law concerning foreign exchange with the objective of facilitating foreign trade and payments and hence several economic reforms were introduced under the Act. What is FEMA (Foreign Exchange Management Act) is asked by many people. Let’s go through the objectives of FEMA, as well as features and provisions of FEMA Act 199.

SBNRI Team

· 21,048 views

Overseas Corporate Body (OCB) Meaning

 Overseas Corporate Bodies Meaning: Overseas Corporate Body (OCB) means a company, partnership firm, overseas trust, society and other corporate body directly or indirectly owned by NRIs (Non-Resident Indians) with not less than 60% beneficial ownership. OCB existed till 16 September 2003 and was eligible to undertake transactions to the general permission granted under Foreign Exchange Management Regulations. To know the Overseas Corporate Body (OCB) meaning and laws related to it continue reading.

SBNRI Team

· 23,524 views

Axis Bank 3-in-1 Account for Non-Resident Indians

 Axis Bank offers trading and investment services to NRI customers through its subsidiary AxisDirect. AxisDirect is a portal of Axis Securities Limited that offers seamless investment/ trading services to NRI customers. Axis Bank 3-in-1 account is a combination of NRI PIS/ Non-PIS savings account, Demat account and trading account. With Axis Direct 3 in 1 account, NRIs get an integrated account for investment and trading in the Indian market.

SBNRI Team

· 21,233 views

IIFL Securities NRI Trading Account: Types & Charges

 IIFL Securities is a full-service brokerage firm based in India and has a global presence with offices in India, Canada, Hong Kong, Mauritius, Singapore, Switzerland, United States, UK, and UAE. It offers 2-in-1 accounts i.e. IIFL Securities NRI trading account and Demat account, for NRIs. IIFL 2-in-1 NRI account allows online trading across stocks, equity derivatives and investments in mutual funds, IPOs and bonds.

SBNRI Team

· 17,493 views

[2023] NRI Capital Gains Tax on Shares

 NRIs can invest in the Indian stock market by purchasing shares through the Portfolio Investment Scheme (PIS) of the RBI. NRI investors can also invest in government securities, debentures, listed non-convertible debentures, etc. on repatriation or non-repatriation basis.NRI investment in India’s equity shares, mutual funds, etc. is subject to the restrictions/ conditions under the Foreign Exchange Management Act (FEMA). Dividend income and the capital gains earned by NRIs from shares listed in India and equity oriented schemes of mutual funds are taxed in India. NRI capital gains tax on shares depends upon the type of instrument and the period for which they are held before the sale.

Manoj Negi

· 32,545 views

Best Banks for NRI Loan Against Property

 Properties are the most valuable tangible assets and stand to serve as an important source of liquidity in times of financial crisis. Similar to resident Indians, Non-Resident Indians (NRIs) can use their property in India to meet their personal expenses or business requirements. Many Indian banks and NBFCs offer a loan against property to NRI customers, popularly known as an NRI loan against property. For best banks for NRI loan against property, continue to read the article.

SBNRI Team

· 22,171 views

SBI Securities NRI Trading Account: Types & Charges

 NRI customers can avail a host of trading and investment services from State Bank of India. SBI operates through a network of 198 foreign offices spread across over 35 countries and provides detailed research services for NRIs with information and insights on the market trend. NRI investors need to open an SBI Securities NRI Trading account, SBI NRI account and NRI Demat account to trade and invest in equity, derivatives, mutual funds, depository services, and many third party distribution products.

SBNRI Team

· 22,079 views

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