#NRI Income Tax in Dubai

[nriadvisoryservices]

NRI Income Tax in Dubai

Managing NRI Income Tax in Dubai requires a deep understanding of international tax laws. nriadvisoryservices offers specialized services to NRIs, helping you navigate complex tax regulations and avoid costly mistakes. Our experts provide personalized advice to optimize your tax planning, ensuring compliance and financial efficiency. With nriadvisoryservices, NRIs can confidently manage their income tax matters in Dubai, securing peace of mind and financial success.

[realestatemirrorin]

NRIs Shift Focus to Indian Real Estate, Moving Away from Dubai Investments

The investment landscape for Non-Resident Indians (NRIs) is witnessing a notable shift. While Dubai has long been a favored destination for their investments due to its robust infrastructure, tax-free environment, and high rental yields, many NRIs are now setting their sights back home in India. This change reflects the growing allure of the Indian real estate market, where promising growth and policy reforms are reshaping the sector. For NRIs, India offers opportunities in both residential and commercial real estate, creating an appealing alternative to the previously preferred Middle Eastern market.

Over recent years, the Indian government has implemented several reforms to make real estate investments more accessible and attractive to NRIs. Notable initiatives include the Real Estate (Regulation and Development) Act (RERA), which ensures transparency and accountability from developers. Additionally, GST reforms and affordable housing schemes have further streamlined the process, making it easier for NRIs to invest in properties without the historical complexities. This regulatory clarity is positioning the Indian real estate sector as a competitive alternative on the global stage, appealing to NRIs seeking secure and profitable investments.

One of the significant factors driving this shift is the potential for long-term appreciation in India’s real estate market. While Dubai properties offer high rental yields, they don’t always guarantee substantial appreciation over time. In contrast, real estate in India often provides both rental income and long-term value growth, especially in burgeoning urban areas like Bengaluru, Hyderabad, and Mumbai. Additionally, many NRIs see investing in India as a strategic move to secure assets in their home country, where family and cultural ties add intrinsic value to their real estate investments.

For NRIs considering this shift, platforms like Real Estate Mirror in India serve as essential resources. They provide insights, property comparisons, and real-time updates that help investors make informed decisions. Given the evolving trends, having a reliable source for industry news and property listings is invaluable for NRIs wanting to capitalize on India’s real estate growth.

In conclusion, as NRIs continue to pivot from Dubai to Indian real estate, they find a landscape ripe with opportunity, regulatory support, and potential for long-term gains. This transition not only fuels India’s economy but also reflects a deeper connection NRIs are cultivating with their homeland through property investments.

[ajaysawhney001-blog]

Non resident taxation in India

Ajay Sawhney Associates is a NRI Tax Advisors in Delhi, offers NRI Taxation Services in Delhi, Non Resident Indian Taxation in India, NRI Tax Consultant Services in India, Dubai, UK, USA. Visit http://www.nonresidents.in/nri-taxation-services.htm

[accountingservicesindubai-blog]

Alankit Management Consultancy: Conditions for NRIs to File Income Tax in India

With the world going digital and emergence of online services, it is no more difficult for the NRIs to file income tax return in India.  With the help of the professional advisory services, NRIs can easily file an income tax return for claiming the refund while submitting the necessary documents to the concerned authority. Here are some conditions to know before filing a return.

When do you need to file return income?  

You can file an income tax return in India if your income exceeds INR 250,000 and is known as the basic exemption limit.  In case, your taxable income is less than this limit but the exempt income is more than the given limit, you still have to file the income tax return.  If you have no other income except the exempt long term capital gains (for example- 550,000), you still have to file the income tax return because your long term capital gains (excluding the exemption) is more than Rs 250,000.

Are you required to provide the details of bank interest or post office interest?

Yes, you are required to provide such details because such interests are taxable.  If such interest happens to be exempted under section 10 of the Income-tax Act, then you are not required to provide such details. On the contrary, if Form 15G/15H has been filed then you may have to provide the details of bank interest or post office interest provided the earning is not exempted under the section 10 of the Income-tax Act and total income is more than limit of non-taxable income.

Are you required to provide the details of exempt income?

Interest on tax-free bond, long-term gain on listed securities, interest on NRE/FCNR deposit, are all types of exempt income.  Such exempt income details must be shown despite no tax impact as per the exempt income schedule.

Are you facing trouble with filing an income tax return? Then you may consult top-notch accounting companies in Dubai like Alankit Management Consultancy.  Alankit is popular for offering wide range of e-Governance and financial services. They will save you from penalty due to compliance issues from the income tax department. They also help you during loss of PAN number and other important documents without which you can file income tax return.

[emaratdaily]

Only 28% Non-Resident Indians regularly file their tax returns, study finds - News

Only 28% Non-Resident Indians regularly file their tax returns, study finds – News

Indian expats in Dubai and other parts of the Arabian Gulf find the income tax rules to be complex Non-Resident Indians (NRIs) may be major investors in the real estate segment and the stock markets back home, but a majority of them do not regularly file income tax (I-T) returns in the country or are even aware of their I-T login details, according to a report by a leading financial services…

[sayedhusaini]

How sensible is India's decision to evacuate only Hindus and Sikhs from Afghanistan? What happens if other countries also decide based on religious lines? Here is some data:

1.We contribute the most to immigrant population in the world. A UN report estimates Indian immigrant population at 18 million Indians living outside their country of birth. Mexico is a distant second at 11 Million and china third at 10 million. These 18 million currently live in Islamic or Christian majority countries.

2. According to a report by Ministry of External affairs, GoI, as of 2018, about 32 million NRIs and PIOs reside outside India. Of this, about 15 Million are living in Islamic nations. UAE, Saudi Arabia and Malaysia have 9 million Indians. If they decide to let only citizens from Muslim nations take jobs, we may have to prepare for 15 Million heading back to India!

3. Currently, about 0.5 Million students are studying in North America and Europe with the hope of settling down in those countries. If they decide citizenship based on Christianity as the chosen religion, what is the fate of these students?

4. What happens if USA with a 4.5 Million Indian immigrant population decides based on religion? If USA decides to favour Christian countries for impirts, we lose USD 50 Billion in exports. The FDI from US is close to USD 13 billion dollars. And the inward remittances to families in India is USD 12 Billion.

5. In the last three years, the inward remittances by Indians living abroad is about 248 Billion. That is about 18.5 Lac Crores; more than GoI tax revenues for a full year. The inward remittances into India in 2020-21 were 83 billion or 6.2 lac crores, which is 40% more than all the income tax paid by all of us! Can we give it all up?

6. Of the inward remittances, about USD 41 Billion or 3 lac crores comes from just the Islamic Countries. As a comparison, the total Own tax revenues(OTR) collected by Uttar Pradesh and Bihar combined in 2021 was Rs.1.56 lac crores.

7. India's merchandise exports to just 4 Islamic nations is USD 40 Billion. What happens if thse orders are given to a poorer but Islamic nation only? Say Pakistan! What happens to the exports, industries, and jobs in India?

8. Recent incidents have proved how inter connected we are. A custodial death in Bangalore of a Congo student destroyed much wealth of Indians living in Congo. An Indian connection in a scam meant riots in Durban and huge wealth destruction with 72 deaths, largely of Indian immigrants.

9. In April/May 2020, Islamophobic social media discourse from Indians put many Indians in UAE at risk of job loss and deportation. The clampdown and fear amongst Indians living in Dubai can be felt even today by NRIs there.

10. What happens if in an cricket match at Lords, all Indian immigrants (now British citizens) are charged with sedition and deported back for supporting India and heckling English players? In fact, this was suggested by Norman Tebbit, a conservative MP and called it a loyalty test for South Asians.

As a Hindu Majority nation we have much to protect - 35 million Indians; Inward remittances of 83 billion; Exports of 320 billion; FDI of 81.72 Billion. We should be champions of non discrimation based on religion. That is the only way we gain a foothold globally. Religion based discrimination works against us.

Understood? ..... Peri Maheshwer

[y-axisoverseascareers]

For an NRI, only the income accrued or earned in India will be taxable.

 The residential status of an individual is the deciding factor for working out income tax for Indian residents working abroad.  

 https://blog.y-axis.com/income-tax-for-indian-residents-working-abroad/

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[bigyack-com]

‘Global income of NRIs in India will not be taxed,’ says Nirmala Sitharaman - india news

Finance Minister Nirmala Sitharaman on Sunday said that the Centre has no intention of levying a tax on the global income of NRIs and only that income which is generated in India will be taxable.After the Budget on Saturday there was confusion about the tax liability of Non-Resident Indians (NRIs) on their global income. The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India, if he is not liable to be taxed in any country or jurisdiction. This is an anti-abuse provision since it is noticed that some Indian citizens shift their stay in low or no tax jurisdiction to avoid payment of tax in India, the finance ministry said in a statement.“What we are doing now is that the income of an NRI generated in India will be taxed here. If he’s earning something in a jurisdiction where there is no tax, why will I include that into mine that has been generated there?” Sitharaman said.“If you have property here and you get rent out of it, but because you are living there, you carry this rent into your income there and pay no tax there, pay no tax here ... since the property is in India, I have got a sovereign right to tax it,” the finance minister said in a post Budget interaction with reporters.“I am not taxing what you’re earning in Dubai but that property which is giving you rent here, you may be an NRI, you may be living there but that is revenue being generated here for you. So that’s the issue,” she added.“The new provision is not intended to include in the tax net those Indian citizens who are bonafide workers in other countries. In some section of the media, the new provision is being interpreted to create an impression that those Indians who are bonafide workers in other countries, including the Middle East, and who are not liable to tax in these countries will be taxed in India on the income that they have earned there. This interpretation is not correct,” the statement said.In an attempt to avoid any confusion, it has been clarified that in case of an Indian citizen who becomes a deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in the country unless it is derived from an Indian business or profession, the statement read. Read the full article

[thenewsme]

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[ajaysawhney001-blog]

Best NRI Taxation   in India       

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[dubaisetup-blog]

Let business consultant help you with quick License Renewal in Dubai

Tax-free lifestyle and world-class infrastructure in Dubai attracts every budding entrepreneur. The investor-friendly nature of Dubai is what attracts people to set up their business here. Once started an investor can grab immense opportunity to take the business to a global level.  

Dubai has an open economy and high per capita income and gives one 100% ownership on business. Dubai has cut-throat competition and the government is a little stringent when it comes to granting in trade licenses to NRIs and other foreign nationals.

You can easily get away with this arduous process with the help of the business consultants in Dubai.  These experts or business service providers assist clients across domains to meet their business needs.  

Professional services for license approval  

Depending upon the business category there are different types of trade licenses available in Dubai. Industry trade license is a must for people engaging in manufacturing activity.  If your business deals with import and export of goods you need commercial trade licenses. Else, you may apply for a professional trade license if you are into consulting or art or any other service sectors.

Getting approval for trade licenses is a daunting process because UAE Central Bank exclusively approves licenses for finance company formation while UAE Ministry ensures license approval only for setting up the pharmaceutical businesses.

 License approval is the daunting process requiring a set of documents and compiling all the authentic details of your business. You need to run around government and legal bodies and ensure there are no discrepancies with your documents.  

 Let Dubai Setup help you

 Dubai Setup is the top-notch company for the business set up services in Dubai. Their well-trained experts with years of experience in this field come up with quick and handy solutions for fast license approval and license renewal in Dubai.  Whether it is a free zone license, professional, commercial or tourism license, Dubai Setup has low turnaround time.

 Nurtured in the field of business services for more than 10 years, Dubai Setup ensures comprehensive help, prompt services, reasonable charges, quick results. Call today and share your concern!    

[accountingandbookkeepingind-blog]

Avail National Pension Scheme for Steady Income in the Old Age

Are you saving enough for your retirement? Are you looking for any beneficial scheme that will secure your old age? Then it is time for you to consider the National Pension Scheme (NPS), a popular pension plan for stable income after retirement.  

Why is NPS beneficial?

In India, NPS has created a big buzz because you can invest a very nominal amount on a regular basis. It means you can choose how much amount you want to keep aside for saving.  NPS is beneficial because it gives individual amazing tax benefits and high returns. You are free to pick your own investment plans. The scheme also gives you the flexibility to choose your fund manager.

NPS scheme is highly popular in India because Indians can access this scheme from any part of the world. The scheme is great for NRIs in Gulf countries as they are not allowed to stay there after retirement.  So after returning India post-retirement, you can have all the money you want.    

When you Subscribe for NPS you will get a total tax deduction of up to Rs. 2 lakh.  You can enjoy high returns by investing in various asset classes such as corporate bonds, equities, and government securities. It will you grab high returns on maturity depending on the volume of contribution.

Hopefully, you are now convinced that NPS is a beneficial and lucrative retirement plan.  Do not you want to sit and enjoy these benefits in your old age.  

If you are NRI in Dubai planning to subscribe for NPS, then take the help of e-Governance services. You need not visit India for reaping the benefits. Hire Alankit Management Consultancy, a top-notch audit firm in UAE, and you can track everything related to your National pension scheme (NPS) account online. Right from registration to investment and beyond you will get all the guidance. Contact them now!    

[accountingservicesindubai-blog]

File Your ITR with the help of Alankit audit firm

Submitting Income Tax Return or ITR is a very hectic job. There are many factors to consider like which ITR form to fill up - ITR 2 or ITR6 and others. Not adding up correct values or delay in filing ITR may lead to a hefty fine.

It is mandatory for NRIs in UAE to file ITR in India if the income is more than Rs.2, 50,000.  Accurate filing of ITR will improve your credibility.  You can easily establish yourself as a genuine citizen. Moreover, you can carry forward any losses during the last financial year by submitting ITR on time.  In addition, you can prevent loss of money or tax penalty.  

There are many audit firms in Dubai providing reliable, hassle-free and professional guidance to help businesses handle ITR and tax-related issues.  If you are confused about the correct procedure to file the ITR, you should consider hiring an audit firm.

If you are looking for a trustworthy audit firm for ITR relate services, then Alankit Management Consultancy is the best option for you. It is one of the top audit firms in Dubai, UAE for more than 20 years. It is popular for impeccable client services and apt solutions to solve issues related to income tax filing. You can also avail here tax accounting and auditing services. These services will also help you maintain true financial status and easily access bank loans when in need.

Alankit also helps with VAT, National Pension Scheme, document attestation and PAN card applications for ease of NRIs in UAE. Their services are reliable and affordable.  Hire Alankit Management Consultancy to stay tax compliance.

[shivanajain]

Be it an NRI or a Local Resident, any Individual with an Income that exceeds INR 250,000/- during last Financial Year is required to file an Income Tax Return in India.

[cafornri]

NRIs Tax Evaders in Gulf on Income Tax Radar

India’s efforts to track down NRI tax evaders could soon see officials monitoring the funding flows of nationals living in Gulf countries.

“Some of the leading Gulf cities such as Dubai, Abu Dhabi, Bahrain [Manama] and Doha are major financial centres that are increasingly attracting Indian money that is leaving Swiss banks”

“In many cases these funds reach Gulf cities in the form of seemingly-legitimate investments.”

Indian government has drawn up a plan to track the suspicious financial dealings of non-resident Indians in close cooperation with respective foreign governments.

The government has already posted eight senior IRS officers in newly-created income tax overseas units in countries like the US, the UK and the UAE as part of efforts to trace illegal funds hidden away by NRIs, breaking the NRI tax rules.

These tax officials will function from the Indian missions in Washington, London, Berlin, Paris, The Hague, Abu Dhabi, Cyprus and Japan.

“The expansion of information exchange network at the international level will help in curbing cross-border flow of illicit wealth”

“It’s a long enough time for most to cover their tracks and move money to safer destinations.”

Although there are no official figures on the illicit funds, estimates by various sources say the total amount could be in the range of $1.5 to $2 trillion (Dh5.5 to Dh7.4 trillion). A significant portion of this money is believed to be in Switzerland.

Despite the new tax treaty India signed with Switzerland, analysts say it is unlikely that the Swiss banks will give away any details of the coded accounts that existed prior to January 1, 2012 when the treaty came into effect.

Analysts say India’s war on black money is likely to be a damp squib as many of the cross border fund movements are within the existing regulations.

A typical transaction to move money from Switzerland involves buying a shell company in a tax haven. Under the liberalised remittance schemes Indians can make investments up to $200,000 a year per person. This allows the Indian resident to hold shares of a paper company while having an account with a bank abroad.

Then the illicit money in coded accounts can be transferred to these companies in the form of trading income or earnings from consultancy services. The money can eventually flow back to India in the form of a legitimate foreign direct investment or portfolio investment.

With hundreds of thousands of NRI-owned businesses in the Gulf and the Far East, NRI tax evaders could use these businesses as conduits to escape the prying eyes of the taxman.

[alankitlimited-blog]

Why it is important to file ITR on time?

Why it is important to file ITR on time?

The income tax department has made the process of filing of Income tax return extremely convenient for taxpayers by introducing the online facility. This e-filing facility is speedy and accurate, and provides convenience not just for local residents in India but non-resident Indians (NRIs) as well.Tax consultant Dubai and authorised intermediaries offer services for electronically filing I-T returns on behalf of taxpayers, under the Electronic Furnishing of Return of Income Scheme, 2007. A registered e-return intermediary, Alankit Limited has over 13 years of industry presence in the UAE and offers professional ITR filing services.

When should taxpayers file their returns?

The last date of filing of income tax return (ITR) for a financial year, say, 1st Apr 2018 to 31st March 2019, is 31st July 2019, unless extended by the I-T department. Taxpayers can e-file their tax returns any time before the specified date.

Avoid penalty

If taxpayers do not submit their income tax return (ITR) on or before the deadline, they are liable to pay a penalty of up to Rs 10,000 for late payment. If they file their returns after 31st July and on or before 31st December, they are required to pay Rs 5,000 as a penalty. Also, in case taxpayers file their returns after 31st December, the penalty levied on them will be Rs 10,000 which is applicable for those who have taxable income of over Rs 5 lakh. If the taxable income of taxpayers is up to Rs 5 lakh and they have delayed their ITR process, they must pay a penalty of Rs 1,000.

Avoid one percent monthly interest

Besides the penalty stated above, taxpayers must file income tax return (ITR) in order to avoid additional interest charges. By not making timely payments and having tax dues, taxpayers need to pay 1 percent penal interest on the tax amount which is due. This is in addition to a higher penalty of Rs 5,000 or Rs 10,000, whichever is applicable.

Avoid last-minute hassles or stress

Although the online facility makes things a lot easier for professionals, yet, the task of e-filing should not be done at the last minute. This is because the chances of errors or missing out on one or more tax savings which were due to you could become higher. Moreover, a taxpayer gets enough time to arrange relevant documents viz. TDS certificates, loan repayment statements, interest certificates, Form 26AS, etc. Also, one should try to e-file early in order to avoid heavy website traffic.

Avoid mistakes

work to support taxpayers who usually tend to make mistakes in terms of overlooking income, extra tax paid or missing important tax benefits. Revising the returns after the due date is not possible. Such mistakes can often result in fines imposed by the IT Department or loss of tax refunds. Thus, taxpayers must ensure they file their well in advance so that they have sufficient time to file the revised returns any time before the end of the current financial year. This means, if a taxpayer has filed his or her returns by 31st July 2019, he or she can file the revised returns any time before 31st March 2020.

Avoid interest loss on refunds

When taxpayers file within the due date, the interest accrued on refund would be calculated from 1st April of the Assessment Year to the date at actual processing of refund amount is done. But, in times of late filing by taxpayers, the interest would be computed from the actual date of filing up to the date at which refund was processed. This would result in interest loss of about four months from April to July leading to a substantial loss in case of large tax refund due to a taxpayer.

In order to ensure financial discipline, it is highly recommended to file income tax return well before the specified due date.