Double Tax Avoidance Agreements ( DTAA ) How NRIs Can Be Benefited ? By CA Sriram

[@MiteshSura]

Like how Dr Bhatt frames the question in such a manner that makes it easy to digest for his audience.

[@SV-go5ue]

Good one.. can you please cover dtaa between US and india for capital gains and speculation gain. Thank you... I started loving this channel so much... Watching all the past ones one by one.. great source of info for all NRIs....

[@bebep5725]

Crystal clear... Thank you to both 🙏

[@diamondadatiacpa]

VERY WELL explained basics of DTAA, and how it works and why! 😀

[@veerpumbnani2902]

Can u pls make one specifically for USA in this topic so we know exactly

[@rajnijahya]

Thanks a lot for such informative video. Sir I request to make seprate video about the provisions of DTA between India and Canada, US and UK where most of our people are settled.

[@jomonart2140]

Please add India and Japan

[@pradeeprajakumar3415]

Rajni you want all things for free ? Do you think they are fools to tell all things ?

[@NRIMoneyClinic]

@Rajni, @ Pradeep .. we promise to do these videos . But it will take time

[@rajnijahya]

@@NRIMoneyClinic Thanks Sir.

[@TravAlligator]

@@NRIMoneyClinic Thanks for this great video. I've a question: If I own a property in Dubai that generates AED 100,000 annual rental income and I remit this amount to India where I live, then how much percent is the income tax I have to pay on this rental income. Can you explain please?

[@exploringthegreatwhitenort6196]

Hi Sir , Can you please make a video abt tax treaty between Canada and India to avoid double taxation.These videos are so informative!

[@trivikramjayacham8337]

In Switzerland the global income is taken in account to determine the rate that impacts the swiss income whilst india too does TDS. in this case what can be claimed/deducted as double taxation in Switzerland

[@sriramrao2514]

It seems that you are tax resident of Switzerland. In this case, on Indian income, if you have paid taxes in India, when such income such income is added in swiss, taxes paid in India can be claimed as credit against the taxes payable in swiss.

[@trivikramjayacham8337]

@@sriramrao2514 thank you. Would TDS for capital gain on mutual funds in India can also be claimed as credit against taxes payable in swiss

[@YourRightSide]

india and US have different financial calendar, how it works when you already paid taxes in india.. do u report a year late to US?

[@vidyeshjain]

thanks for the nice video. I have following questions 1.In your example, if i don't transfer the money generated in India to UK, will it still taxed in Germany? 2. do we need to declare only interest generated (gains) or complete income . example. I do FD of 5 lakh rupee of 5 years and got 7.5 lakh after TDS. do i need to show 2.5 lakh as my income or complete 7.5 lakhs 3. do we need to declare income earned from NRE FD As well which are not taxable in India? 4. how about PPF maturity amount? do we need to show this income as well? 5. how about ULIP plan which are now a days attracts 10% Long term capital gains? 6. how the income are taxed in country of residence? example There is something called 25% tax in germany for capital gains but rental income are taxed as per progression law.

[@jatin201996]

Hi vidyesh, did you got your answer to first question?

[@pvmahidhar6485]

Sir, it's a good session to enhance our knowledge. Sir, can you keep the session for NRI staying in the USA OR Canada doing an investment in Indian mutual fund?🙏

[@ushaathavale5518]

My daughter in Aus citizen.She has PPF account in India. The account will mature in March 2024. What will be the Taxability in AUSTRALIA

[@SkiNett]

One question: I am an OCI settled in India as an Indian Resident. I hold stocks in a foreign country which has given me the citizenship, if I leave the shares in the foreign country without collecting any dividends etc but just for pure compounding, will I be taxed in India if and when I liquidate my shares at some point in time and want to transfer funds back to India ? Assuming that I would have been already taxed for capital gains in the foreign country when I liquidate those shares ?

[@sriramrao2514]

At the time of liquidation of shares, if you are a ordinarily resident in India, then you will be liable to tax on such liquidation. We need to see the DTAA and come to the conclusion as to how the said income can escape the rigorousness of double taxation. Under most circumstances, India being a country in which you are a resident will give you credit for foreign taxes paid as per DTAA.

[@veenasinha6622]

Appreciate your very informative talk🇬🇧

[@ramanaparasa8314]

Good one. Just wondering if a NRO or NRE has an in income within the ceiling and any tax in India is claimed back via ITR, does it come under DTAA? Does the tax to be paid in foreign country? Any idea?

[@fahkar1]

If an NRI resident in UK sells an agricultural .plot in India, there's no capital gains tax liability in India. Will that capital gains be liable for tax in UK .

[@cvdongre]

I am NRI settled in USA. I am 78 years old. I earned rent on my flat in Mumbai about Rs.4 lack p.a. In USA I pay about $500 tax every year based on my earnings due to some consultation work. In India I am paying only TDS on interest earned in Bank deposits. I wish to start sending every year Rs.10 Lakhs each to my two daughters,one in USA & another in UK. How much tax I will have to pay every year in India?

[@kaustavronnie]

Please let me know Dta between Malaysia and India

[@abin193]

Very helpful. Crystal clarity✌️

[@girijeshmehta6816]

Sir I have got question I am OCi holder and I have invested in India and now UK government asking for CGT what should I do

[@babulalmaher5458]

I have a question, I am an NRI and doing online business with India, How would double Taxation work. Please can you give some info on that. Thanks, Babulal. Maher.

[@sriramrao2514]

Business in India and business with India etc., requires lot of fact findings and hence taking proper consultation would be advisable

[@sachinadyanthaya6102]

If NRI intends to sell long term residential property in India, other country (lets say USA) does not allow indexation of cost which is allowed in India then how to report long term capital gain in USA? For USA can we claim indexation of cost because property is situated in India?

[@dispelDarkness_21]

Thank you sir for the wonderful conversation. I have a question: Till a person completes 240 days in a foreign country, can he or she continue to invest in MF with repatriated money? OR should there be an NRE account?

[@sriramrao2514]

For this purpose residential status as per IT Act does not apply… you need to check residential status under FEMA… watch video on ‘when an person needs to close NRE NRO account’ to understand rules of residential status under FEMA…

[@PhirBhiDilHaiIndian]

I am an OCI holder in US. Preparing and sending 10F form, PE declaration, tax residency and all host of docs (some need self attested and some don’t and the PE declaration format is different for each company) to each company that pays dividend seems to be a nightmare and daymare. My Indian income do not exceed the taxable income that I have to pay tax. I am thinking to just pay the US tax without taking tax credit and apply for a full tax refund in india. What are the pros and cons of this approach? It would have been better if the DTAA docs were to be submitted to one authority like depository and have companies check for the status ( anyway they are already doing this to know how many shares people hold to determine the dividend) there and apply the respective TDS withholding.

[@sriramrao2514]

You can do that… it would be better as you would be complying with filing of return of income in India and thereby normal TDS rate would apply on you at 20% rather than 40% because of application of 206AB…

[@yellowNred]

Thank you for sharing ❤️🙏🇮🇳👍

[@investfoxy]

Does this only applies to NRI's? What if a resident of India earns income from US that is tax deducted already in US? Will have to pay tax in India too?

[@indiabulls1986]

how does dtaa applies on nps lump sum withdrawal which is tax free

[@DevendraGuptaProfile]

i have same question

[@simararora1867]

Can you please preparw a video for DTA and taxation between Poland and India? If I have only bank interest and couple of accounts in India, will I be taxed in Poland?

[@sriramrao2514]

Yes… it would attract tax in Poland… consult a tax advisor in Poland to take necessary measures to avoid double taxation of same incomw

[@simararora1867]

@@sriramrao2514 thanks for reply sir.. one more question please.. if i have come here in dec 2023, the financial year is fro. Jan to dec here.. so i got salary for only few days i poland which does not make me resident here.. so does the above statement of yours still hold true for Poland?? I think i will have to declare my salary in india as i will fall under residence in india due to the number of days of my stay

[@simararora1867]

@@sriramrao2514 would appreciate ur quick response Sir as the last day to submit tax here is 31st April

[@sriramrao2514]

@@simararora1867 what you say is right… that’s why facts have to be fully conveyed only then correct answer will come… meanwhile salary earned in Poland will get taxed in Poland as well as in India and in India as a resident you need to take foreign tax credit…. If you have any more queries in this regard take a proper professional consultation

[@rrdkirori]

Great sir. What if no Double Tax treaty

[@ashokjoshi5254]

Sir, very nice information. However, please explain if a person is a resident in two countries.

[@sriramrao2514]

There is a tie-breaker rule in every DTAA as per which it would be decided about where the residential status would be....

[@shareknown]

Nice explanation... Once the person returns to India and he is loosing NRI status so NRE account need to close. The person stayed in India for one year period and later he got job in abroad, in that case he may required to open new NRE account or he can change back the previously closed NRE account, what will happens to previous earned forgin income, whether is it reperitable , please explain

[@frankbhasker9942]

Do OCI card holders come under the same rules as NRI’s. Thanks

[@NRIMoneyClinic]

Yes ,mostly

[@ddutta541]

A Seafarer, by the virtue of being outside India for more than 183 days/year is considered to be NRI but with no permanent residential address abroad. Could you explain why nearly 32 % (30% + cess/ other) is being levied TDS on income distribution payouts ( Example : AXIS RERA OPPORTUNITIES FUND - I) under the section 194LBB. Is there a way to get NIL or reduced TDS certificate in this case ( A NRI seafarer) . Your help on this issue to reduce the tax shall be highly appreciated. Thanks

[@sriramrao2514]

U/s 194LBB, the rate of TDS is prescribed and hence they deduct at that rate… It is possible to obtain non-deduction or lower deduction certificate, however it has its own rules and takes time as well… if the TDS amount to be deducted is not substantial, then it is advisable to claim refund by filing return of income

[@rdreddy]

i have assets in india , produced rent, I filed & paid taxes regularly in India last 15 years, and I showed the same in the USA taxes also, when i bring that money to USA, do i need to pay taxes here?

[@Kailashyadav14]

which article and para we have to mention in W8-BEN form for 401 K withdraw from INDIA?

[@arunrmyt]

Claim of Tax Treaty Benefits (Complete if claiming treaty benefits) "USA TO INDIA" __________INDIA__________ Special rates and conditions (if applicable-see instructions):*The beneficial owner is claiming the provisions of Article and paragraph of the treaty identified online 9 above to claim a ________ % rate of withholding on (specify type of income) Explain the additional conditions in the Article the beneficial owner meets to be eligible for the rate of withholding: ___________________________

[@panibatlaneetha4944]

Sir how much TDS to be deducted for a doctor staying in USA but providing his services remotely in India

[@krrish47]

On double taxation, one country charges say 10% of income, but as in india it may be more.. so will there be tax of income in foreign be reassessed and charged against Indian income limits and show some amounting owed?

[@sriramrao2514]

If you are a resident of a country which charges 10% & on same income India has already collected taxes in excess of 10%, then in the country of residence, you need not pay any extra taxes... However, necessary compliance to claim this benefit has to be carried out in the country of residence as per law of that land...

[@KiranKumar-gg7ff]

Hello Sir, much have been learnt from your videos and very informative and very helpful. Have a query: Now i have got an email from IDBI & TATA STEEL regards to the dividend payout and the with following documents required to avail the DTAA benefit. They are requiring Tax Residency Certificate for financial year 2024-2025 When i tried apply, the period i can avail the TRC is upto date only. could you advise on how to go about it or should i wait until this financial year completes and then apply and share it with IDBI?

[@brijeshansal7903]

Hi, can an OCi holder(forien passport )accuire inheritance agriculture land? Is it possible in agriculture land ?if yes then income generating from agriculture will go in NRO account and where i have to pay taxes?What is the process pl. Guide thanks.

[@kamymehta]

Does US return filing for 1.1.22 - 31.12.22 need to mention advance tax paid on indian income or self assessment tax details in india?

[@CSim50]

My husband is a UK citizen and getting taxed at source 40% on his doctor's pension in UK. He is 80 yrs old now and wants to spend more time in his country of birth in his last years. If he becomes a ROR/ IR; then will be taxed in India too on his taxed pension?

[@sriramrao2514]

Probably yes, but there certain specific pensions which would not attract tax in India, it depends on facts and circumstances… however even if it gets taxed in his hands as a resident, he can claim foreign tax credit in India for taxes paid in UK and there may not be any ultimate tax outflow and there can be only compliance work/procedure to be followed year on year…

[@candlestories_nt]

Thank you somuch sir. Very informative. I hav a question. I m earning from eabroad and a portion of fund is using to invest in Indian share market. Will it be taxable every year or while liquidating only I will be taxed?

[@hashbaby82]

What is the DTAA with singapore for RNOR receiving Singapore salary and will it be taxed in india..

[@rambond7539]

What are all the countries India has DTAA agreement?

[@NRIMoneyClinic]

A Lot . Please check the list on google . Please subscribe and keep sharing the videos

[@chinmaypasupalak7190]

Hello and thanks a lot for the informative video. I wanted to know if one maintains only nre accounts in india (fd and Rd) and the interest earned is not taxable , does a case of double taxations arises here?

[@sriramrao2514]

Its exempted in India in the hands of NRI, so not taxable in India. However, in the country of residence, the same income would be taxable as per the law prevailing therein. There is no double taxation in this regard...

[@AzharGhumakkad]

If a NRI wants to buy crypto from his NRE Account from foreign exchange then will he/she pay tds and 30%tax as capital gain???.need clarification regarding this ?what our fema law says about this ?

[@sriramrao2514]

NRI, making investment outside of India from NRE funds are neither governed by FEMA, nor by income tax act... however, if such investment from NRE funds is in India, then there would be tax liability as applicable...

[@girijeshmehta6816]

How it’s helping oci people in Uk

[@technofilian]

Thank you for this nice discussion. But I have a question. If I earn money in other country and transfer some to my NRO account. I will be charged 30% on my interest. Irrespective of DTAA, isn't am I liable to pay the tax on my interest? Since I am getting some interest on earned money? DTAA will help me to avoid that tax on interest?

[@sriramrao2514]

There is a video on How to reduce taxes on Interest and dividend in this channel... You can watch them and be guided...

[@myapp1930]

Great explanation!!

[@UnitedKingdomMountainMan]

Sir what about the income earned in india which is less than non-taxable threshold from income tax, If someone is from UK and also holding the UK citizen.

[@sriramrao2514]

That will be taxable in UK…

[@RiteshRameshSanghavi]

Thank you for an excellent session, very informative. I have a question regarding an agricultural income in India. Firstly can NRI have an agricultural income from ancestral agricultural land and if so what are the tax implication under DTAA (my understanding is most agricultural income is exempt in India), would it be taxed in US or Australia for example.

[@sriramrao2514]

1) Yes he can have agricultural income from ancestral property... 2) Agricultural incomes are exempt in India as per Indian Income Tax Act.... one need to consult tax advisor in country of residence (US, Australia etc..) to see whether such agricultural incomes earned in India taxable there...

[@sangeetadeshpande9113]

Can you make video on US social security

[@kamaleshmishra9923]

Sir you said that DTAA will overide if there is any confliction between Domestic Income Tax Act and DTAA. But in my opinion, as per section 90 of Income Tax Act, whatever is more beneficial to the tax payer is applicable to the tax payer. So DTAA does not overide always Income Tax Act. Am I right sir ?

[@sriramrao2514]

Conflict does not mean different provisions as such… if different provisions then assessee has right to choose the one which is more beneficial… conflicting provisions means, say for TDS obligation PAN is mandatory as per domestic law, without which TDS would be deducted at min. 20% or such higher rates… for a non resident while accessing DTAA to avail rate of TDS as per DTAA, the DTAA doesn’t make PAN mandate… this is a conflict… at such circumstances DTAA provisions will override to say that to access DTAA PAN is not mandatory… otherwise domestic law or DTAA provisions, whichever is beneficial can be applied by assessee

[@d.u.farooque786]

Thank you

[@rohittrivedi8544]

How income tax when USa citizen sells inherited house? How income tax handled when USA citizen sells inherited house

[@NRIMoneyClinic]

There are detailed videos on sale of Immovable Properties on this channel. Please watch and be guided

[@sunbun5233]

If somebody has NRE account in india and earning interest, since in india it's tax free will that be taxed in USA. Second question due to inflation the amount of interest is really not income but a loss so if still taxes need to be paid in USA

[@sriramrao2514]

1) yes, it will be taxed in US… NRE is tax free only in India 2) yes

[@sathishkumarshanmugavel673]

Sharing of tax related information- does this happens automatically through any system or on request from another country government? Kindly please clarify

[@sriramrao2514]

This depends on policies of each country with India. It is happening both ways, automatically as well as manually as of now.

[@somsamanta3498]

Thank you for a great video. As an NRI, residing in Canada (Canadian passport with OCI), there will be Long Term Capital Gains tax upon the sale of mutual funds or stock + TDS. Do I get the TSD back while tax filing in India due to DTAA? How does it work? Kindly advise.

[@sriramrao2514]

I think you have LTCG from Indian MF and TDS has been deducted thereon. As the LTCG income is sourced in India, you are liable to pay tax in India and if any excess TDS deducted, then you might get refund. But to get refund, you need to prepare and file return of income for the year in which you have earned LTCG.

[@jomonart2140]

@Som I am also in Canada and want an OCI - how long is the application process approval for you?

[@jayakumarramachandran733]

@@sriramrao2514 Is it correct to assume the same for real estate LTCG? Kindly clarify P.S: You are doing an excellent job in all your appearances in this channel. I wish you even more success and prosperity. Mr Bhat to be appreciated for his very apt and concise dialogues, he has with you in all the episodes.

[@rahulvarma2100]

@@sriramrao2514 That means Canada do not have agreement with India specific to capital gain taxation from mutual funds? Canada agreed to have investor taxed in India if he he made profits out of (equity) mutual funds ?

[@sriramrao2514]

@@rahulvarma2100 yes.. correct

[@msudhakartube]

Thank you for the video. I have FD in NRE account and it is reinvested upon maturity. For the tax purpose on USA, how do I calculate interest as there is no form 19 for each year? Can i show this interest at the time realizing interest or I should calculate every year and file it??

[@sriramrao2514]

You need to obtain interest certificate from the respective banker every year and then as per USA tax laws, pay the tax on the same. Please make sure that, in India fiscal year starts from 01st April and ends on 31st March, however in USA fiscal year is a Calendar year starting 01st January ending on 31st December... Hence, proper proportioning of interest may be relevant...

[@yashesh5]

you need to file it every year. Ask you bank for yearly interest statement

[@CometFire2010]

@@sriramrao2514 does the same American rule applies to Singapore NRIs when it comes to dtaa on NRE FD or pay 15% on FDs in india?

[@sriramrao2514]

@@CometFire2010 NRE interest will be exempt in India only in the hands of non residents… in country of their residence, NRE interest will attract tax as per domestic tax laws therein

[@CometFire2010]

@@sriramrao2514 if so, when does 15% tax on interest happens due to FD? Is it only for NRO FD?

[@practicalknowledgeyt]

Decisive informative video.

[@satyam.shivam.sundaram]

Good discussion 👍

[@NRIMoneyClinic]

Thank you for your feedback . Please subscribe and keep sharing the videos

[@kaujee]

@anyone, can anyone please suggest me which form to fill out to get TRC in India so that I will get tax exemption in China? Thanks!

[@sriramrao2514]

To get TRC in India, you need to apply in Form 10FA manually to your jurisdictional assessing officer, who will issue TRC in Form 10FB

[@venkatasatyanaraynasanapal1225]

Please inform whether any DTAA is there between India and USA.

[@NRIMoneyClinic]

It does exist

[@128a51achd]

I need your help in understanding more clearly how & what steps I need to take while filing ITR in India & USA where I am currently employed after graduation. Before coming to USA I had invested in shares in India & was getting Dividends/earning LTCG from sale of shares. I still continue to earn Dividends & also sell shares as everything has gone online. Further, I am regularly filling ITRs in India & USA by mentioning my residential status as an NRI in ITR and paying TDS & Income-Tax as applicable in India. Now, please advise whether I need to mention such details ín USA while filing my returns there, even when I am not repatriating any money from India to USA or vice versa. Secondly, should I inform Indian companies where I own shares about my residential status, as well as do I need to fill certain specific Scheduled in Indian/US ITRs. Thirdly, if I am not sending any money from Ìndia to USA after paying taxes/TDS in India, do I still need to file details under DTAA in Indian & US ITRs. Kindly advise & explain in simple terms/ words for which I shall be thankful to you. Regards & Thanks in advance.

[@sriramrao2514]

1) if you are NR in India and R in USA, Indian incomes will get taxed in India and it is will also get taxed in USA, hence you need to declare this income in USA also irrespective of the fact that money is not moved from India to USA… while declaring Indian income in ISA, you can claim taxes paid in India as credit in USA……. and as you are NR in India, all your bank accounts must be converted to NRO compulsorily and depositories which are having your demat also must to informed to convert resident demat to non-repatriable PIS demat linked to your NRO…

[@128a51achd]

Thanx for your kind revert. I am filling my Indian ITR2 of my own. Please advise: 1. Do I need to take care of some schedule, in specific, while filing ITR2 so that ITR becomes DTAA compliant. 2. How details of dividend income and LTCG is to be accounted for in USA as the FY in USA is from January- December, whereas it is from April - March. As understood LTCG isn't taxed in USA. Do I still need to convey details of LTCG details in my US-ITR. 3. Sir, have you uploaded some video/Interview/discussion wherein all these topics have been covered. 4. Shall my DPs incorporate the necessary status updates (from RI to NRI) based on my mails, as I shall not be able to Gabbert to India in near future or should I simply send them an email. 5. Am I also required to inform all companies where I hold share to change my status to NRI in their records. 6. Is it legal to operate Demat Account ín India, online, while I am based in USA as an NRI. 7. If my income in India is less than 2.5 Lakh and no Income Tax is paid in India, do I still need to declare details in USA & shall my Dividend income be still taxed even when no Incinerator Tax is charged in India. I shall be personally obliged for your clarifications. Regards

[@NRIMoneyClinic]

You need to engage a professional. We have limitations to advice you over social media

[@ramyashetty5010]

Very well explained, Thank you Can you please make a video about DTAA between India and Ireland According to my understanding If we have an NRE FD we should pay the tax when the amount is being repatriated to Ireland upon maturity is that correct?

[@NRIMoneyClinic]

You need to check this issue with you chartered accountant in India and their counterparts in Ireland. Please subscribe and keep sharing the videos

[@yashesh5]

no. You are liable to pay tax even if you DO NOT repatriate this amount to ROI. Since it has accumulated interest in your NRE acc, you will have to declare this in your yearly tax as foreign income in ROI.

[@deepakjhurani4840]

How about NRE FD interest, this is exempted from tax in India, will this be considered in the taxable income of the Indian citizen but resident of another country ( Canada for example) ?

[@sriramrao2514]

Interest from NRE is exempted as per Indian domestic law… it would always be taxable in the country in which one is a resident as per the tax laws of that country

[@estherfernandes4391]

Sir if a non resident wants to claim tax credit on the income taxed in India. How will he do so. What will he require to have

[@sriramrao2514]

Check out with your tax consultant in your resident country… procedure will be different in different countries

[@sachinvyas5379]

If I worked in tax exempted (Fellowship income) for 4 months in india and moved to sweden. In Sweden i worked for 5 months in a financial year and also had tax exempted (Fellowship in sweden). Can you please guide me how to file an ITR if i am a resident of india in this period? I have 2 year residence permit in sweden and have a document showing that i will get tax free fellowship.

[@sriramrao2514]

These incomes will anyway exempted and needs to be declared as exempted in return of income... but based on other taxable incomes you may file your return of income...

[@skandavel1984]

My employer pays my offshore allowance in INR and deducts the equivalent from my onsite UK salary after tax. Can I claim the UK tax deducted for the equivalent amount paid in India?

[@sriramrao2514]

If u are paying taxes in India on receipt of allowances, then to that extent, DTAA or domestic law may allow such claim

[@skandavel1984]

@@sriramrao2514 Thank you

[@santhoshpubg2130]

Everyone talks about agrement, law, blah, blah.... But nobody gives step by step guide how to apply in income tax portal 🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️

[@sanjaysehgal7788]

If a person moves to USA from India after 183 days stay. Does he need to pay TAX in India for salary earned in USA (nov 2022 to March 2023)?

[@sriramrao2514]

Yes… he has to… but he can claim foreign tax credit in India of taxes paid outside of India, when he declares income earned outside of India. Thereby double taxation of same income in 2 jurisdictions are avoided

[@ideaminegroup1766]

Indian income is taxed in india and usa income is taxed in usa …where is global coming from

[@sriramrao2514]

It is not simple as u stated… please watch the video fully… it’s clearly explained the concept of country of residence and country of source and distribution/allocation of taxing rights to each type of country… Country in which one is a resident, has a right to tax income of such person earned in that country as well as earned outside that country, this is called taxation of global income… If one is resident of US and has income in India, US has a right to tax, not only US sourced income, but it will also tax India sourced income…

[@swaderbangla]

Hello Sir, How to change status and address of pan card as a nri and is it beneficial? Thank you

[@sriramrao2514]

You just need to file for correction of existing PAN address and residential status thereon. It would be updated...

[@philipmathew3610]

If NRI presently citizen of usa sells land in India and pays full tax in India and he repatriate money to his account in usa whether money will be again taxed in usa.

[@NRIMoneyClinic]

You need to check with your CPA in US

[@sriramrao2514]

Yes, it would be taxable in USA and in US, Tax credit can be claimed for the maximum of taxes paid in India… consult a CPA in US for more compliances

[@nikhilgujar]

Time difference due to Jan-Dec n Mar-Apr not clear

[@sriramrao2514]

Invariably the income needs to be bifurcated proportionately, if the same can not be bifurcated based on the date of accrual and declared according the period-wise in respective year in respective country... say interest income earned for FY 2020-21, in US declare 3/4th in 2020 and 1/4th in 2021. However, if the income can be determined based on the date of arisen or accrual, the same can be declared based on such date as applicable in respective countries - say capital gain has arisen in January 2021, then in US, declare the same to year 2020 and in India in FY 2020-21 and if it has arisen in April 2021, in US declare it to year 2021 and in India declare it to FY 2021-22.

[@donnap9263]

How to and Which web site apply DTAA? Sir please inform us.Thank you

[@sriramrao2514]

I didn’t understand your question… if you are asking for source of information, then you can check official income tax website in which all double tax treaties are available

[@futureadvice]

Hello Sir, Please answer my question. Due to not crypto friendly atmosphere in India My brother is planning to take a investor Company license in UAE and will trade online business Through his company over their by issuing proper invoices. Since the work can be done online so he will stay in India and will visit sometimes in a year over there. He will take TRC and Audit report yearly which can be submitted in His ITR 2. Now my question is will he liable to pay tax in India? If yes than what else he need to do so that he can save taxes? Please guide mam 🙏

[@sriramrao2514]

Since a company is involved, it would be relatively a complex situation and the trading in crypto may also be a problematic situation in future. Hence, it is advisable to take proper consultation, because the scenario is not simple as it looks...

[@lasso9959]

Hello sir I am come from ivory Coast and I has been living in India here for 5 years now as a student. Am I a resident of India or always non-resident of India? Because I planning to open business in India here now.

[@sriramrao2514]

For tax purposes, you are resident in India from past 5 years as you stay here..

[@lasso9959]

I selling agricultural raw products online brought from my country , which GST do I need?

[@amreli1000]

I have a business in germany turnover less than 5Cr and i am planning to come back to india on Dec 2024. for next three year, i will have RNOR status because i am living in germany since 2014. I will run this german company from India on year 2024-2025 and 2025-2026. i am planning to deregister this german company on dec-2026. after that i will register new company in india and run company from india itself. my question is: 1: do i need to show this german company income in ITR return ? since all taxes has been paid according to german tax rules in Germany. 2: do i need to pay tax in india again since this company is controlled from india and Place of Effective Management (POEM) is also in india ? 3: for Place of Effective Management (POEM) for foreign company there is a limit of 50CR turnover, if foreign company controlled from india has a turnover less than 50Cr than it is always non-resident in India, (Circular No. 8/2017, dated 23.02.2017) can anybody answer this question

[@ideaminegroup1766]

What’s this global income

[@cute_Animals0911]

being a German tax resident, can i get take benefit of no tax for Indian income upto 2lk 50k (e.g from interest income)

[@sriramrao2514]

Yes, you can, provided you do not have any other income in India.

[@AbhishekRamesh1]

Very valuable channel. Thank you. 🙏

[@prashantb8281]

Chana ide guru

[@satpalsaini8732]

Sir , can you confirm that my son is Australian citizen and getting rent from one property in india and how his income from rent will be treated in Australia, thanks

[@MyJaipurCa]

Hi how much is the rent

[@satpalsaini8732]

@@MyJaipurCa 50 thousand per month

[@MyJaipurCa]

What is the residential status as per india..

[@satpalsaini8732]

@@MyJaipurCa AUSTRALIA CITIZEN

[@MyJaipurCa]

@@satpalsaini8732 how many times he came to india in last 10 years

[@paediatriciandoctorzahidhu8360]

Hi Sir plz advice for me, I went to UK for doctors job and earned salary and paid income tax in UK on salary.. Also sent some money back India.. I returned back within 4 months to India.. Please advice me do I need to pay tax in India on returned money to my bank?

[@sriramrao2514]

You will have to pay taxes on entire earnings in India also, because in 4 months, you will not be considered as NRI... hence, as a Resident global income will attract taxes. Of course, foreign Tax Credit (FTC) can be claimed on income getting taxed doubly. However, FTC can be claimed only if return of income in India is filed within due date i.e. 31st July 2022 for FY 2021-22, along with necessary form to claim FTC.

[@surendrabarsode8959]

Excellent video! Thanks. however, there is one doubt- What happens if a NRI has some income abroad but is not liable to pay tax as it is below the taxation threshold in the country. Will that income be treated as global income and added to the Indian income for tax purpose? Please advise.

[@sriramrao2514]

Yes.

[@kiranraval9574]

if any one has FD in NRO a/c paying Auto Tax Deduction At Source by bank to Indian Tax Dept yearly basis 1.. is exempted by US? 2. want to close official NRO a/c n transfer to US a/c from India what is procedure,? what is transfer amount limit

[@sriramrao2514]

Ans 1: By default, interest income from neither NRO nor NRE/FCNR is not exempted in US. All these incomes are taxable in US and US may give double taxation relief by giving credit for taxes paid in India which is called as Foreign Tax Credit. Ans 2: There is a video on this kzbin.info/www/bejne/hHrJmJaHr9SEpsU

[@ParveenKumar-ek7uf]

Not true Nr whatapp, not correct.

[@NRIMoneyClinic]

Very much correct. First save thr number on your phone and then check on WhatsApp

[@ParveenKumar-ek7uf]

@@NRIMoneyClinic have done Sir but not working.🙏

[@rsgauba7401]

1. DTAA language is difficult to understand. 2. Why issues related to residence come. 3. PPF a/c opened prior to becoming NRI, interest earned on PPF will it attracts TAX in US. You may agree that PPF a/c can not be closed prematurely. Will it be possible for you to reply.

[@veenasinha6622]

Appreciate your informative talk. Great 🇬🇧