Different type of bank accounts for NRI in India – NRO, NRE and FCNR

Reserve bank of India allows a Non resident Indian or NRI to open and maintain different type of bank accounts in India. These bank accounts can only be opened with a bank which is authorized by RBI to deal in foreign exchange. Only NRO saving account can be opened either with a bank or post … Read More » "Different type of bank accounts for NRI in India – NRO, NRE and FCNR"

How to open a bank locker in India – Certain things to keep in mind

Bank lockers in India offer option to safeguard things like jewellery, cash, diamond and other valuables. Bank can not deny a customer for locker facility. Even, you are not required to be an existing customer of the bank to get locker facility. To get a locker, the person has to fill up an application form and … Read More » "How to open a bank locker in India – Certain things to keep in mind"

What is NRO saving account for NRI in India – Features and Documents

Non resident ordinary or NRO saving accounts in India can be opened by any non resident Indian or a person of Indian origin who is settled abroad except residents of Nepal and Bhutan. NRO saving accounts are specifically allowed when a non resident Indian have Indian income like rent, dividends or pensions etc that they … Read More » "What is NRO saving account for NRI in India – Features and Documents"

Proposed major changes to tax laws in budget 2014

Today on 10th July 2014, union budget has been introduced in parliament by our finance minister Mr. Arun jaitely. Below in this article we have highlighted major changes that are proposed in this budget in income tax, services and other indirect tax laws. Highlights of major changes in Income tax Basic exemption limit below which … Read More » "Proposed major changes to tax laws in budget 2014"

How to set up a CA Firm or chartered accountancy practice in India

CA Firm or Chartered accountancy practice is one of the lucrative professional practices in India. Today, chartered accountants are recognized as professionals with robust knowledge of accounting, taxation, audit and other financial subjects. In this article we will be discussing the provisions and requirements for setting up a CA firm or chartered accountancy practice in … Read More » "How to set up a CA Firm or chartered accountancy practice in India"

What is GST or Goods and Service tax in India ? How GST will reduce your tax burden?

Goods and services tax or popularly known as GST, is a part of the proposed tax reform which central government is trying to implement in India. At present, we have multiple indirect taxes levied by both central and state government. Goods and Service Tax will help us in reducing the average tax burden on companies … Read More » "What is GST or Goods and Service tax in India ? How GST will reduce your tax burden?"

What is Portuguese civil code in income tax return form or ITR forms

From assessment year 2013-2014 onwards you are required to fill out a column “are you governed by Portuguese civil code” with your answer as yes or no. Without answering this question, the ITR form fill not allow you to proceed. Same thing is required for assessment year 2014-2015 income tax return forms. In this article … Read More » "What is Portuguese civil code in income tax return form or ITR forms"