madam, thanks for the informational video. I am NRI but due to covid I was stuck in India and ended up spending entire FY 2021-22 (i.e Apr 1, 21 to Mar 31, 22) working from India. I was receiving salary in US account(after taxes). I didn't file any tax returns in India. So can I file belated tax return now? I'm guessing the interest and penalty will be substantial and govt will eat away whatever I earned. Can I take benefit of DTAA? let me know if you can help me file returns and your charges for the same. thanks.
@@satviklifestyle taxability will depend on other income as well...also even if it is below exemption limit, better to file tax return to report it, especially when u r repatriating money.
Good Informative Video Ms.Jain. Please can you advise how much tax we need to pay? Also, if someone is having both NRO/NRE accounts - will it affect the tax?
There is no tax on repatriation (under $1 million scheme)as such..but the funds can be repatriated only if you have paid all taxes on ur income earned in India. Pls whatsApp me at +91 9910075924 to discuss further.
My only daughter is living and working in Australia. She is a permanent resident. Can I gift my money in to her NRO account and then can she send that amount to her account in Australia?
Yes, u can gift your money to her by transferring funds to her NRO account. Better to execute a gift deed/declaration before transfer. There will not be any TCS applicable on it. Then she can transfer these funds to her overseas bank account under $1 million scheme.
madam, thanks for the informational video. I am NRI but due to covid I was stuck in India and ended up spending entire FY 2021-22 (i.e Apr 1, 21 to Mar 31, 22) working from India. I was receiving salary in US account(after taxes). I didn't file any tax returns in India. So can I file belated tax return now? I'm guessing the interest and penalty will be substantial and govt will eat away whatever I earned. Can I take benefit of DTAA? let me know if you can help me file returns and your charges for the same. thanks.
Now, does 20% deduction is applicable for repatriation or not?
My daughter received 2.5 lakh Rupees gift from non relative. She needs to transfer this to US. How to do?
Gift from non-relative is taxable in India. Your daughter has to pay applicable taxes on her income and gift received before repatriation.
@@caushmajain yea, but since 2.5 lakhs is within yearly exemption, isn't it nil tax?
@@satviklifestyle taxability will depend on other income as well...also even if it is below exemption limit, better to file tax return to report it, especially when u r repatriating money.
Yea no other income except this gift. planning to file. Do I need Pan number of donor?
You should have a pan of person gifting the money, in your records.
Rgrds
What are typical charges of a CA to upload 15 CA and 15 CB forms?
Hi,
Please contact us at +91 9910075924 to discuss charges.
Regards
Good Informative Video Ms.Jain. Please can you advise how much tax we need to pay? Also, if someone is having both NRO/NRE accounts - will it affect the tax?
There is no tax on repatriation (under $1 million scheme)as such..but the funds can be repatriated only if you have paid all taxes on ur income earned in India. Pls whatsApp me at +91 9910075924 to discuss further.
Regarding source of fund, what documentation do I need to provide? Are Form 16 valid proofs ?
Please contact me +91 9910075924 or write to me at ushma@nricaservices.com
Can inherited funds be transferred under 1 million schemes
Yes, inherited finds can also be transferred.
My only daughter is living and working in Australia. She is a permanent resident. Can I gift my money in to her NRO account and then can she send that amount to her account in Australia?
Yes, u can gift your money to her by transferring funds to her NRO account. Better to execute a gift deed/declaration before transfer. There will not be any TCS applicable on it. Then she can transfer these funds to her overseas bank account under $1 million scheme.
@@caushmajain Thank you so much.
@@caushmajain Under what category can she transfer? As it will not come under investments, property sale or dividends and interest amount.
Hi,
Pls contact me at +91 9910075924 to discuss further.
Rgrds
Is there are any tax for this 1 million transfer?
No
One of the most retrograde steps by the BJP Government. Inward remittances will be hit badly.
It's time this Govt is booted out.
How? Can you explain?
Nice Video, sent you an email with some questions. Please see if those can be answered.
Thanks. Replied to your email.