Mukesh Bansal 
Residential Status – Multiple Countries with Double Taxation Avoidance Agreements (DTAA) Benefits I. Tax Residency under Foreign Laws After determining their residential status in India, an individual should also assess their residential status according to the local laws of the country in which they are currently residing. Below are a few prominent jurisdictions: 1. Residency … Read more
Bank Accounts and Deposits for NRIs in India Non-Resident Indians (NRIs) can open various types of bank accounts in India to manage their financial transactions efficiently. These accounts cater to their specific needs and are classified as follows: 1. Non-Resident External (NRE) Accounts An NRE account is designed for NRIs to manage their foreign earnings … Read more
Introduction For any individual undertaking any transaction in India or outside India, the most critical issues are the taxability of the transaction from a tax point of view and its permissibility from a FEMA perspective. Before addressing complex issues related to permissibility and taxability, the first step is to determine the residential status of the … Read more
Prior to introduction of finance bill 2022 there was no clarity in tax regulations for tax treatment for virtual digital assets popularly knows as Crypto assets. There was no clear definition and understanding for recognition of various available and new age tech virtual assets. In absence of clear tax treatment guidance under tax laws different … Read more
RBI warns against use of LRS scheme by individuals for forex trading on unauthorized platforms. Country central bank RBI has warned people undertaking transaction for the purpose other than those permitted under the Foreign Exchange Management Act, (FEMA) or on unauthorized electronics trading platforms (ETPs) can face penal action under the Foreign Exchange Act. Lots … Read more
RBI clarifications under Foreign Exchanges Management Act (FEMA) for start-ups for issues of shares against legitimate payments owed by start-ups and accepting payments by foreign subsidiaries of such start-ups against export and other dues. As announced in sixth Bi Monthly monetary policy statement for 2015-16 by RBI regarding clarification for some existing regime, to help … Read more
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