FEMA

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

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