Blogs Frequently Asked Questions

According to the FEMA guidelines, there is no penalty if you do not declare your NRI status. However, you should either close your present savings account or convert the following account into an NRO savings account ASAP. If you fail to do so you may face financial and legal penances.

Yes, as an NRI you can claim for tax refund. For this, you are required to reconcile the TDS credit and advance tas as shown in the 26AS form. However, for this, it is compulsory to file the ITR.

NRIs can avoid TDS by opening a Non-Resident Ordinary Account (NRO), a Non-Resident External Account (NRE), and a Foreign Currency Non-Resident Account (FCNR).

As per Income Tax, an individual is considered an NRI if he/she did not live in India for more than 182 days during the preceding accounting year.

NRIs do not need to pay tax in India if their income is INR 2.5 Lakh in the financial year. However, if it is more than that, then they need to file an ITR in India.

No, NRIs cannot hold, open, or operate a resident account in India. According to the FEMA, NRIs must either close or convert their savings or current account to an NRO or NRE account.

The ITR forms for NRIs vary according to their income sources. ITR-2 is for all types of income except business income. ITR-3 is for business income.

Yes, NRIs are eligible for Aadhaar cards. If an NRI has stayed in India for 182 days or more in the 12 months after the date of application, then they can apply for an Aadhaar card.

If you spend more than 182 days outside of India within a fiscal year (April–March), you are considered an NRI. Even a partial day spent in India counts. The barrier can be 240 days for people departing for work or as ship crew. To confirm your status, keep track of your travels.

Yes, an NRI can operate a bank account in India. They can operate NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts in India.

Yes, an NRI can own a property in India. They can buy both residential and commercial property in India. However, purchasing agricultural land, plantation property, or farmhouses is not allowed.

You can update your PAN card and Aadhar card through the official government website, through offline or online methods, by filing a form and providing all the details.

After your return to India from the UK, you will become a resident if you stay for more than 182 days in a financial year. You may also be eligible for RNOR status for up to 3 years, which provides many tax benefits.

At the RNOR rate, most applicants are exempt from tax in India on overseas income, including UK earnings. Your global income is also taxed only once when you become an ordinary resident.

The DTAA agreement between India and the UK helps avoid double taxation and allows you to claim taxes paid in the UK and use those credits to offset your Indian tax liability on the same income.

After you return to India and your residential status changes to resident, you need to convert your NRE/NRO bank accounts into resident savings accounts. However, you can continue to use your FCNR accounts until maturity.

Yes, you need to file your tax returns in both India and the UK each year, and need to report all your foreign assets in the Indian ITR.

São Miguel is the most visited island in the Azores. The island is also called “Green Island.” Offering a variety of attractions and hiking spots, it is the most populous and largest island in the archipelago.

The Azores are special for two key reasons. First, it has a unique combination of natural beauty, traditions, and rich culture. Secondly, due to its historical significance, in supporting maritime exploration that permitted the exchange between the greatest civilization in the world, it gained a place as a UNESCO World Heritage Site.

The Azores islands are located in the center of the Atlantic, halfway between the USA and the Portuguese mainland. It is a group of nine islands situated near the North Atlantic Ocean, specifically in the Autonomous Area of Portugal.