PAN card

31/12/2018

Happy new year

18/07/2018

http://www.filetaxindia.com/

12/07/2018

http://filetaxindia.com/blog/?p=38

Late Fee on delay in filing Income Tax Return for NRI or RI Income tax Act framed a set of rules which obligates assessee to report their taxable Income and tax thereon at the end of the financial year. Income tax return is basically an online form through which assessee declares their taxable incom...

05/05/2018

Banks reporting on NRI investment to continue even after new monitoring system: RBI

RBI/2017-18/172
A.P. (DIR Series) Circular No. 27 [(1)/20(R)]

May 03, 2018

To

All Category – I Authorised Dealer Banks

Madam/ Sir

Monitoring of foreign investment limits in listed Indian companies

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 and as amended from time to time, in terms of which the onus of compliance with the sectoral/ statutory caps on foreign investment lies with the Indian investee company.

2. Currently, Reserve Bank of India receives data on investment made by Foreign Portfolio Investors (FPI) and Non-resident Indians (NRI) on stock exchanges from the custodian banks and Authorised Dealer Banks for their respective clients, based on which restrictions beyond a threshold limit is imposed on FPI/ NRI investment in listed Indian companies.

3. In order to enable listed Indian companies to ensure compliance with the various foreign investment limits, Reserve Bank in consultation with Securities and Exchange Board of India (SEBI), has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. The same has been notified by SEBI vide Circular-IMD/FPIC/CIR/P/2018/61 dated April 05, 2018 read with Circular- IMD/FPIC/CIR/P/2018/74 dated April 27, 2018.

4. In terms of para 6 of Annexure A of the circular dated April 05, 2018, all listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories. The requisite information may be provided before May 15, 2018. The listed Indian companies, in non-compliance with the above instructions will not be able to receive foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder.

5. All Authorised Dealer Banks are advised to instruct their clients and respective Indian companies, about the system requirement at para 4 of this circular.

6. Further, upon implementation of the new monitoring system, all Authorised Dealer banks would be required to provide the details of investment made by their respective NRI clients to the depositories in the format as provided by the depositories/ SEBI. In addition, the reporting to Reserve Bank in the existing system, viz., LEC (NRI) and LEC (FII), would continue.

7. AD Category-I banks may bring the contents of this circular to the notice of their customers/constituents concerned.

8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

05/05/2018

Aashi from Bihar is the youngest permanent account number (PAN) cardholder in the country. This cute little daughter of Kumar Sajal, got her PAN card on 26 February 2017, when she was only 5 days old. Now his father seeking for Guinness world record. :)

22/03/2018

May the Navratri fill your life with the colors of prosperity and happiness, With best wishes from www.NRIPanIndia.com.

26/02/2018

Non-residents having Indian incorporated banks internet banking facility would be able to e-Verify their returns/claims etc by logging through their internet banking account.
If any non-resident not having an Internet Banking facility of Banks in India, then such persons can authorize by registering an Indian resident as their agent through their e-Filing account to perform their tasks. This has been enabled in line with section 140 of the IT Act for the last seven to eight months.

25/12/2017

NRI PAN India wishing you.

23/11/2017

The Indian government has exempted Non­Resident Indians (NRIs) from the requirement of
quoting Aadhaar (Indian biometric ID card) number while filing income tax returns back home.
Although NRIs are exempted from income tax on their income abroad, they have to file tax returns for their
income earned in India.
Many Indians in the, who regularly file income tax returns in India but do not have Aadhaar, were
worried after the government move to link Aadhaar with PAN (Permanent Account Number) issued by
income tax authorities for tax and financial transactions by June 30, 2017.
On March 30, a top Indian official clarified to that NRIs were not eligible for Aadhaar and
government departments had to give exemptions to NRIs in this regard.

05/05/2017

01/05/2017

How to make your account FATCA compliant?
You will need to submit your PAN card details, occupation, country of birth, country of residence, gross annual income, and details of any political connections. You also need to provide your tax identification number if you have been paying taxes. The compliance needs to be done by individual and non-individual investors.
http://www.businesstoday.in/sectors/banks/bank-accounts-block-facta-aadhar-link-us-aadhaar/story/251214.html

Bank accounts that were opened between July 1, 2014 and August 31, 2015 and are yet to be FATCA (Foreign Account Tax Compliance Act) compliant will be blocked from today.

11/03/2017

PAN card is one time process and need not to be applied again and again. There are no annual Charges on Indian PAN card. You may have to apply for Duplicate or updated PAN card in case you have lost your card or there are some changes to your existing detail.