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3 Things One Needs to Know About NRI Account

Category: NRIs Date: 2020-09-30 07:28:32

If you are an Indian who is staying abroad, definitely you will be looking for various options where you can send money to your native country. With so many option available, which one is the best and the safest? The NRI account is one option which has several benefits to the account. Among all the benefits that are offered with this account, these are the three factors which are the most important one that an NRI should know: Types of NRI account When an NRI opens an account, you will have di

6% Equalization Levy On Specified Services Provided By The NRIs

Category: NRIs Date: 2020-09-30 08:28:18

Under the section 165 of the Income Tax Act, 1961, an equalization levy of 6% on specified services provided by a non- resident to: – Resident person is carrying on the business and profession – Non-resident having a permanent establishment in India Presently the digital advertising services are revealed. The procedural aspects of this levy are similar to the withholding tax i.e. the liability of collection and the payment of equalizati

NRI’s And TDS On Sale Of Property

Category: NRIs Date: 2020-09-30 08:38:42

Taxation on Sale of Property by Non Resident Indians is a bit confusing subject. This confusion is precipitated because of lack of information and improper explanation. Sometimes, it is the work of the professionals to complicate the things and confuse the NRI clients to maximize their gains. In few cases, it is observed that neither the buyer nor the NRI seller is familiar of what needs to be done. Let me admit that the Income Tax Act is not that complicated but it is in people who i

NRIs, Foreigners Can’t Leave With Rupee

Category: NRIs Date: 2020-09-30 08:46:43

Thanks to a new directive from the Reserve Bank of India (RBI) that from now on every non-resident Indian (NRI) and the foreigner who are leaving the country will have to compulsorily change the Indian rupees in their possession into a foreign currency before they have board the flight. It is a common practice among the NRIs to carry some amount of the Indian currency with them when they are leaving the country, mainly for the convenience of not having to exchange the forex into rupee

4 Ways Non Residential Indians (NRIs) Can Change Their Rs. 500 And Rs.1000 Notes

Category: NRIs Date: 2020-09-30 09:02:29

Indian Prime Minister Narendra Modi in a surprise move on 8th of November 2016, night introduced excessive-denomination notes of 500 and 1000 rupees which will no longer be legal tender from the midnight local time. Brothers and sisters, to rid this country of the termite-like the corruption and black money, it has become crucial to take one more tough step. Started at midnight of 8th November, 2016, the current currency notes of denominations of Rs 500 and Rs. 1,000, will no longer

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FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.