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India now boasts the largest overseas diaspora globally, with around 32 million Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), mainly concentrated in Gulf countries, Singapore, the US, Canada, and the UK. Despite efforts to streamline taxation processes for NRIs, challenges persist, notably double taxation and difficulty accessing taxation documents from abroad. ....
US & Canada News News: Sale of immovable property in India owned by a Non-resident (NR) individual is a more tedious affair as compared to sale/ transfer made by a resident ....
Will budget sops help India reach $5t economy goal? India will make a push for growth in the forthcoming budget next month. Photo: Reuters India’s economy is expected to contract 7.7 per cent in the current financial year ending on March 31. The Indian government’s aim to make the nation a $5 trillion economy did encounter loads of challenges in 2020, despite multiple stimulus and sops to pare the impact of the novel coronavirus disease (Covid-19) outbreak to propel the economy towards growth. Non-resident Indians (NRIs) globally have moved back home for multiple reasons and are now trying to find some foot in their bid to rehabilitate themselves. The trend did impact the real estate sector positively. Timely government intervention to keep lending rates at lowest, coupled with reduction in stamp duty, encouraged many developers to offer flexible payment plans. ....