Handbook for NRI Covering Income Tax & Fema Provisions

This book has been written with the intention of providing the Non-Resident with a one stop handbook for all the relevant fiscal and regulatory information required by him. The book is divided into two parts. The first part deals with the income tax provisions affecting the Non Resident and the second part deals with the FEMA provisions as they affect the Non Resident. The First part contains all the relevant income tax provisions and their intepretations and it also contains a special chapter on Special Economic Zones, while the second part contains all the relevant FEMA regulations explained in a simple manner. In addition to these two parts, there are separate parts dealing with Frequently Asked Questions, relevant FEMA Regulations and the relevant Master Circulars. The effort has been to reproduce the relevant regulations updated till the time this book was going to the press. The relevant Master Circulars as updated by the Reserve Bank of India on 7th July, 2007 have been reproduced.

PART - I--NRI & INCOME TAX PROVISIONS

Chapter 1--Basic Concepts

Chapter 2--Residential Status and Tax Incidence

Chapter 3--Exemptions and Deductions

Chapter 4--Capital Gains

Chapter 5--Clubbing of Income

Chapter 6--Transfer Pricing

Chapter 7--Double Taxation Avoidance Agreements

Chapter 8--Obtaining Advance Rulings

Chapter 9--Special Provisions for Non-Resident Indians

Chapter 10--Special Economic Zones

PART - II--NRI & FEMA PROVISIONS

Chapter 11--Non Resident Indians/Persons of Indian Origin

Chapter 12--Person of Indian Origin Card (PIO Card Scheme, 2002)

Chapter 13--Indian Citizenship

Chapter 14--Remittance Facilities for NRIS/PIOs And Foreign Nationals

PART - III--BANK ACCOUNTS & OTHER DEPOSIT SCHEMES

Chapter 15--Bank Accounts for Non-Resident Indians

Chapter 16--Non-Resident Ordinary Rupee (NRO) Account Scheme

Chapter 17--Non-Resident (External) Rupee Account Scheme [NRE Account]

Chapter 18--Foreign Currency (Non-Resident) Account (Banks) Scheme

Chapter 19--Other Deposit Schemes for Non Residents

PART - IV--INVESTMENT OPTIONS

Chapter 20--Investment options--Introduction

Chapter 21--FDI Policy-Overview

Chapter 22--Establishment of Branch/Liaison/Project Offices in India

Chapter 23--Investment in Shares

Chapter 24--Acquisition and Transfer of Immovable Property in India

PART - V--FEMA CHARTS & TABLES

Chapter 25--FEMA Charts & Tables

PART - VI--FEMA --FAQ's

FAQ 1--Account opened by Foreign Nationals and Foreign Tourists

FAQ 2--Acquisition and Transfer By a person Resident outside India

FAQ 3--Facilities Available to NRIs, PIO For Investment in India

FAQ 4--The Asian Clearing Union

FAQ 5--Foreign Investments in India

FAQ 6--Questions Frequently Asked by NRIs. Relating to NRI Deposits

PART - VII--RELEVANT FEMA REGULATIONS

Regulations 1-- Foreign Exchange Management (Deposit) Regulations, 2000

Regulations 2-- FEM (Permissiable Capital Account Transactions) Regulations, 2000

Regulations 3-- FEM (Estt. in India of Branch of Office or other place of Business) Reg., 2000

Regulations 4-- FEM (Investment in Firm or Prop. Concern in India) Regulations, 2000

Regulations 5-- FEM (Acquisition and Transfer of Immovable Property in India) Regulations, 2000

Regulations 6-- Receipt from and Payment to a person resident outside India

Regulations 7-- FEM (Remittance of Assets) Regulations, 2000

PART - VIII--NRI MASTER CIRCULARS

Master Circular 1-- Master Circular on Remittance Facilities for Non-Resident Indians (NRI)/Persons of Indian Origin (PIO)/Foreign Nationals

Master Circular 2-- Master Circular of Instructions Relating to Deposits held in FCNR(B) Accounts

Master Circular 3-- Master Circular on Interest Rates on Rupee Deposits held in Domestic, ordinary non-resident (NRO) and Non-Resident (External) (NRE) Accounts

Master Circular 4-- Master Circular on Non-Resident Ordinary Rupee (NRO) Account

Master Circular 5-- Master Circular on Foreign Investment in India