Articles by Taxblock

Who is an OCI Holder (Overseas Citizen of India)?

Taxblock 05 October 2022 at 08:01

Overseas Citizenship of India (OCI) is a scheme introduced by The Citizenship (Amendment) Act, 2005 which provides permanent residency available to people of Indian origin and their spouses to live and work in India for an indefinite period. As of 2020, there are 6 million OCI card holders among Indian Overseas individuals.

Posted in Others | 1338 Views

All about Foreign Bank and Financial Accounts Regulations (FBAR)

Taxblock 03 October 2022 at 07:28

The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas

Posted in Income Tax | 1872 Views

What is NRE and NRO Account?

Taxblock 01 October 2022 at 08:49

A Non-Resident External (NRE) Account is a bank account that an NRI can open in an Indian scheduled bank to deposit their foreign earnings in India. These accounts can be savings accounts, current accounts, recurring deposits, and fixed deposit accounts

Posted in Income Tax | 2 comments | 3924 Views

What is Filing of 1042 Form?

Taxblock 30 September 2022 at 08:59

Forms 1042, 1042-S, and 1042-T are U.S I.R.S taxation forms dealing with dealings with foreign persons, including non-resident aliens, foreign entities, etc.

Posted in Taxpayers | 2 comments | 1605 Views

How does work from home affects the NRI working from India

Taxblock 29 September 2022 at 09:04

Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people.

Posted in Income Tax | 1782 Views

Benefits of Double Taxation Avoidance Agreement (DTAA)

Taxblock 28 September 2022 at 08:46

The DTAA (Double Taxation Avoidance Agreement) assists NRIs who work outside of India in avoiding paying double taxes on income earned in India and their residency country.

Posted in Income Tax | 1 comments | 3756 Views

Inquiry made u/s 142 or 142A of income tax act

Taxblock 17 September 2022 at 07:06

Section 142 and 142A of the Income-tax Act deal with giving notice to the assessee to submit returns, produce accounts, documents, etc.

Posted in Income Tax | 2 comments | 5853 Views

Notices u/s 142(1) of Income Tax Act

Taxblock 16 September 2022 at 08:59

Notices are issued by the income tax department under the various provisions of the Income Tax Act to the assesses with the purpose to assure greater tax compliances. The notices are covered under section 142 of the income tax act.

Posted in Income Tax | 2 comments | 9465 Views