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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.
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
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
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.
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.
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.
Section 142 and 142A of the Income-tax Act deal with giving notice to the assessee to submit returns, produce accounts, documents, etc.
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.
Mismatch of TDS refers to the situation when the details of Form 16 and Form 26AS differ from each other.
The scrutiny aims at providing an opportunity of being heard to the accuracy of the return through documentary evidence.
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