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Time of India
25-05-2025
- Business
- Time of India
ITR for UAE NRIs: Submit returns by July 31 to avoid penalties
Indian expatriates in the UAE must file their Income Tax Returns (ITR) for the financial year 2024-25 by July 31, 2025. Recent changes include increased capital gains tax rates, affecting investors in listed shares and securities. Filing is crucial for claiming refunds, avoiding penalties, and carrying forward losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indian expatriates residing in the UAE are reminded to file their Income Tax Returns ITR ) for the financial year 2024-25 before the deadline of July 31, 2025. Timely filing ensures compliance with Indian tax laws and helps in claiming eligible refunds, as per a report by Gulf News.A significant change this year is the increase in capital gains tax rates, effective from July 23, 2024. Long-term capital gains (on holdings over 12 months) are now taxed at 12.5%, up from 10%, while short-term capital gains (on holdings under 12 months) are taxed at 20%, up from 15%. This adjustment affects investors, particularly those trading in listed shares and to Gulf News, to facilitate accurate filing, expatriates should gather necessary documents, including bank statements, rental agreements, interest certificates, property documents, capital gains reports, investment proofs, and identification documents such as Aadhaar, PAN, and passport with UAE visa or Emirates ID. Additionally, details of unlisted shares and home loan interest certificates are is a common misconception among non-resident Indians (NRIs) that tax deducted at source (TDS) eliminates the need for filing an ITR. However, filing is essential to claim refunds and avoid penalties. A survey indicated that 90% of NRIs who had TDS deducted but did not file returns missed out on potential subject to tax in India includes salary earned for work done in India or paid by the Indian government, rental income from property in India, interest income from NRO accounts, fixed deposits, and bonds, capital gains from shares, mutual funds, property, or gold, and business income from ventures controlled or operated in India. Interest on NRE and FCNR deposits is exempt from Indian ITR before the deadline offers several advantages, such as claiming TDS refunds , carrying forward losses to offset future gains, establishing income proof for loan, visa, and insurance applications, and supporting claims in compensation cases, especially for the with income exceeding INR 250,000 (approximately AED 12,488) are required to file a return, even if TDS has been deducted. Those with income exceeding INR 5 million (approximately AED 249,772) must also disclose their Indian assets and liabilities.
Mint
22-05-2025
- Business
- Mint
NRI Credit Cards: Types, benefits, eligibility and application process explained
Non-resident Indians (NRIs) may be living abroad but a vast majority of them continue to have financial obligations in India. An NRI credit card will be a useful tool for them to manage their expenses in India. A credit card issued in India will also help NRIs make payments during their travels to their home country. With this, NRIs can avoid using cards, which are issued abroad, in India, thus cutting down on foreign transaction fees. Here is a guide on NRI credit cards, its types and benefits. An NRI credit card is issued to non-resident Indian citizens by Indian banks primarily for usage in their home country. It can be used for transacting both in online and offline modes just like in the case of credit cards issued to resident Indians. Banks offer Non-Resident External (NRE)/ Non-Resident Ordinary (NRO) bank account-based credit cards for NRIs. While NRO account-based credit cards can be used only for domestic transactions, NRE account-based credit cards can be utilised for both domestic and international transactions. But to get the credit card, the customer has to be present at the bank's branch during the card application process. You can apply for an NRI credit card by visiting your bank's branch in India or overseas and submit the application form with the required documents. Some banks, however, require the NRI to be present in India during the card application process. These credit cards are also issued against NRE/NRO fixed deposits (FDs) held by NRIs. NRI credit cards offer a host of benefits. NRIs can make online payments with the option to pay both in Indian and international currencies. But international transactions attract foreign exchange conversion charges. These credit cards also offer access to international ATMs where NRIs can withdraw cash in the local currency. But banks levy withdrawal fee and foreign exchange conversion charges for using international ATMs. NRI credit cards offer most of the benefits that are available to domestic credit cards. You can accumulate rewards and earn cashbacks on domestic (India) transactions made on NRI credit cards. You can also avail exclusive airline partnerships that offer benefits such as lounge access, bonus miles and priority check-in. Leading banks allow NRIs to add their family members as supplementary cardholders. NRIs should have a valid NRE or NRO account with the card issuing bank to get the credit card. The primary cardholder should be 21 years old. But some banks issue cards for even those who are only 18 years old. Here is the list of documents that you have to submit to avail an NRI credit card: Copy of valid passport Valid work permit/employment visa/admission letter Indian address proof: Passport/utility bill/Bank statement Foreign address proof: Utility bills (any one of the latest electricity, water, telephone bill)/Residence permit/Property tax) Permanent Account Number (PAN) card or in the absence of a PAN card, Form 60(if applicable) Foreign Account Tax Compliance Act (FATCA)declaration as applicable for the United States (US) or Common Reporting Standard (CRS) for the United Kingdom (UK), Canada or any of the more than 100 countries that have adopted CRS. Previous three months' income statement or average quarterly balance. Indian reference address and Indian phone number. If you are availing the NRI credit card against your NRE/NRO FDs, the credit limit is typically capped at a certain percentage of the deposit amount—usually at 80%. Some banks have set a minimum FD limit and allow only individual FDs for availing the credit card. The NRI credit card eligibility criteria differs from bank to bank and is usually determined by factors such as income, employment and financial history of the customer. An NRI credit card is quite useful for managing expenses in India. But choose it only if you are a frequent traveller to your home country and have recurring expenses that involve payments in the local currency (Rupee). A good NRI credit card should have high international acceptance, zero forex markup, excellent rewards programmes and quick customer support. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
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Business Standard
21-05-2025
- Business
- Business Standard
Do NRIs have to file tax returns in India: What's the rule and process
It is the time to file Income Tax returns (ITR) and many non-resident Indians (NRIs) are likely asking: Do they need to do so in India? While the process is simple, experts say NRIs need to carefully give details about their earnings. Do NRIs need to pay income tax in India? 'An NRI is liable to pay tax in India only on the income earned or received in India. This includes rent from Indian property, interest on Non-Resident Ordinary (NRO) accounts, which is savings or current account in Indian Rupees for NRIs in India, or capital gains from Indian assets,' said S R Patnaik, partner and head of taxation at law firm Cyril Amarchand Mangaldas. Who is considered as NRI? According to the Income-Tax Department, an individual's residential status is the first factor in determining tax liability. If you've spent less than 182 days in India in a financial year, you're typically considered a non-resident — and taxed accordingly. How is filing taxes different for NRIs? 'Resident individuals are taxed on global income and can use ITR-1 (Sahaj) for simple income sources. NRIs, however, must use ITR-2 if they don't have business income, or ITR-3 if they do,' Patnaik explained. Common mistakes by NRIs in ITR filing 'NRIs often misclassify their residential status or forget to update banks and mutual funds about the change,' said Amit Bansal, partner at Singhania & Co, a global legal consultancy firm. Also Read 'They also tend to use the wrong ITR form or miss reporting Indian income such as interest earned in NRO accounts.' Bansal advised NRIs to maintain travel records, inform Income Tax Department promptly, and consult a professional to ensure correct classification and filing. Foreign income and reporting: What's mandatory? 'If you're an NRI for tax purposes, your foreign income is not taxable in India,' Patnaik said. 'Also, unlike residents, NRIs are not mandated to disclose foreign bank accounts or assets under Schedule FA. However, they may do so voluntarily.' According to the Central Board of Direct Taxes, mandatory foreign asset disclosure applies only to individuals classified as residents under the Income Tax Act, especially those falling under the Resident but Not Ordinarily Resident (RNOR) category. ALSO READ | No major policy shifts for NRI tax filing for AY 2025–26 The CBDT has released the ITR forms applicable for Assessment Year 2025-26. Form ITR-2 has been updated for clarity and no NRI-specific policy changes or exemptions have been introduced, according to the two experts.
Boston Globe
15-05-2025
- Entertainment
- Boston Globe
Walking (and T-ing) Boston's public art Triennial
Advertisement Only time can be the judge of that, and here, in the final days leading up to its official opening, I have only best guesses (a backhoe in constant use this week at the Charlestown Navy Yard, one of the Triennial's key sites, underscored the frantic last minute preparations). While we're waiting, I'm giving my imagination a workout to fashion a walking (and occasionally T-assisted) tour of some of what I think will be the most powerful pieces soon to pop up in neighborhoods near and far. A peek at New Red Order's work in progress, being installed at Faneuil Hall for the Boston Public Art Triennial. Luna Posadas Nava The Triennial, an international affair, makes a point of embracing artists actually from here, and you'll find a triumvirate of Boston-based artists — Andy Li, Evelyn Rydz, and Alison Croney Moses — at the Charlestown Navy Yard (another, Stephen Andrews, is in Roxbury; and Lowell-based Gabriel Sosa is in East Boston). Advertisement But to start in the middle of things, New Red Order, a 'public secret society' of Indigenous American collaborators will set up at Faneuil Hall with 'Material Monument to Thomas Morton (Playing Indian),' a satirical monument to the recalcitrant Puritan-era colonist's NRO's core trio of Adam Khalil (Ojibwe), Zack Khalil (Ojibwe), and Jackson Polys (Tlingit) have made waves in the contemporary art world in recent years with their sharp parodies of colonial history and Indigenous appropriation. Faneuil Hall, a site rich with a slate of ugly colonial history – Peter Faneuil himself owed no small portion of his vast riches to enslavement – makes it a natural target for their acidic social critique. It's a short stroll from there to City Hall Plaza, where Adela Goldbard's project is New Red Order's spiritual companion. Called 'Invadieron por mar, respondemos con fuego. Un presagio. [They Invaded by Sea, We Respond with Fire. An Omen.]‚' it's a large-scale replica of a colonial tallship fashioned by Native American weavers from local invasive reeds (get it?). Part of the point of the Triennial is to affirm in the minds of Bostonians that public art need not be permanent, going against the grain of our bronze, great-man-on-horseback affinities. Goldbard's piece is not subtle in its embrace of it: At the end of its run, it will be set aflame and left to smolder and be swept away – in part an act of revenge, surely, but also a stark emblem that nothing is forever. Mexican artist Adela Goldbard harvesting reeds in New England earlier this year for her "An Allegory of (De)Coloniality, in Two Movements,' her project for the Boston Public Art Triennial at City Hall Plaza. Robert Gallegos The theme of the Triennial is 'Exchange' – evocative enough to suggest, broad enough to not dictate, both good things. A stroll south to Downtown Crossing helps make clear just how how broad it can be. Here, you'll find Patrick Martinez's neon signs positioned amid the district's baleful cluster of empty storefronts, the most outward symbol of downtown Boston's post-pandemic struggle to revive itself. Advertisement I doubt Martinez's works will help with that, but they do make a relevant point: Community Service, Patrick Martinez, Boston Public Art Triennial, 2025. Yubo Dong of Of Studio It would make logistic sense to turn southwest here and swing past the Public Garden en route to the main branch of the Boston Public Library, where Swoon, a much-beloved street artist turned museum installation darling, has transformed an outsize planter in the building's lobby into a terrarium for 'In the Well: The Stories We Tell About Addiction,' a ramshackle cabin inhabited by a pair of puppets (it's already there, if you're keen to get started). But I'd be pulled across the water to East Boston, where the ICA's Watershed is presenting Chiharu Shiota's exhibition 'Homeless Home.' Shiota's work is a monument to absence – trunks and suitcases and random pieces of furniture, entangled in red rope and dangling, symbols of lives up in the air. A lament for the untold millions forced into migration, cut adrift by various disasters and left with nowhere to call home, its rootlessness speaks to the chaos of our current moment. Advertisement Swoon's installation 'In the Well: The Stories We Tell About Addiction,' at the Boston Public Library Copley Square. David L. Ryan/Globe Staff Just down the street, Sosa's project works hard to find solid ground: Ñ Press, a storefront community print studio in partnership with Maverick Landing Community Services. Ñ Press roots itself in the city's Spanish-speaking community with a subtle growth mindset. Sosa, whose text-based work The Triennial concentrates a good handful of its pieces in the city core. But its mission to serve neighborhoods far-flung from downtown is in its DNA, an imprint on its soul from its formative years as the public art organization Alan Michelson's "The Knowledge Keepers" was installed at the main entrance of the Museum of Fine Arts. Museum of Fine Arts, Boston A cluster of pieces in the Fenway signal museum participation in the Triennial, a key to its visibility. Alan Michelson's 'The Knowledge Keepers,' a pair of chromium sculptures flanking the front steps of the Museum of Fine Arts, Nicholas Galanin's 'I think it goes like this (pick yourself up),' an eight-foot-tall part-Lingit Native American, part-Transformers bronze figure in the process of assembling itself is at the MassArt Museum, and Yu-Wen Wu's 'Reigning Beauty,' a photo-collage of falling flowers is fitted to the facade of the Isabella Stewart Gardner Museum. But hop the T at Ruggles and head out toward Mattapan (this will also, alas, require a bus from Forest Hills; or backtrack on the Green Line to Park Street, where the Red Line offers a more direct route), where Lan Tuazon and Laura Lima honor the Triennial's formative history with a pair of projects rooted in that community. Advertisement Laura Lima's 2021 work 'Communal Nest #1." The artist will be creating a number of such structures/shelters for the Boston Public Art Triennial at the Boston Nature Center and Wildlife Sanctuary in Mattapan. Laura Lima Studio/Courtesy the artist and Tanya Bonakdar Gallery, New York / Los Angeles Lima's 'An Indistinct Form (A Forma Indistinta),' at the Boston Nature Center and Wildlife Sanctuary, is a collaboration with the center's scientists to create 'sculptures for animals,' a poetic gesture with the practical purpose of building habitat lost to the urban wild — a metaphor, if you like, extended from the displacement narratives of Sosa and Shiota. Tuazon, meanwhile, has made 'Matters of Consequence,' an ever-evolving sculpture that doubles as a public space for the community to shape and grow over time; in many ways, its evolution, yet to be seen, is in fact the art. Evolution, it seems, is the watchword of the Triennial — or anything left in public to unfold over time. It's nothing without you. The Boston Public Art Triennial marks its official opening May 22 . For a list of sites, projects, and opening times, visit . Through Oct. 31 . Murray Whyte can be reached at
India Today
07-05-2025
- Business
- India Today
New NPS rules: How to close your account after renouncing Indian citizenship
The Pension Fund Regulatory and Development Authority (PFRDA) has recently introduced new guidelines for National Pension System (NPS) subscribers who renounce their Indian citizenship. These guidelines clarify the process for closing NPS accounts for individuals who no longer hold Indian citizenship and have not obtained an Overseas Citizen of India (OCI) card. Renouncing Indian citizenship is a legal process where an individual voluntarily gives up their Indian nationality, usually after acquiring citizenship of another country. India does not permit dual citizenship, so this process is required when someone wants to become a citizen of another nation. 'In respect of such subscribers who have validly renounced their Indian citizenship and do not hold an OCI card, the said subscriber is required to forthwith intimate National Pension System Trust (NPS Trust) of the change in status along with proof thereof and PRAN/NPS account held by the subscriber shall be closed and the entire accumulated pension wealth may be transferred to Non-Resident Ordinary (NRO) account only,' stated PFRDA in a circular dated April 21, 2025. WHO CAN OPEN AN NPS ACCOUNT IN INDIA? Any Indian citizen aged between 18 and 70 years can open an NPS account. Additionally, Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can also open an NPS account, as long as they meet the necessary requirements set by the PFRDA. If a subscriber renounces their Indian citizenship, they need to follow a few steps to close their NPS account. Firstly, they must apply for account closure by submitting an undertaking confirming that they have given up their Indian citizenship and do not possess an OCI card. They will also need to provide proof of their renunciation, such as a renunciation certificate, a surrender certificate, or a cancelled Indian passport. 'The subscriber shall submit an application for closure of his/her NPS account along with the following additional documents to NPS Trust: An Undertaking stating that s/he has renounced his/her Indian citizenship and does not hold an OCI card. Valid certificate of Renunciation of India Citizenship/ Surrender Certificate/ Cancelled Indian Passport, issued by competent authority,' mentioned the circular. Once the NPS Trust and the Central Recordkeeping Agencies (CRAs) verify these documents, the account will be closed, and the pension funds will be transferred to the subscriber's Non-Resident Ordinary (NRO) account. This transfer will follow the rules laid out under the Foreign Exchange Management Act (FEMA). If an NPS subscriber renounces their Indian citizenship and does not obtain an OCI card, they should immediately inform the NPS Trust and provide the required documentation. This will help ensure their NPS account is closed smoothly and that their pension amount is properly transferred. These changes aim to streamline the process for individuals who give up their Indian citizenship, ensuring they can manage their NPS funds appropriately even after moving abroad.
