Income tax return: What NRIs & expats should know about tax filing in India

Filing income tax return is a daunting task for many working professionals in India. The process gets even more cumbersome for the non-resident Indians (NRIs) or expatriates who have to look at tax laws of more than one country while filing their tax returns.

This year, non-resident Indians will have even more trouble because CBDT has introduced several changes in the tax filing space for NRIs. These changes in tax filing rules and the tax return forms affect the expatriates working in India.

“As per a recent change in the Income Tax Act, 1961, ‘ordinarily resident’ individuals and HUFs having assets (including financial interest in any entity) outside India or a signing authority in any account outside India are required to file their returns online,” says Vineet Agarwal, director, KPMG. “This is irrespective of their income level. Hence, if an NRI/expatriate or any of his family members qualify as ‘ordinarily resident’ and have foreign assets, they will be required to file their returns online,” he adds.

Read more: The Economic Times

Real Estate News

Mohali to be developed as model city

“There would be no scarcity of funds for the developmental works in the district,” said Harbhajan Mann, chairman of District Planning Committee, Mohali, today. Presiding over the first meeting of the committee, Mann exhorted members to meet people of the area to get their suggestions before starting any work. We have to work according to the growing need of the people, so their suggestions would enable us to do better job,” said Mann.

Read more:  The Tribune  

Ireo Rise is located in Sector 99, Mohali. Contact the Ireo team for details and availability today.

Business News

Qualcomm Ventures to invest more in India

Qualcomm Ventures, the venture capital arm of chip maker Qualcomm, plans to increase the pace of its investments in India. The company, which has invested in about 10 technology ventures in the country, feels the sky-rocketing mobile penetration is a window of opportunity.

“3G is slowly picking up in India and as phone prices are coming down, smartphone penetration is increasing,” said Kartheepan Madasamy, senior director (India and Israel), Qualcomm Ventures. “This will be a big growth driver for companies offering mobile platforms. The companies are evolving beyond the value-added services segment to broader application platforms. Currently, we are investing in about two companies every year. However, the pace would increase with the rise in mobile internet users.”

According to a Telecom Regulatory Authority of India report, as on March 31, 2011, 381.4 million people accessed the internet through mobile phones, while the country’s internet subscriber base for narrowband and broadband stood at 19.67 million.

Read more: Business Standard

India, China account for 35% of active mobile services users: Study

India and China account for 35 per cent of 4.1 billion active mobile services users worldwide, says a study by telecom equipment maker Ericsson.

“Global mobile penetration reached 85 per cent in Q4 (last quarter) 2011 and mobile subscriptions now total around 6 billion. “However, the actual number of subscribers is about 4.1 billion, since many subscribers have several subscriptions,” according to Ericsson Traffic and Market Data Report. It added that this is equal to around 60 per cent of the world’s population.

Read more: The Economic Times

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