SBI issues Guide to NRI Taxation and FEMA Matters [Read Order]

The State Bank of India ( SBI ) has released a guide to Non-Resident of India ( NRI ) taxation and Foreign Exchange Management Act ( FEMA ) matters in the month of January, 2024.

According to Dinesh Khara, Chairman of SBI, “This handbook will serve as a reference guide and help you to take informed decision while investing in India. We hope that this handbook will enrich you with the necessary and relevant information you may need while investing your hard-earned money”

With regards to the taxation, the following are covered:

1. Scope of total income and its taxability
2. Residential status under Income Tax Act,1961
3. Income of NRI and its Taxability
4. Capital Gains and Taxability
5. Taxation of Gifts
6. Deductions from total income available to NRIs
7. Income not to be included in total Income (Exempt Income)
8. Miscellaneous matters
9. Filing of Income Tax Returns
10. Non -Resident Indians and PAN Card
11. NRIs and DTAA (Tax Treaty)
12. Form 15CA and Form 15 CB
13. Returning India -Taxation

With regards to the FEMA matters, the following are covered:

1. FEMA – Important definition
2. FEMA – Non-Residents -Bank Accounts in India -NRE
3. FEMA -Non -Residents -Bank Accounts in India -NRO
4. FEMA -Non -Residents-Bank Accounts in India -FCNR (B)
5. FEMA -Non-Residents -Deposits in India (Other than bank deposits)
6. FEMA -Non -Residents – Borrowing & Lending
7. FEMA -Non-Residents-Immovable property in India
8. FEMA -Non -Residents-Investments in India
9. FEMA -Non-Residents -Remittances
10. FEMA-Residents -Foreign currency bank account
11. FEMA -Residents – Borrowing & Lending
12. FEMA -Residents-Immovable property abroad
13. FEMA -Resident-Overseas Investment
14. FEMA-Residents-Liberalised Remittance Scheme (LRS)
15. FEMA-Miscellaneous

To Read the full text of the Order CLICK HERE

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