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Showing posts from July, 2017

Is NRIs, PIOs, and OCI holders are eligible for Aadhaar Card?

One of the common doubt among NRI community is whether they are eligible for Aadhaar Card or not. The doubt has created more worry with the recent announcement of the Indian government that Aadhaar will be mandatory for filing income tax in India and every tax payer has to link their PAN card to Aadhaar card before 30th June, failing to do may result in cancellation of PAN card. While, I am not aware of any official communication about the cancellation of PAN card if not linked to Aadhaar, but that's what I see on the Internet. Read more »

Can NRI open more than one NRE or NRO Account?

Can NRI open more than one NRE, NRO or FCNR account with different banks? Yes, an NRI can more open more than one NRE, NRO or FCNR accounts with different banks in India. I am not exactly sure if you can open two accounts with a different branch of the same bank, but multiple accounts can definitely be held with different banks. For example, many of my friends have NRE accounts with HDFC Bank, Kotak Mahindra and YES bank. They even have multiple accounts with same bank but account type is different. For example, you can open one NRE, one NRO and multiple FCNR deposits with HDFC bank . Read more »

Does NRIs need to link their PAN Card with Aadhaar Card

If you are an NRI , which has both PAN card and Aadhaar card then it is must for you to link your PAN card with the Aadhaar card . Failing to do so, will result in their PAN card cancellation. Though I have not seen any official news on that this is what many newspapers in India quote. On other hands, it's not legal for NRIs to get the Aadhaar card because it is only for the residents of India i.e. anyone currently living in India, irrespective of their citizenship. This means, both foreigners and Indias with foreign passports e.g. OCI and PIO holder can apply and get Aadhaar card if they are currently living in India. Read more »

Difference between Public Provident Fund (PPF) and Fixed Deposit (FD) for Long term

In this article, we will understand the difference between two of the best investment option of conservative investors, PPF or Public Provident Fund and Fixed Deposit, known as FD . Both PPF and FD provides the capital guarantee and considered the safest investment. PPF is even backed by the government while FD is backed by banks and RBI, but which one is better for long term investment. Where should one put his hard earned money for long-term growth with a guarantee, we will find it for this post?   Read more »

Is Aadhaar card Mandatory for filling Income tax return for NRIs

Aadhar Card is mandatory for filling income tax return this year for all resident Indians . They even need to link their PAN Card to Aadhar card before filling income tax returns, but for NRIs, Aadhar card is not mandatory for filling income tax return.If you remember, NRIs need to file IT return if they have any income in India, even though it is not mandatory for NRIs to file income tax returns , especially if they have only income from Fixed deposits and Equity investment where TDS is already deducted, its advised that they file income tax return every year. It has many benefits but most important is that you will get your money back which is deducted as TDS if your total income is less than 2.5 lakh. Read more »