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NRI (Non-Resident Indian) Services

FAQ MSME Registration

Why should NRI have PAN card in India?
  • PAN Card is required by an NRI, if he/she has got a taxable income in India.
  • According to the new, rule of SEBI, any NRI not having PAN card cannot do the share trading by depository or broker.
  • PAN is also mandatory for an NRI, if he/she would like to invest in Mutual Funds
  • If you don’t want to trade but want to purchase some land or other property in India then also it is mandatory to have PAN card issued by Government of India.
Can NRI’s get AADHAR?

As per the Aadhar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident who has resided in India for a period or periods amounting in all to 182 or more in the 12 months immediately preceding the date of application for enrolment.

Is it mandatory for NRI to enrol for AADHAR to file tax returns?

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhar / Enrolment ID of Aadhar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. It is clarified that such mandatory quoting of Aadhar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

Do I need to declare all the money that I have in my NRE account for the last 5 years? Do I need to pay any taxes on it?

If you have maintained your NRI status for the last 5 years, the income in your NRE account is free from tax. Note that tax is collected only on interest, not on the capital. You can include the information on your NRE account in your annual return, even though you do not need to pay tax on it.

Is interest earned on NRE Recurring Deposit taxable?

No, the interest on all types of NRE accounts is tax-free.

Instead of using foreign funds to buy residential property, if I take a loan from an Indian bank (say 85% of agreement costs), do the rules of repatriation change?

If you buy the property on mortgage by taking housing loans, repatriation will still be possible if you pay off the loan instalments in India through your NRE account or by transferring funds from abroad.

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