DUBAI NRI
Rs 60 lakh cash deposit in widow's bank account triggers income tax notice for unexplained credit; she fights back and wins in ITAT Pune
Ms Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source of income. To support her claims, Ms Parve also filed Form 26AS, an affidavit, the husband’s death certificate, computation sheet, bank statements between 24.08.2015 and 30.09.2015.
Gulf investors eye India’s AI infrastructure and space tech even as broader interest stays subdued
Gulf-based investors are exploring opportunities in India's artificial intelligence and space technology sectors, despite overall subdued interest. Yotta, a data centre operator, successfully raised $150 million earlier this year for expansion plans. Pixxel Space Technologies is also seeking funding in the UAE to capitalize on growing investor interest in technology. The Indian rupee's depreciation has contributed to the cautious investment sentiment among broader market participants.
Rs 3.41 crore in FCNR deposits tagged as unexplained money despite being held by Dubai-based individual; ITAT Jaipur grants full relief
Mrs. Khanwani, a Dubai resident, faced tax notices for unexplained money linked to her FCNR deposits. The ITAT Jaipur ruled in her favor, highlighting the funds' clear origin from bank records. The Income Tax Department could not dispute the source of funds provided by her husband, Mr. Chand.
RBL Bank taps Emirates NBD network to expand NRI banking, Gulf business
RBL Bank aims to utilize Emirates NBD's global network to expand its corporate and trade finance services. The partnership will enable them to better serve non-resident Indians and cross-border investments. They have mobilized significant deposits and extended loans, indicating promising initial results. RBL Bank plans to explore business opportunities beyond the Gulf into markets like Singapore and Turkey.
These 8 banking stocks have an upside potential of up to 29% in 1 year, according to analysts
For the last two years, one sector where actual performance has been better than expected has been banking. Yes, there were exceptions among small finance banks. But the question now is: Will the situation remain the same given that there are many emerging challenges?
Dubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these grounds
Mrs Chudamasa’s counsel argued that the AO had erred in treating Rs 2,31,20,000 as investment made during financial year 2017-18. He submitted that the actual payments during the year aggregated to Rs 1.85 crore, comprising Rs 1.73 crore paid to the builder and Rs 11.86 lakh towards registration charges and legal expenses. Read on to know on what grounds did she win in ITAT Mumbai.
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These 8 banking stocks have an upside potential of up to 26% in 1 year, according to analysts
Given the current market situation, no sector is immune from headwinds. The banking sector is no exception. There are clear short-term headwinds, but the question an investor should ask is: Are these headwinds likely to hit the core business of banks and create some issue that may take a long time to settle?
Buying property abroad for your NRI child? Know how much Indian parents can transfer and the tax implications
Navigating overseas property purchases for NRI/OCI children can be complex for Indian parents, entangled in regulations like FEMA and RBI's Liberalised Remittance Scheme. From understanding allowable remittance limits to distinguishing between gifts and loans, families must carefully plan to avoid potential tax and compliance issues. Learn the critical steps to streamline the funding process.
Moving from UAE to India? 6-step financial homecoming guidebook to manage tax residency, bank accounts, Dubai property, and gratuity
Tax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home.
These 7 private and public banking stocks have an upside of up to 27% in one year, according to analysts
If oil prices stay high and push up inflation, it is likely that banking stocks will come under pressure because their business will be impacted. But even before the real business is impacted, it is likely that they will see selling pressure because of their FPI-heavy ownership structure. So, clouds of uncertainty hang over the sector’s stocks. But don't confuse the stocks with the business.
Rs 1.09 crore remittance sent home by an Indian working in Kuwait, but he didn't file ITR, received income tax notice; gets relief in ITAT Ahmedabad
Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no ITR, got an unexplained money tax notice u/s 69; he partially wins case in ITAT Ahmedabad
HDFC Bank shares fall 2% to fresh 52-week low despite victory in Credit Suisse AT1 bonds cases in Bahrain
HDFC Bank shares fell despite the rejection of all seven Bahrain cases linked to Credit Suisse AT1 bonds. The stock remains under pressure amid governance concerns, recent losses and investor focus on earnings, while brokerages maintain positive views.
Indian Bank to open representative office in Dubai to expand foreign operations
Indian Bank plans to open a representative office in Dubai after receiving board approval, targeting business from the large Indian diaspora in West Asia. The public-sector lender is also exploring a presence in Malaysia and Indonesia and plans to add 100 domestic branches this year.
Should you close your PPF account after becoming an NRI? Here’s what to know about maturity, withdrawal, and tax rules
Moving abroad as an NRI? Your PPF account might not need immediate closure. Discover how your contribution, withdrawal, and maturity options change. Understand the crucial differences between becoming an NRI and a foreign citizen, and navigate the tax implications in your new country of residence.
Dubai earnings sent through banking channels, yet tax notice issued: ITAT Ahmedabad rules property purchase can’t be treated as unexplained investment
An NRI working in Dubai since 1993 successfully challenged a tax notice for unexplained property investment in India. The ITAT Ahmedabad ruled that funds remitted through proper banking channels from his Dubai earnings, even for property purchase, cannot be deemed unexplained. This decision offers significant relief to NRIs facing similar tax scrutiny.
Delhi gangsters flying abroad just to make ransom calls from international numbers to throw cops off scent
Delhi gangsters are going abroad to make extortion calls and evade police. Dinesh Karala's gang made calls from abroad and fired shots at relatives' homes to pressure targets. The police have caught one gang member and are searching for others. Karala is running the gang from jail, targeting various illegal businesses and recruiting unemployed youth.
Julius Baer promotes Kunal Sumaya to Market Head Global NRI
Commenting on his new role, Kunal said, “I am eager to drive growth, mentor talent, and enhance our footprint in key NRI markets. Our path has been extraordinary, marked by substantial team efforts in Singapore, Dubai and Zurich. I am delighted to lead in these regions, aligning our global NRI teams under a unified strategy to strengthen the India connectivity corridor.”
Indian expat wins AED 20 million in weekly UAE draw
The 27-year-old project engineer was overjoyed when he discovered his triumph through an email notification on Saturday. He has been residing in the UAE for four years and participating in Mahzooz for one year.
The Guardians Real Estate forays into NRI segment with Dubai operations
The office in UAE will cater to the NRI and High-Net-Worth Individuals (HNWI) with project offerings spread across India, the property consultant said. The company has set an annual revenue target of Rs 1,000 crore from NRI sales in projects spread across Mumbai, Pune and Bengaluru.
Axis Bank strengthens remittance offering in Gulf countries
Axis Bank to further strengthen its remittance offering in the Gulf Cooperation Council (GCC) by providing new channels of money transfer to NRI customers.
Cops goof up; 2 NRIs get summons for violence over Patel quota row
Police wrongly issued summons to three persons, including two NRIs, for allegedly indulging in rioting in Krushnanagar locality here on August 25.
NRI interest in Gurgaon realty goes up as Rupee touches historical low
Gurgaon has emerged to be one of the most lucrative investment options for NRIs since it ensures a good return on investment.
Will rupee depreciation bring NRI real estate investors back home?
NRIs are amongst the top five investor communities especially in and around the Middle East which were largely responsible for reviving the Dubai property market.
HDFC Life launches first international operations in Dubai
HDFC Life, a private life insurance company, has launched its first international operations with the opening of its representative office in Dubai.
SBI launches NRI Services in UAE
SBI is helping thousands of Indians in the UAE who transact business regularly to their home country.
Return of NRI interest in Indian real estate
Innovation and different products at attractive prices work for NRI buyers who has the global realty market to choose from.
Deposits, not remittances, may take a hit
Economists feel it is too early to guage impact of the crisis on remittances and NRI deposits. Crisis to hit workers, inflows I Crises that shook the world | Dubai crisis
Axis Bank opens representative office in Dubai
Private sector lender, Axis Bank, has opened its representative office at Dubai and will be engaged primarily in promoting the bank's retail NRI products and services.
Axis Bank opens representative office in Dubai
Axis Bank opened its representative office in Dubai on Sunday joining a host of Indian banks in both public and private sector.
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