A lot of NRIs from India live in different countries of the world, these people are settled in different countries of the world who have settled in far-off countries to earn money, but they still have Indian citizenship. It is often seen that NRIs earn money by living abroad and invest in property and other places in India with the help of their family and relatives.

These NRIs also have to pay income tax like other citizens of India, but this income tax has to be paid only on the income that they have earned inside India such as the income they have earned through bank deposits, rent or property purchase and sale. Here we are going to tell these NRIs the way to save income tax.

Getting a Tax Residency Certificate

If a person is an NRI and he is earning profit by investing in two countries and there is a double tax agreement between the two countries, then he can get a TRC (Tax Residency Certificate) made and pay tax in only one country. This saves him from paying double tax and he also saves money.

Benefits of filling Form 10F

Form 10F is a statement that verifies the eligibility of an individual or entity to receive tax benefits following the Double Taxation Avoidance Agreement (DTAA). This form is mandatory to be submitted before making any payment to an NRI, and its validity is limited to the financial year in which it is submitted. Form 10F comprises two sections. The initial section contains the statement made by the NRI, while the subsequent section contains the certification by the tax authority in the resident country.

Simplifying the e-verification process

Today, income tax can be filed online, but e-verification requires Indian mobile numbers or bank accounts. At the same time, NRIs are demanding to include foreign mobile numbers or email-based verification. There is also a demand to extend the 30-day time limit for physical verification, so that those facing logistical delays can get convenience.

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Under the changes outlined in a circular dated January 16, 2024, NRIs will now be required to use a specific form while enrolling for Aadhaar. Come, let us know about the new rules.

Changes in application eligibility for NRIs

NRIs, both minors and adults, holding a valid Indian passport are eligible to apply for Aadhaar at any Aadhaar centre.

For NRI applicants, a valid Indian passport is the only accepted proof of identity (POI). Additionally, birth certificate has been made mandatory for residents and NRIs born on or after October 1, 2023.

Must have email address  

All NRIs must provide a valid email address during Aadhaar enrolment. It is important to note that SMS/text messages will not be transmitted to non-Indian mobile numbers provided by NRIs.

 Updated Form for Aadhaar Enrolment/Update

The form has been divided according to different age groups. Come, let us know about all these-

• Form 1: To be used by residents aged 18 years and above and NRIs (with proof of address in India) to enroll or update Aadhaar details.
• Form 2: This is specially designed for NRIs who provide proof of address outside India during enrollment or updation.
• Form 3: For enrollment of children 5 years and above but below 18 years of age (resident or NRI with Indian address).
• Form 4: For NRI children with addresses outside India.
• Form 5: For resident or NRI children below 5 years of age (with Indian address) for Aadhaar enrollment or updation.
• Form 6: Designed for NRI children below 5 years of age (with address outside India).
• Form 7: For resident foreign nationals above 18 years of age seeking enrollment or updation. Details of foreign passport, OCI card, valid long term visa and Indian visa are required. Email ID is mandatory. 
• Form 8: To be used by resident foreign nationals under the age of 18 years.

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Not only this, NRIs ie Overseas Indians from these ten countries can also use UPI service for transactions without depending on their phone number in India.

The countries where this initiative is being launched include Singapore, USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and United Kingdom. According to National Payments Corporation of India, accounts like NRE/NRO having international mobile number can do transactions using UPI. Payments Corporation has issued instructions to partner banks and given them time till April 30 to comply.

NRI and NRO account holders will be able to do transactions

An NRI account helps NRIs to transfer foreign earnings to India. Whereas, an NRO account helps them manage the income earned in India. However, a condition has also been kept for this and that is that the banks have to ensure that such accounts have to be permitted as per the rules of Foreign Exchange Management Act.

Also, the guidelines issued by the Reserve Bank of India in this regard will have to be followed and security against money laundering or terrorist financing will have to be followed.

UPI transactions worth 12 lakh crores happened in December

Let us tell you that a cabinet committee headed by Prime Minister Narendra Modi on Wednesday approved a total scheme of Rs 2600 crores to promote RuPay debit cards and low-value BHIM-UPI transactions. . According to officials, the larger UPI will be of great help to international students, families living abroad and local businesses.

Financial incentives will also be provided to banks under this scheme to promote transactions using RuPay and UPI. In this regard, Prime Minister Modi said in a tweet, India’s progress in digital payments will be further strengthened by the Cabinet’s decision to promote RuPay Debit Card and BHIM-UPI transactions.

There has been a huge jump in UPI transactions in just six years. UPI transactions worth over Rs 12 lakh crore happened in December last year.

The post UPI Service Launched New Countries: Government of India will provide UPI payment facility to Indians living in these 10 countries, know here full list list first appeared on Rightsofemployees.com.

Information given by RBI This information was given in the circular issued by the Reserve Bank of India (RBI). “It has been decided to allow transfer of foreign funds received under Rupee Drawing Arrangement (RDA) through Bharat Bill Payment System (BBPS) to a KYC compliant bank account of the beneficiary,” the RBI said.

RBI Governor Shaktikanta Das made an announcement in this regard last month. Das had said that with this step, NRIs will be able to pay utility, education and other such bills on behalf of their families in India.

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