CA. Sachet Agarwal

Member of the @icai. Financial and Tax advisors | Maritime Taxation | International Taxation | Foreign Exchange Regulations |

[GANESH M @1GANESHM1]

Very nice and perfect explanation of Sengol.
#SengolOfIndia
#SengolAtNewParliament
#Sengol
#SengolInParliament

[World of Statistics @stats_feed]

Recession probability forecast, 2023:

🇮🇳 India: 0%
🇮🇩 Indonesia: 2%
🇸🇦 Saudi Arabia: 5%
🇨🇳 China: 12.5%
🇧🇷 Brazil: 15%
🇨🇭 Switzerland: 20%
🇪🇸 Spain: 25%
🇲🇽 Mexico: 27.5%
🇰🇷 South Korea: 30%
🇯🇵 Japan: 35%
🇷🇺 Russia: 37.5%
🇦🇺 Australia: 40%
🇿🇦 South Africa: 45%
🇫🇷 France: 50%
🇨🇦 Canada: 60%
🇮🇹 Italy: 60%
🇩🇪 Germany: 60%
🇺🇸 US: 65%
🇳🇿 New Zealand: 70%
🇬🇧 UK: 75%

[BSE India @BSEIndia]

Shri @ashishchauhan, MD&CEO, @BSEIndia addressed the team at @SewaMumbai. Discussions ranged from technology in financial markets to rural dev. Tracing history of biz from ancient India to d present day. And the potential in d decades ahead for value & wealth creation in #India

[SeafarersTax.Org @SeafarerstaxOrg]

When a Seafarer sells long term Residential House property, he can claim exemption from tax under section 54 in following ways:

1. By purchasing Residential House property within a period of 2 years.

2. By constructing Residential House property within a period of 3 years.

[SeafarersTax.Org @SeafarerstaxOrg]

NRI Seafarers can invest in Listed shares in India in two ways

1.Repatriation basis via NRE Portfolio Investment Scheme (PIS) Bank Account.

2.Non-Repatriation Basis via NRO Non PIS Bank Account.

Repatriation means the money can be transferred outside India to his own account.

[SeafarersTax.Org @SeafarerstaxOrg]

A Seafarers status would be Resident Not Ordinary Resident (RNOR) when

1) Stay in India more than 120 days but less than 182 days
2) Stay in India more than 365 days in last 4 years
3) Having Indian Income more than 15 lakhs

Being RNOR, the foreign income will not be taxable.

[SeafarersTax.Org @SeafarerstaxOrg]

As per Foreign Exchange Management (Debt Instruments) Regulations, 2019, NRI Seafarers can invest in following:

a) Government dated securities
b) Treasury Bills
c) Public Secture Undertaking (PSU) Bonds
d) Infrastructure Debt Funds Bonds
e) Debts Instruments issued by Banks.

[All India Seafarers Union @AllSeafarers]

🎥 Free Webinar by ALL INDIA SEAFARER & GENERAL WORKER UNION in association with SEAFARERSTAX

Topic: Seafarers' Taxation & Financial Literacy

👇🏻Register below (Limited Seats)

https://t.co/gprcF3c142

[SeafarersTax.Org @SeafarerstaxOrg]

A resident Seafarer can continue to hold the foreign currency, foreign security or any immovable property outside India if such currency, security or property was acquired by him when he was a non-resident.

This is as per Section 6(4) of the Foreign Exchange Management Act,1999.

[SeafarersTax.Org @SeafarerstaxOrg]

A Seafarer can get a deduction upto Rs.25,000 for health insurance paid for himself, spouse and children.
Also a Seafarer can get additional deduction upto Rs.50,000 for health insurance paid for his/her parents if the parents age is above 60 years.

[SeafarersTax.Org @SeafarerstaxOrg]

🎙Last 8 seats left!

Hurry up & register for this free webinar now!

Webinar Registration Link: https://t.co/gBM5XOz1q6

[SeafarersTax.Org @SeafarerstaxOrg]

If a Seafarer buys property from a Resident, then it shall deduct TDS at 1% only if the value of the property is more than 50 lakhs.

If a Seafarer buys property from NRI, then it shall deduct TDS at 20% for Long term capital gains and at 30% for Short term capital gains.

[SeafarersTax.Org @SeafarerstaxOrg]

NRI Seafarers can purchase any property in India except agricultural land, plantation property and farm house. The purchase of property can be from foreign account or NRE account or FCNR account or NRO account but it shall not be from foreign currency notes or travellers cheque.

[SeafarersTax.Org @SeafarerstaxOrg]

What is Form 16 ?

Form 16 has two parts, Part A and Part B. Part A contains the basic information like name, address, income, TDS of the seafarer. Part B contains the calculation of TDS.

If a seafarer is sailing with Indian Company, then Form 16 shall be issued by the Company.

[SeafarersTax.Org @SeafarerstaxOrg]

If a Seafarer withdraws cash more than 1 crore, then Bank will deduct TDS at 2%. But if a Seafarer has not filed ITR for previous 3 years, then Bank will deduct TDS at 2% on cash withdrawal between 20 lakhs and 1 crore and TDS at 5% on cash withdrawal more than 1 crore.

[SeafarersTax.Org @SeafarerstaxOrg]

While filing ITR-2 for NRI seafarers, the Jursidiction shall be India and Tax Identification Number (TIN) shall be Passport Number if the seafarer does not have residence outside India or does not have a Tax Identification Number (TIN).

[SeafarersTax.Org @SeafarerstaxOrg]

Any income earned by seafarers from agriculture land shall not be taxable under the Income Tax Act. Also, the profit earned by seafarers on selling agricultural land in India shall not be taxable under the Income Tax Act,1961.

[SeafarersTax.Org @SeafarerstaxOrg]

A resident Seafarer whose tax has been deducted abroad by foreign country on income earned abroad can claim credit of such tax paid against the Indian Income Tax payable.
For claiming such credit,Form 67 has to be filed on the Income Tax Portal before filing of Income Tax Return.

[SeafarersTax.Org @SeafarerstaxOrg]

When NRI Seafarers sell immovable property, the purchaser deducts TDS at the rate of 20% on sale price.
In order to avoid deduction of TDS at such higher rate, NRI Seafarers can apply to Income Tax Department in Form 13 and receive lower deduction certificate.

[Legal Rights Observatory- LRO @LegalLro]

Congratulations Legal Rights Protection Forum @lawinforce for Harvest India #FCRAViolation success!
NGO Harvest India accused of ‘evangelist’ activities loses FCRA nod @AmitShah