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Q: I have received a tax notification from the Indian IT department. This has to do with my purchase of an apartment in India worth Rs 11 lakh, partly financed by myself and my wife. We paid for the apartment with our salaries and savings in the UAE. what should I do?
answer: You will need to reply to the tax notice and detail the source of funds for the purchase of the apartment. You have purchased the apartment with your UAE income, so you must remit the funds through your bank or from your non-resident (external) account. This notification is sent to most home buyers in India as the tax authorities want to ascertain the source of funds. As a non-resident Indian, the salaries you and your wife earn in the UAE are exempt from tax in India. Hence, there is no tax impact as you are not evading taxes in India. You reply to the tax department and provide relevant information, the problem is solved, there is nothing to worry about.
Q: There are some items and commodities in India like wheat which cannot be exported due to restrictions imposed by the government. Can Indian trading companies export these items from other countries? Imports from India have been affected in recent days due to tariff issues. Is this problem going to be solved?
answer: According to the foreign trade policy, business transactions can be carried out according to the guidelines issued by the Directorate General of Foreign Trade. The DGFT has now drawn up rules that will make it possible for trading companies to export goods from one country to another. In other words, prohibited goods such as wheat or brown sugar can be shipped from places like Singapore or Dubai to any other country as long as the origin of the goods is not India. Many trading houses are setting up offices in Gujarat International FinTech City (GIFT City) to take advantage of these guidelines which have been incorporated into the latest foreign trade policy. In terms of imports, in the first week of this month, there were many difficulties in paying tariffs. This happened due to a malfunction in the customs automation system that was being updated. The technical issues have now been resolved and imports stuck in ports can now be cleared after payment of duties. The recently launched Cash Ledger module will enable importers to create virtual accounts on the ICEGATE website. This will make it possible to pay customs duties online, also via internet banking and RTGS/NEFT.
Problem: Nuisance calls from telemarketers are a big nuisance in India. Is the Indian government doing anything to control this threat?
answer: The Telecom Regulatory Authority of India (TRAI) has asked telecom companies to implement a series of new measures to reduce the number of nuisance calls. Telemarketers are currently circumventing some of the existing safeguards put in place by the authorities. TRAI has asked mobile service companies to curb the influx of spam. It is proposed to introduce a new number series for real service calls so consumers are aware that they are receiving real information and not just a promotional advertisement. Currently, there is no difference between service messages and promotional ads, which are responsible for a lot of annoying calls. The Home Office’s Cybercrime Squad is currently coordinating the sharing of complaints received with telcos in a timely and coordinated manner, particularly in relation to financial fraud and other potentially criminal activity. Mobile service operators have informed TRAI that they are taking proactive steps to control the flow of unwanted commercial information. Artificial intelligence and other technologies are being used to tackle this problem more effectively.
HP Ranina is a practicing lawyer specializing in taxation and foreign exchange regulation laws in India.
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