Friday, June 30, 2017

How to convert existing Resident Saving account to NRO Account in India?

When a Resident Indian becomes an NRI he needs to convert his Resident saving account to NRO account as per Indian banking and income tax laws e.g. FEMA. The NRO account provides the simplest way to access and operate the money and investments already made in India. These accounts can receive foreign remittances, can have a joint account holder who is a resident India e.g. your mother or father, and RBI also permits repatriations from NRO account to abroad limited by a maximum annual amount.

Saturday, June 24, 2017

Simple Guide to file your income tax returns Online in India

It's that time of the year again when every India taxpayer (including those who lives abroad) start to worry about filling your income tax in India. Like previous year, 31st July is the last date to file your income tax return in India. Everyone who earns an income in India is subject to income tax, including Indians living abroad or NRIs. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. NRIs, who doesn't have any salary income in India may have to pay income tax if they are earning rental income from their house, flat, or any commercial property.

Friday, June 16, 2017

How to Renew Indian Passport at Overseas? Does Passport Number changes Upon Renewal?

If your passport has been expired or about to expire and you are living outside India then you can submit your passport renewal application at Overseas itself. Indian High Commission and their affiliate agent accept passport renewal application. Btw, when you submit an application for renewal of your passport then your passport number will change. The new passport will have a new number and you need to update this number to everywhere e.g. bank accounts and other places where you have submitted your passport details.

Friday, June 9, 2017

Best Health Insurance Plans for Family in India - LIC vs ICICI Lombard vs Bajaj Allianz Policies

I was searching   for a good health insurance plans for my family recently when I come to know about this "family floater health insurance plans". I have not heard this term before, so I did a bit of research about family floater plans and benefits of taking this type of medical insurance and surprised to know that now you can cover almost all members of your family with just one health insurance plan. This is a big relief because you don't need to buy and maintain separate health insurance plans for different family members, in just once insurance policy you can cover yourself, spouse (wife or husband), children, parents (mom and dad) etc.

Friday, June 2, 2017

How to send money from USA or Canda to India instantly online in 1 hour? - ICICI Money2India express transfer

I recently come to know about ICICI bank's powerful service called express e-transfer which allows ICICI bank Money2India users to send money instantly to India from USA and Canada to India. ICICI bank claims that they will credit the money in just 1 hour compared to 5 days in case of regular electronic transfer if recipient account in India is another ICICI bank account and 2 hours if its a non ICICI bank account e.g. HDFC or Axis Bank. This is simply great and as fast as transferring money from one account to other in India itself.