The State Bank of India ( SBI ) has released a guide to Non-Resident of India ( NRI ) taxation and Foreign Exchange Management Act ( FEMA ) matters in the month of January, 2024. According to Dinesh Khara, Chairman of SBI, “This handbook will serve as a reference guide and help you to take informed decision while investing in India.

We hope that this handbook will enrich you with the necessary and relevant information you may need while investing your hard-earned money” With regards to the taxation, the following are covered: Scope of total income and its taxability Residential status under Income Tax Act,1961 Income of NRI and its Taxability Capital Gains and Taxability Taxation of Gifts Deductions from total income available to NRIs Income not to be included in total Income (Exempt Income)

Miscellaneous matters Filing of Income Tax Returns Non -Resident Indians and PAN Card NRIs and DTAA (Tax Treaty) Form 15CA and Form 15 CB Returning India -Taxation With regards to the FEMA matters, the following are covered: FEMA – Important definition FEMA – Non-Residents -Bank Accounts in India -NRE FEMA -Non -Residents -Bank Accounts in India -NRO FEMA -Non -Residents-Bank Accounts in India -FCNR (B) FEMA -Non-Residents -Deposits in India (Other than bank deposits)

FEMA -Non -Residents – Borrowing & Lending FEMA -Non-Residents-Immovable property in India FEMA -Non -Residents-Investments in India FEMA -Non-Residents -Remittances FEMA-Residents -Foreign currency bank account FEMA -Residents – Borrowing & Lending FEMA -Residents-Immovable property abroad FEMA -Resident-Overseas Investment FEMA-Residents-Liberalised Remittance Scheme (LRS) FEMA-Miscellaneous