Question: 1
Subject: Business Developments

Sir, We form an NRE company in Madurai dealing with medical items which is having some financial issues. Is there any business investors or marketing agents to deal with us. Please reply to our mail address sharonram@hotmail.com it will be very helpful for us. Thanking you Yours faithfully

Answer
Based on the information shared, it would be difficult for us to answer the question precisely. It would be better to have an executive summary to enable us to offer advice. Our email ID is tejasve@touchtelindia.net

Question: 2
Subject: income tax

Sir, I am NRI since1996. I would like to know that whether I have to file a return in INCOME tax department. If so please provide details.

Answer
In case your Indian income is in excess of Rs.50000/-, it is obligatory on your part to file the income tax returns in India.

Question: 3
Subject: Regarding merits/demerits of giving up Indian citizenship

I want to know the detail merits/demerits of giving up Indian citizenship and becoming a citizen in another country. I would wish to know what all the rights I will have and what all the rights I will lose if I give up Indian citizenship. Please advice on this. Thanks in Advance

Answer
It would be difficult to offer opinion without understanding the income profile and the residence profile. The trade-off in respect of citizenship of one country over other is taken based on tax incidence. Normally this situation arises only in respect of businessmen or individuals who don’t have any fixed roots in any country.

Question: 4
Subject: tax ???

I am going to buy educational kits from USA for my final year project. How much tax I have to pay? I am buying the goods for 35,000...can you please clear my doubts as early as possible to my mail harish91439@yahoo.co.in

Answer
In case you are availing loans from notified financial institutions or approved charitable institutions to pursue higher education in engineering, medicine, management or applied sciences or pure sciences, then necessary tax relief would be available upon repayment of such loan or interest on the loan subject to a maximum of Rs.40000/- over 8 year period. As regards the import of kits, the customs duty as applicable may have to be paid. More details are available on Indian Customs website.

Question: 5
Subject: Income Tax and Wealth Tax in India

I have bought two buildings in India worth 30 lakhs and they are registered in my name. I am earning in UAE where the Salary of mine is tax free. Do I have to pay any Income tax in India or do I have to pay wealth tax in India. I have not submitted anything for the past two years. Can I submit the taxes now. Am I legally Right? Please clarify

Answer
In case your Indian income from properties is in excess of Rs.50000/-, it is obligatory on your part to file the income tax returns in India. Since your wealth is in excess of Rs.15 lakhs, you are obligated to file the wealth tax return.