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Non-resident Indians and their deductions and exemptions

The income of NRIs can also be deducted or exempted in the same manner as that of residents. Read to know more about nri taxation in india. Here are a few that have been discussed:

Deductions under Section 80C

It is also possible for NRIs to deduct most of the expenses under Section 80. A maximum deduction of Rs 1.5 lakh is allowed under Section 80C for FY 2020-21.

Of the deductions under Section 80C, those allowed to NRIs are:

i. Premiums must be paid in the NRI's name or in the name of their spouse or any child (child may be dependent or independent, minor or major, married/unmarried). In order to qualify, the premium must be less than ten percent of the sum assured.

ii. Fees paid to schools, colleges, universities, or other educational institutions in the State of Two children may receive full-time education in India (including play school, pre-nursery, and nursery).

iii. Deduction is allowed for principal repayments on loans taken for buying or constructing residential properties. A deduction is also allowed for stamp duty, registration fees, and other expenses incurred by the NRI in transferring the property.

iv. A unit-linked insurance plan (ULIP) is sold with life insurance cover for deduction under Section 80C of the Income Tax Act. It includes contributions to the unit-linked insurance plans of mutual funds, such as the Dhanraksha 1989 plan and other UTI unit-linked insurance plans.

v. Investments in ELSS: ELSS has been the most preferred option in recent years as it allows you to claim a deduction under Section 80C up to Rs 1.5 lakh, it offers the EEE (Exempt-Exempt-Exempt) benefit As these funds invest primarily in equity markets in a diversified manner, they provide a positive tax benefit to taxpayers.

Other allowable deductions

Besides the deduction that an NRI can claim under Section 80C, they are also eligible to claim various other deductions under the income tax laws, which have been discussed here:

Deduction from house property income for NRIs

NRIs can claim all the deductions available to a resident, including parents’ insurance deductions from income from house property for a house property purchased in India. Deduction towards property tax paid and interest on home loan deduction is also allowed. You can read about house property income in detail here.

Deduction under Section 80D

NRIs are allowed to claim a deduction for the premium paid for health insurance. This deduction is available up to Rs 25,000 in the case for insurance of self, spouse, and dependent children. In addition, an NRI can also claim a deduction for parents’ insurance (father or mother or both) up to Rs 25,000.

However, the deduction limit is set up to Rs 50,000 if the insurance premium is paid for resident senior citizens (self, family and parents). Hence, insurance premium paid for senior citizen NRIs cannot be claimed under Section 80D.

Within the existing limits allowed, a deduction of up to Rs 5,000 for preventive health check-ups are also available. Moreover, medical expenditure of up to Rs 50,000 incurred for resident senior citizens can also be claimed within the existing limits of Section 80D. However, the person on whom the medical expenditure is incurred should not be covered under any health insurance policy.

Deduction under Section 80E

Under this section, NRIs can claim a deduction of interest paid on an education loan.

This loan may have been taken for higher education for the NRI, NRI’s spouse, children, or a student for whom the NRI is a legal guardian.

There is no limit on the amount which can be claimed as a deduction under this section. The deduction is available for a maximum of eight years or till the interest is paid, whichever is earlier. The deduction is not available on the principal repayment of the loan.

Deduction under Section 80G

NRIs are allowed to claim a deduction for donations for social causes under Section 80G. Here are all the donations which NRI can claim under Section 80G.

Deduction under Section 80TTA

Non-resident Indians can claim a deduction on income from interest on savings bank accounts up to a maximum of Rs 10,000 like resident Indians.

This is allowed on deposits in savings accounts (not time deposits) with a bank, co-operative society or post office and is available starting FY 2012-13.

Deductions not allowed to NRIs

Some investments under Section 80C:

Investment in PPF is not allowed (NRIs are not allowed to open new PPF accounts. However, PPF accounts that are opened while they are a resident are allowed to be maintained)

Investments in National Savings Certificates (NSCs)

Post office 5-year deposit scheme

Senior Citizen Savings Scheme (SCSS)

Deduction for the differently-abled under Section 80DD

Deduction under this section is for maintenance, including medical treatment, of a handicapped dependent (a person with a disability as defined in this section). Such deduction is not available to NRIs.

Deduction for the differently-abled under Section 80DDB

Deduction under this section towards medical treatment of a dependent who is disabled (as certified by a prescribed specialist) is available only to residents.

Deduction for the differently-abled under Section 80U

Deduction for disability where the taxpayer himself has a disability as defined in the section is allowed only to resident Indians.

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Bookkeeping and accounting service

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Are you looking for a reliable accounting and bookkeeping service online? Vakilsearch is here to take care of company accounts at an afforda

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List of Myths to Encounter in the Provisional Patent Application

Intellectual property can be quite confusing to ordinary people. While an inventor applies for a patent, there are so many forms, procedures, and data to understand. There is more to it than that. Throughout the patent lifecycle, there are also many litigations and restrictions. It is not uncommon for people to misinterpret information and pass it along. As a result, myths have developed that appear true at first glance, but that are actually misleading. Identifying and dispelling some common provisional patent myths is the purpose of this article.

Myth 1: Existing technology cannot be patented

Inventors might think that their innovation is simply an improvement of an already patented technology. Therefore, the invention cannot be patented. As long as the usage is not obvious, he is able to patent a new use of existing technology.

A new product can also be patented if it is a combination of two previously patented products. It is important, however, that the combination is not obvious. As long as the differences between the products are not obvious to someone skilled in the field, he can patent a similar product as well.

Myth 2: My business has no competitors. Therefore, I do not require a patent for my product.

Inventions with good commercial value will attract new competitors regardless of their novelty. In general, novel and radical inventions gain a competitive advantage. Nevertheless, similar products will appear in the market within a few months. You can thus prevent your competitors from infringing your patent by obtaining a patent and manufacturing, selling, or marketing your product.

Myth 3: Patents protect all illustrations

There is a prevalent myth that appears to be true at first glance. An inventor uses drawings in a patent to illustrate and describe their invention. They often believe that the illustrations in the patent are also protected. The patent protection is mostly based on the "claims" of the patent. There is no guarantee that the illustrated drawings are covered by the claims. A patent's claims should be carefully designed to avoid any infringement or litigation, even though interpreting them is complicated.

Myth 4: Patents will fend off infringers

In general, patents are assumed to protect your product from infringers. Infringers can still copy your processes and products despite patents. It is inevitable that infringers will appear from time to time.

Patents, however, prove ownership of an invention to the patent holder. When there is patent infringement, the patent holder is responsible for using the patent rights wisely. As a result, the patent holder may sue the infringer for infringement. The patent holder is often entitled to monetary damages after court proceedings against the infringer.

Myth 5: Patents protect the inventions across the globe

Patents are generally assumed to be worldwide once they are granted. In reality, patents are country-specific. Inventors can protect their patents only in countries in which they have filed for patent protection. A German inventor who owns a patent for a particular product cannot interfere with its use in India. Through the Patent Co-operation Treaty (PCT), inventors can seek protection in 140 countries through one application.

Myth 6: Patents can only be used in legal proceedings

Patents are often thought of as a tool for identifying infringers and claiming the invention legally during court proceedings by many organizations. Often, they fail to realize the impact patents can have on their market value. Active research and development activities attract more investors to organizations with strong patent portfolios. Consumers also trust patent-protected products, promoting sales. There is no truth to the general perception that patents can only be used for legal proceedings.

Myth 7: Ideas are patentable

Although ideas are the basis of inventions, they cannot be patented. A patent can be granted for a process, a machine, a product, or a composition. An invention can only be patentable if it can be built using the technology or if it is already built. An idea cannot be patented if it is merely an idea.

Myth 8: Provisional patents can be obtained more quickly than patents

Provisional patents are often considered an alternative to regular patents. There is no such thing as a provisional patent technically. This should be referred to as provisional patent applications. A provisional patent application is used by inventors who need to disclose their invention quickly and have little time to prepare the complete patent application.

A patent applicant only needs to submit an outline of the invention with a few specifications and claims. They are valid for one year and give patents an earlier filing date. Provisional patent applications will not be granted patents by patent offices. For a patent to be granted, a complete patent application must be submitted.

Myth 9: A single patent will allow me to monopolize my market

There is a common misconception that patenting a product will grant it a monopoly. Infringers can only manufacture, use, or market your invention with the help of a patent. There is no monopoly granted by a single patent. In the future, competitors may file for more patents with improvements in technology with accurate claims that could exclude the original inventor from the market. Therefore, organizations continue to innovate and improve their patented technologies and acquire additional patents covering more relevant claims and broaden their scope of invention.

Myth 10: Filing patent application is arduous

Inventions are often considered complex by inventors. An inventor who is familiar with the patent filing process, on the other hand, will find it very methodical and comfortable. Today, patent filing procedures can be accessed online and are easily accessible. When designing patent claims or conducting a patent search, it is advisable to consult patent experts.

Identifying facts from myths is never easy. It is imperative that businesses have a clear understanding of patents in order to avoid following misleading information. Investing blindly in such myths can lead to financial loss for a business. Patent attorneys can debunk such myths and assist organizations in building strong patent portfolios.

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Online Trademark Registration Procedure

Find the list of trademark registration procedures and this will help you to avoid the trademark objection. In case of such issues, you for how to file trademark objection reply.

Search the brand name online

It is a quick and effective method that any beginner can use to create a brand name that is intriguing, trendy and catchy at the same time. If most of the common names are already taken, picking a unique name to differentiate yourself from the competition is an absolutely smart decision. As a result, you should do a quick check to verify that you are not selecting a brand name that is already taken. The most attractive aspect of this situation is that you can create a brand name of sorts by inventing or creating certain phrases using a combination of words that are not exclusive to your industry.

Filing of Trademark Application

To complete the online registration of trademark, you need to submit the application along with the supporting documents listed below:

•           Company registration certificate

Your registered business requires you to submit a company director's identity and address verification. A PAN or Aadhaar card may be used as proof of ownership for a private company. Conversely, in the context of companies, address proof of the company is required.

•           Soft copy of trademark

•           Proof of claim of the proposed mark may be used in another country

•           The applicant must sign a power of attorney

•           Submission of Application for Brand Registration

To submit an application for registration, one is manual filing and the other is electronic filing (Form TM-A). If you prefer to file manually, your application for registration should be sent to the Trade Marks Registration Offices at Mumbai, Kolkata, Delhi, Ahmedabad and Chennai. After that, you have to wait at least fifteen to twenty days to get the payment approval. On the other hand, if you use e-filing mode, you can get an instant digital receipt and acknowledgment of your submission on the official website of the government. Once your trademark application is approved, you are allowed to use the trademark (TM) symbol next to your brand name!

•           Analyzing Trademark Application Procedure

After the application is sent, the trademark registrar will conduct an investigation to determine whether or not you have complied with the specified conditions and whether or not your brand name is in accordance with existing law. In addition, there should be no similarities or exact matches with any other brands already registered or in the process of registration. Because of this, we strongly encourage you to go with a creative moniker for your company.

•           Publication of your brand in Indian trade mark journals

Once the examination phase is over, your brand name will be published in the Indian Trademark Journal by the Trademark Registrar. This is undoubtedly the most important part of trademark registration. There shall be no challenges against the mark within three months of its publication. The Registrar of Trademarks will proceed with the process of issuing the trademark registration certificate when there is no opposition to the application.

•           Trademark Opposition

If a third party files an objection within three months of publication in the Trade Marks Journal, The Registrar of Trade Marks will provide you with a copy of the notice of objection. You have a certain period of time to file a statement in response to the objection notice sent to you. If a counter-statement is not submitted within two months, the trademark registration shall be deemed terminated and shall be rejected. If no one objects in the next three months, you will be exempted from this step and your trademark registration will be approved without delay.

•           Consideration of trademark opposition

As long as you file your counter statement within two months of the foreign company challenging the trademark registration, you will receive a copy from the trademark registrar. Both you and the opposing company must provide evidence to support your claim. After you submit your evidence, the Registrar will give you and the other party an opportunity to be heard. After hearing both the parties and taking into consideration the evidence, the Registrar will issue an order regarding inclusion or exclusion of the trademark registration. If your application for a trademark is accepted by the trademark registrar, they will begin the process of granting the registration.

•           Issuance of Trademark Registration Certificate

After 90 days, if no opposition is received or if your trademark application is accepted after a hearing on the trademark opposition, the Registrar will approve your application. After receiving your certificate, you can start using the registered trademark symbol next to your brand name.

Submission status

Getting an allocation number is as simple as waiting for the filing confirmation in the mail. Using this allotment number, you can keep tabs on the trademark objection processstatus of your application online. If there is no difficulty in submitting, you will know in 18-24 months if your application has been accepted or rejected. The longer it takes, the more likely a problem will occur. According to the date of submission, your application is given more importance. Even if your application is not granted, you can use the TM symbol next to your trademark after receiving your allocation number.

Register

If the registrar decides that your mark is acceptable, he will issue you a certificate of trademark registration. This provides formal confirmation that the trademark you are using exists and is now authorized. After the application is submitted, the license is granted for a period of ten years starting from that day. After such period has passed, you can renew the trademark. Renovation is something that can be done endlessly.

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Top 15 Directions for a Consulting Business

You can be a consultant in any field, but today, according to statistics, the services of consultants are most used in the following areas for investors pitch:

Accounting . Accounting is something that is absolutely necessary for any business, no matter how big or small. Accounting consultants usually help to structure the financial flows correctly and increase the profitability of the company by giving proper emphasis on the document.

Censorship. Here the range of activities for consultants is very wide: one checks the monthly utility bills for small businesses, and one controls the financial statements and cost possibilities of large enterprises.

Business development . If you have your own successful, established business, you can earn additional income as a business consultant. Many start-up entrepreneurs need an "outside view" and are willing to pay for an unbiased assessment and specific advice on how to improve their business.

Taxes. Working as a financial and tax advisor can be very lucrative. A tax advisor offers purely legal and legal ways to minimize tax payments.

Department of Justice. You can't even imagine how many people completely "go through" all kinds of legal problems: registration of pensions, inheritance, real estate, etc.

Career and employment counseling . Due to periodic global crises, many people are laid off and unemployed. Career and employment counselors are always in demand. Such a consultant helps his client decide on a new career or find a job in a specialized field in a related field of activity.

Computer equipment and IT technologies . Here you can "walk through" everything from installing software to debugging hardware. If you are a good professional in this field, then two hours of work per day is enough to fully satisfy the demands and needs of your customers.

Search artists and staff - Head Hunter ("Head Hunter"). This business is not for everyone. Many people don't like employers finding talent and poaching them at all costs.

Consulting on "Human Resources" Management . As long as people work in companies, they will have all kinds of problems, and consultants in this area will not be out of work. Here, advice on training employees in communication, establishing good and respectful relationships in the team and motivating employees is possible.

Marketing. Do you know how to draw up business plans and conduct market research on market segments? Or do you have "talent" and brilliant ideas that contribute to the growth of the business? If this is true, why not try being a marketing consultant?

Public relations . Getting good reviews and hidden ads in magazines and TV is a real art. When a company finds a good PR consultant, they are willing to pay for their services forever!

Advertising business . Consultants in this field are typically hired to develop global, strategic advertising campaigns.

Healthy food . Drink counselors help people change their eating habits, effectively lose or gain weight and feel better.

Image and style consultant . Professionals in this field can help you create a style, create a versatile wardrobe, choose the right makeup, haircut and more, which will help you create a unique image.

Horticulture. Strange as it may seem at first glance, the demand for horticultural consultants "blooms" every year. This "mistake" is a fashion for landscape design and winter gardens, as well as the employment of rich people who once took care of their plants.

Consulting occupies a leading position in the market providing services to business.

For entrepreneurs who are interested in how to open a consulting firm from scratch and how profitable this field of activity is, a detailed business plan is drawn up with a profit calculation.

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book keeping and accountancy

Are you looking to have the book keeping and accountancy for your business? You are at the right place. click to have a conversation with our legal professionals:

We'll maintain your Accounting and Bookkeeping Services Online. Maintenance of company accounts starts at Rs. 2500 onwards. ✓EMI available.

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filing a provisional patent

If you want to make the invention secured, it is necessary to undergo provisional patent application India. Get the legal assistance for it:

With Vakilsearch, you can file a provisional patent online in as little as 15 days. This prevents others from copying or filing the same.

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opc company registration

Registration of opc is simple when you are following the legal aspects. We are the leading team who can assist completely with the process. Get in touch with our team:

Your entrepreneur journey begins here. Get your One Person Company (OPC) Incorporated in 15 days by experts! We'll take care of all the docu

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trademark objection in india

Are you undergoing the registration process for your Trademark? one of the hassles you should overcome is the trademark objection in India. Do not worry! We are the professional team to assist you:

Reply to your trademark objection with Vakilsearch. We can assist you in preparing a competent response to a trademark objection.

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Farmer producer organization - India

Farmer Producer Organizations is the abbreviation for them. FPO is a group whose participants are actual farmers. Farmers Producer Organisation offers small farmers comprehensive assistance and services that span technical support, marketing, processing, and other parts of agricultural inputs.

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Joint Development Agreement - India

Joint venture registration is a commercial arrangement in which more than two organizations or persons share ownership, costs, returns on investments, profits, governance, etc. to outperform rivals in a beneficial way.

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Succession Certificate Online - India

If someone passes away without leaving a will, they'll require a Succession Certificate as proof of their death. It delegates to the owner the power to collect debts and securities. The term "succession certificate" refers to a legal document that allows for the distribution of the deceased's property.

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Contract Employee Agreement - India

A standard written agreement that both the employer and the employee must recognize and sign will serve as the basis for an employee agreement. Employers do not, however, have to convert each employee agreement format india into a written contract.

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Payroll management - India

Payroll documents include payslips, payroll ledgers, books of accounts, and other forms that are created or maintained by or on behalf of an employer for one or more of their employees. These documents contain a record of payments or deductions made by or on behalf of the employer for the employee or employees in question.

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Labor law advisor

The State and the Central Government both implement labour laws. The labour law compliance goes beyond simply submitting returns; these records also serve as proof that the laws are being followed and must be shown to the authorities in case there are any inconsistencies.