The Income Tax Appellate Tribunal (ITAT) has come to the rescue of a salaried individual who was deputed to work outside India, by holding that the salary income (which includes allowances) of a ‘non-resident’ for services rendered overseas cannot be taxed in India.
Fresh NRI deposits under FCNR(B) have recorded a significant increase of $2 billion in April-October, compared to an outflow of $841 million in the same period last year, according to RBI data. The overall fresh NRI deposits have reached $6 billion during this period. The surge in deposits can be attributed to higher interest rates and the safe-haven appeal of FCNR(B) deposits.
