Posted on: 01-07-17 12:54:25
Raj, thanks.
Hi,
I am a Canadian Citizen and OCI Card Holder.
I have opened a Resident Account for the purpose of the Stock Investment long time back around 2004 as I was having Indian Passport.
Later on I got my PAN Card and have been filing my returns regularly.
I have been informed that I need an Aadhar card to file my current tax return.
So I am not sure how to get the Aadhar card. Also is there any deadline to obtain the Aadhar card?
=SG=
Quote:
Originally posted by sg11
Hi,
I am a Canadian Citizen and OCI Card Holder.
I have opened a Resident Account for the purpose of the Stock Investment long time back around 2004 as I was having Indian Passport.
Later on I got my PAN Card and have been filing my returns regularly.
I have been informed that I need an Aadhar card to file my current tax return.
So I am not sure how to get the Aadhar card. Also is there any deadline to obtain the Aadhar card?
=SG=
Your Resident account is illegal.
The moment you became a Canadian citizen, you were supposed to convert your Resident account to a NRE or NRO account.
Foreign citizens who live outside India for more than 183 days are not supposed to get an Aadhaar card either, but illegally there are ways to get it.
You will have to physically come to India for the Aadhaar card, as they take your bio-metrics like Iris scan, Finger prints. Within 2 months you will get the Aadhaar card.
Just the Aadhaar number is enough, no need for the physical card. That E-Aadhaar print out you will get online with the Aadhaar number after you apply for it. So you can apply for the card in India and then come back to Canada. No need to wait 2 months for the physical card to arrive in mail.
You will need a Proof of ID and Proof of Address to get the Aadhaar card. So PAN card for Proof of ID, ..bank statement, electricity bill, IT return or something like that for Proof of Address.
Thanks pendse for the information.
I am not interested in getting something illeagl, but is there a way to revert this account to NRE or NRO
sg11, where are you living? Are you filing returns both in India and Canada? If you are living in Canada, you can update the address on the PAN card to state you are living in Canada.
There have been press releases like this stating that NRIs/foreign citizens are exempt from getting Aadhar card and do not need to quote it for filing returns in India. https://www.sgco.co.in/Files/updates/068-DTAX-Press%20Release%20and%20Notification.pdf
It is possible to convert resident account to NRO account. Private banks will accept the application to do it even online or by post, not so sure about nationalized banks.
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One more thing I would like to add is NRIs investments in equities have to be routed through a special account called Portfolio Investment Scheme (PINS) which the banks have to report to RBI. It can held as repatriatable PINS NRE or non-repatriatable PINS NRO basis. It is an offline trading account where you request your broker to place the trades. Shares that you held as a resident Indian will have to be converted to non-PINS NRO account. So, better consult with a CA before you act on anything.
You can go through the link below:
http://content.icicidirect.com/nriregfaq.asp#a521
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Quote:
Originally posted by rajcanada
One more thing I would like to add is NRIs investments in equities have to be routed through a special account called Portfolio Investment Scheme (PINS) which the banks have to report to RBI. It can held as repatriatable PINS NRE or non-repatriatable PINS NRO basis. It is an offline trading account where you request your broker to place the trades. Shares that you held as a resident Indian will have to be converted to non-PINS NRO account. So, better consult with a CA before you act on anything.
You can go through the link below:
http://content.icicidirect.com/nriregfaq.asp#a521</font>
If you open a PINS- NRE stock trading account.
And you make money buying & selling stocks as an OCI.
Do you have to file an IT return in India ?
Do you have to pay the 15 % Short Term Capital gains tax in India, if you hold the stocks for less than 1 year ? If you hold it for more than a year, there is no tax, as its considered to be Long Term Capital gains tax.
Does the bank hold back any with holding tax or something when you trade in your PINS NRE account , like they hold back 30 % TDS on the ineterst if you have a NRO savings account with them. Nothing is held back for NRE savings account.
So I am guessing for PINS NRE or PINS NRO trading account the same TDS & with holding tax rules might apply, just like NRE or NRO regular savings account.
