23 C NRIs / The Economic Times
In an age of e-commerce-fuelled consumerism, more and more young Indians are defying social conventions of ownership and instead opting to rent items such as furniture and smartphones.
Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal.
Non-Resident Indians (NRIs) can now open joint bank accounts with Indian residents, thanks to regulatory changes made by the Reserve Bank of India in 2011. This allows NRIs to provide financial support to their families in India more easily. NRIs can only hold resident savings accounts as joint holders with Indian residents, and cannot be single holders of the resident account.