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Non-Resident Indian – FEMA Vs. Income Tax

1. Definitions & Exceptions:

FEMA: FEMA has 2 classifications:

  1. Person Resident In India
  2. Person Resident outside India (NRI)
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Comparative Chart for various Bank Accounts for NRIs

This note covers the major features of various Bank Account Schemes available to Resident Indian, Non-Resident Indian and Foreign Nationals. Following schemes have been covered under this note:

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Start Up India Scheme

The objective of this note is to summarise the benefits of the Startup India Scheme

What is the scheme about Startup India Scheme is an initiative of Government of India first announced in the year 2015. The objective of launching this scheme is to Simplify the procedural aspects relating to licensing and compliance and to enable the promotors to concentrate on the core business requirements. The Scheme not only provides relaxation with respect to compliance, but also provides Tax Exemptions, easy access to Banking Facilities, a number of Pro Bono Services which includes Accounting Software, Financial Services, Marketing Services, etc.