Dunno how shajufx is doing since April, but here is some gyan I recall from a few years of folliwng business magazines. This is not legal advice, and you follow this at your own peril. ;-)
1. Non resident Indian, resident but not ordinarily resident, etc., are concepts with multiple (and sometimes, overlapping, but NOT identical) definitions in the Income tax and Foreign Exchange Management Act. (FEMA - this is the successor to the dreaded FERA).
2. About sending back profits by overseas investors - you should look at concepts like "paying divident to foreign share holders" etc. Also look at payment of "royalties to entities outside India".
3. Income tax and FEMA are administered by multiple entities. So, I guess one point source of information is difficult.
In my own organisation, the laws I (personally) enforce are enforced by both the State as well as Central organisations. And there is a wide disparity in approaches of both the govts. We are realistic that not everybody understands the law same way, and allow for some leeway in enforcement. Not all "law breakers" get that kind of lienient treatment.
4. About holding / maintaining accounts overseas - and managing overseas assets after return - some income incurred / earned abroad is taxable in India. Sometimes, the rate of tax is 0%. Example - profit from exports of goods and services is not taxable, IIRC. If you incorporate yourselves, and provide "services" instead of "work" - like syndicating the article you wrote yourselves through your company counts for exports rather than as "employment", which it would be, if you worked direct. (Go figure out that one - it is very difficult).
I may be wrong in several of the above. As I said, this not legal / accounting advice.
Quote:
In most deals, a broker would be involved and will take care of forms etc. And that will take care of running around to banks. He will collect the certificate next day so that saves a trip. He will charge 3 -4k for the whole thing. But there is no bribe involved here.
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I am afraid that majority of Indians, refuse to acknowledge (this figure of 3-4K) as cost of receiving services. For a majority of us, personal service, is something which is rendered as an act of kindness. Hence, very frequently, the agents would have to camouflage this as "bribe".