Nri Parent Indian Bank Fd Scss Pomis Ppf Rbi Frsb Section 80c...
Complete 2026 guide for NRI / OCI senior parents inheriting or holding Indian Bank Fixed Deposits (FD) + Senior Citizen Savings Scheme (SCSS) + Post Office Monthly...
Critical: Indian Bank FD / SCSS / POMIS / PPF / RBI FRSB held by US person — typically NOT PFIC but verify + Form 15G/H senior 80+ applicable
Indian Bank FD + SCSS + POMIS + PPF + RBI Floating Rate Savings Bonds (FRSB) held DIRECTLY by US person senior 60+ parent are typically NOT classified as Passive Foreign Investment Company (PFIC) under IRC Section 1297 — direct holding is debt instrument + savings scheme, not equity fund. BUT if held through offshore fund / foreign grantor trust, may be PFIC. For senior 60+ parent NRI / OCI holder: Section 80TTB deduction INR 50,000 on interest income (bank FD + SCSS + POMIS + PPF interest) — applicable only to senior 60+ resident; NRI typically NOT eligible (debated for ROR). Section 80C deduction INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD — applicable only for resident individual (NRI typically NOT eligible for Section 80C on new deposits). Section 80CCD(1B) NPS Tier 1 additional INR 50,000 — debated for NRI. Section 80D senior parent health insurance INR 50,000 — applicable to NRI if premium paid for Indian resident senior parent. Section 80DDB critical illness INR 1 lakh senior 80+ Form 10-I — applicable to NRI if senior parent is ROR. Section 193 interest TDS 10% on FD / SCSS / POMIS interest payment to resident + Section 195 NRI TDS at applicable rate + DTAA rate. Section 56(2)(vii) heir exemption of FD / SCSS — CBDT Circular 6/2016 + 24/2016 narrow reading applies Section 56(2)(vii) to immovable property only; FD / SCSS / POMIS / PPF classified as financial assets — consult CA.
Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Bank FD SCSS POMIS PPF RBI FRSB EPF VPF NPS India 2026 matrix
| Mechanism | Section + rate + TDS | Senior 60+ parent estate treatment | FEMA + DTAA interaction | Black Money Act + Form 3520 angle |
|---|---|---|---|---|
| Bank FD (Fixed Deposit) — resident + NRI accounts | Section 193 10% TDS on interest payment to resident (no TDS if Form 15G / 15H submitted); Section 195 NRI TDS at applicable rate + DTAA rate; Section 80TTB INR 50,000 senior 60+ interest deduction (ROR only; debated for NRI) | Heir receiving bank FD inherits corpus (principal) per Will + codicil + executor; FD interest accrued but unpaid becomes part of estate; Section 56(2)(vii) NOT applicable to FD (CBDT Circular 6/2016 narrow reading); Section 80TTB applicability depends on ROR status of heir at time of interest accrual | FEMA NRO bank account for FD interest; FEMA Form A2 + AD-1 for repatriation; USD 1M / year LRS; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Form 8938 FATCA required if FD held by US person > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time; FBAR FinCEN 114 if aggregate > USD 10K; Form 8621 PFIC for FD held through offshore fund (typically NOT for direct holding) |
| Senior Citizen Savings Scheme (SCSS) | Section 80C deduction INR 1.5 lakh cap (5-year tenure — applicable to resident only; NRI typically NOT eligible for new SCSS); Section 193 10% TDS on quarterly interest to resident; Section 194N 2% TDS on cash withdrawal; Section 195 NRI TDS at applicable rate; SCSS Rules 2004 | Heir receiving SCSS inherits corpus + accrued interest; SCSS cannot be transferred (debated — RBI allows transmission to legal heir on death of depositor); Section 56(2)(vii) NOT applicable; Section 80C applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation; USD 1M / year LRS; NRI typically NOT eligible for new SCSS but existing SCSS held as NRI can continue + renew as resident on return | Form 8938 FATCA if SCSS held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for SCSS held through offshore trust (typically NOT for direct holding) |
| Post Office Monthly Income Scheme (POMIS) | Section 193 10% TDS on monthly interest to resident (no TDS if Form 15G / 15H submitted); Section 194N 2% TDS on cash withdrawal; Section 195 NRI TDS at applicable rate; POMIS Rules; India Post backed | Heir receiving POMIS inherits corpus + accrued interest; POMIS can be transferred to legal heir on death of depositor; Section 56(2)(vii) NOT applicable; Section 80TTB applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation; USD 1M / year LRS; NRI typically NOT eligible for new POMIS but existing POMIS held as NRI can continue | Form 8938 FATCA if POMIS held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for POMIS held through offshore trust |
| Public Provident Fund (PPF) | Section 80C deduction INR 1.5 lakh cap (15-year tenure — applicable to resident only; NRI typically NOT eligible for new PPF; existing PPF can continue till maturity with no further deposits; debated); Section EEE exempt-exempt-exempt (contribution + interest + maturity all tax-exempt); PPF Scheme 2019 | Heir receiving PPF inherits corpus (full tax-exempt per EEE); PPF can be transferred to legal heir / nominee on death of subscriber; Section 56(2)(vii) NOT applicable (debated — PPF corpus exempt per EEE may qualify); Section 80C applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation after maturity (PPF maturity exempt per EEE); USD 1M / year LRS; NRI cannot open new PPF account but existing PPF can continue till maturity (15-year from opening year) | Form 8938 FATCA if PPF held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for PPF held through offshore trust (typically NOT for direct holding) |
| RBI Floating Rate Savings Bonds (FRSB) 2020 | Section 193 10% TDS on interest to resident (no TDS if Form 15G / 15H submitted); Section 194N 2% TDS on cash withdrawal; Section 195 NRI TDS at applicable rate; RBI Master Direction on Floating Rate Bonds 2020; 7-year tenure; floating rate (currently 7.35% in 2026); non-transferable; non-tradable; only available to resident Indian + HUF | Heir receiving RBI FRSB inherits corpus + accrued interest; FRSB can be transmitted to legal heir on death of bondholder; Section 56(2)(vii) NOT applicable; Section 80TTB applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation; USD 1M / year LRS; NRI NOT eligible for primary subscription of RBI FRSB — only secondary market via bank (debated); held as NRI if opened before NRI status can continue till maturity | Form 8938 FATCA if RBI FRSB held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for FRSB held through offshore trust |
| EPF + VPF (Employee Provident Fund + Voluntary PF) | Section 80C deduction INR 1.5 lakh cap (EPF + VPF contribution); Section 80CCD(1B) NOT applicable to EPF; EEE exempt-exempt-exempt on government + private sector EPF (post-2022 amendments — debounced for non-government high-salaried EPF); EPF Act 1952 + EPF Scheme 1952 + Finance Act 2022 amendments | Heir receiving EPF inherits corpus (full tax-exempt); EPF can be transferred to legal heir / nominee on death of member; Section 56(2)(vii) NOT applicable (debated); Section 80C applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation after EPF withdrawal; USD 1M / year LRS; NRI can withdraw EPF on retirement / resignation + repatriate within USD 1M / year LRS; Form 19 + Form 10C + Form 13 for EPF transfer / withdrawal | Form 8938 FATCA if EPF held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for EPF held through offshore trust |
| NPS (National Pension System) Tier 1 + Tier 2 | Section 80CCD(1) employer contribution 10% of salary (Section 80CCE overall cap); Section 80CCD(1B) self-contribution additional INR 50,000 (ROR only; debated for NRI); Section 80CCD(2) employer contribution 10% of salary (debated for NRI); Section 10(12A) + 10(12B) partial exempt; PFRDA Act 2013 + NPS Regulations | Heir receiving NPS Tier 1 inherits corpus (60% tax-free + 40% must buy annuity); NPS Tier 2 inherits corpus (full withdrawal); Section 56(2)(vii) NOT applicable (debated); Section 80CCD(1B) applicability depends on ROR status | FEMA Form A2 + AD-1 for repatriation after NPS withdrawal (subject to 40% annuity for Tier 1); USD 1M / year LRS; NRI can withdraw NPS on retirement / exit; Section 80CCD(1B) deduction debated for NRI | Form 8938 FATCA if NPS held by US person > threshold; FBAR FinCEN 114; Form 8621 PFIC for NPS held through offshore fund (typically NOT for direct holding) |
| Section 56(2)(vii) heir exempt (debated for FD / SCSS / POMIS / PPF) | Section 56(2)(vii) — heir receiving immovable property exempt; debated for Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB (financial assets per Income Tax Act 1961 Section 2(14) + SEBI regulations); CBDT Circular 6/2016 + 24/2016 narrow reading applies only to immovable property; consult CA. Section 56(2)(xi) — deemed gift above INR 50,000 not exempt for heir | Senior 60+ parent estate heir inherits FD / SCSS / POMIS / PPF / EPF / NPS / FRSB corpus per Indian Succession Act 1925 Section 63 + Will + codicil + executor + LoA + succession certificate + Hindu Succession Act 1956 Section 6 coparcener; PPF nominee claim without succession certificate; FD nominee claim up to INR 5 lakh without succession certificate; above INR 5 lakh succession certificate required | FEMA Form A2 + AD-1 + FEMA NRO bank for heir — FD / SCSS / POMIS / PPF / EPF / NPS / FRSB inherited through inheritance are non-repatriable for 7 years; repatriable after 7-year retention within USD 1M / year LRS | Form 8938 FATCA + FBAR FinCEN 114 if FD / SCSS / POMIS / PPF / EPF / NPS / FRSB held by US person > threshold; Form 8621 PFIC for FD / SCSS / POMIS / PPF / EPF / NPS / FRSB held through offshore trust |
| Section 193 + 194N + 195 TDS | Section 193 — 10% TDS on interest payment on FD / SCSS / POMIS / PPF / EPF / NPS / FRSB to resident; no TDS if Form 15G / 15H submitted (Form 15H for senior 60+ with total income below basic exemption). Section 194N — 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019). Section 195 — non-resident TDS on FD / SCSS / POMIS / PPF / EPF / NPS / FRSB interest at applicable rate + DTAA rate | Senior 60+ parent NRI / OCI — Section 195 NRI TDS on FD / SCSS / POMIS / PPF / EPF / NPS / FRSB interest; Section 194N 2% TDS on cash withdrawal; Section 197 lower-rate certificate + Form 13 to claim DTAA benefit; Form 15G + Form 15H senior 80+ to avoid TDS on small interest | Section 193 + 194N + 195 TDS credited against DTAA Article 11 interest 10-15% limit; TRC + Form 67 mandatory per Section 90(4); 8-year retention from end of relevant AY per Section 90(4) + CBDT Circular 3/2022; Section 90(5) panchnama if AO suspects non-genuine treaty claim | Section 193 + 194N + 195 TDS reportable in Form 1040 NR + Schedule B + Schedule D; Form 8938 FATCA if FD / SCSS / POMIS / PPF / EPF / NPS / FRSB held by US person > threshold; FBAR FinCEN 114 if aggregate > USD 10K |
| Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB deduction stack (ROR only) | Section 80C — INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD + ELSS + tuition fees + home loan principal + Section 80CCC + Section 80CCD(1). Section 80CCD(1B) — additional INR 50,000 on NPS Tier 1 self-contribution. Section 80TTB — INR 50,000 on senior 60+ interest income from FD / SCSS / POMIS / PPF / RBI FRSB / post office savings. Section 80D — INR 50,000 on senior parent health insurance premium + INR 5,000 preventive health check-up. Section 80DDB — INR 1 lakh senior 80+ + Form 10-I prescribed disease chartered accountant certificate | Senior 60+ parent estate — Section 80C + 80CCD(1B) + 80TTB + 80D + 80DDB deduction stack total up to INR 4 lakh / year + Form 10-I chartered accountant certificate for Section 80DDB; applicable only to ROR portion of year; NRI typically NOT eligible for new deposits on Section 80C schemes | FEMA NRO + AD-1 + Form 15CB + CA certificate for any repatriation; Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB deduction claim reported in ITR + Schedule VI-A deductions + Form 10-I + Schedule EI exempt income | Section 80C + 80CCD(1B) + 80TTB + 80D + 80DDB deduction claim reported in ITR + Schedule VI-A; Black Money Act 2015 + Form 3520 for undisclosed foreign FD / SCSS / POMIS / PPF / EPF / NPS / FRSB holdings |
| PFIC Form 8621 + QEF election IRC Section 1295 (typically NOT applicable) | Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS HELD DIRECTLY by US person senior 60+ parent are typically NOT classified as Passive Foreign Investment Company (PFIC) under IRC Section 1297 — direct holding is debt instrument / savings scheme, not equity fund. BUT if held through offshore fund / foreign grantor trust, may be PFIC. Form 8621 NOT required for direct holding; required only if held through offshore fund | Senior 60+ parent US citizen / Green Card holder — Form 8621 typically NOT required for direct Indian Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF / NPS holding; Form 8938 FATCA still required if value > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time | PFIC classification does NOT affect FEMA — FD / SCSS / POMIS / PPF / RBI FRSB / EPF / NPS still classified as financial assets under FEMA 1999; Section 193 + 195 + 196D TDS still applies; FEMA NRO + 7y + 10y retention still applies; PFIC is purely US tax issue | Form 8938 FATCA + FBAR FinCEN 114 required for US person; Form 8621 PFIC only if FD / SCSS / POMIS / PPF / RBI FRSB / EPF / NPS held through offshore fund |
| FEMA USD 1M / year LRS + NRO + 7y + 10y retention | FEMA Master Direction 2024 — USD 1M / year per financial year (April-March) for resident + NRI returning within 5 years; 7.5% TCS Section 206C(1G) above INR 50 lakh (remittance for education + medical purposes) + 20% TCS Section 206CCA above INR 10 lakh (overseas tour package without LRS card) + 5% Section 206C(1G) above INR 7 lakh (remittance for any purpose without PAN/Aadhaar) + 5% Section 206C(1G) on INR 50 lakh-1 crore (LRS) | NRI parent inheritance repatriation: USD 1M / year inclusive of FD interest + SCSS + POMIS + PPF + EPF + NPS maturity + interest from inherited FD / SCSS / POMIS / PPF / EPF / NPS / FRSB; AD-1 + Form A2 mandatory for any repatriation; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Section 195 + 193 + 196D TDS credited against DTAA Article 11 interest (India source-based taxation on debt instrument + savings scheme depending on treaty); TRC + Form 67 mandatory per Section 90(4); 8-year retention from end of relevant AY per Section 90(4) + CBDT Circular 3/2022; Section 90(5) panchnama if AO suspects non-genuine treaty claim | Remittance reportable in Form 8938 FATCA if > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time; FBAR FinCEN 114 if aggregate > USD 10K; Form 3520 if foreign grantor trust property |
| DTAA + TRC + Form 67 + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest | Section 90(1) + Section 90(2) DTAA — India has DTAA with US + UK + Canada + Australia + Singapore + UAE + Mauritius + Cyprus + Netherlands + Germany + France + Japan + Korea + etc.; Section 90(4) 8-year retention of TRC + Form 67 for any DTAA claim; CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules | Senior 60+ parent inheriting FD / SCSS / POMIS / PPF / EPF / NPS / FRSB from NRI parent (or vice-versa) must file Form 67 + retain TRC for 8 years from end of AY; DTAA Article 11 interest (10-15% limit depending on treaty) + saving clause + Estate Tax Treaty + Gift Tax Treaty + MAV main purpose test | Form 67 mandatory for any DTAA relief at ITR filing; TRC from foreign tax authority within 30 days of AY end; Section 90(4) 8-year retention; Section 90(5) limitation of benefits; Section 285BA AIR + Form 61A if applicable | DTAA relief NOT applicable for Black Money Act 2015 + Form 3520 + Form 3520-A (offshore income / assets undisclosed separately reported); Form 3520 for foreign trust distribution + Form 3520-A for trust ownership |
| Black Money Act 2015 + Form 3520 | Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 — 30% tax + 30% penalty (Section 10/11 BMA) on undisclosed foreign income + foreign assets; Form 3520 + Form 3520-A mandatory for foreign trust distribution + foreign trust ownership; Section 6048 reporting; Section 671-679 grantor trust classification; Form 8621 PFIC for US person (if held through offshore fund) | Senior 60+ parent estate inheriting FD / SCSS / POMIS / PPF / EPF / NPS / FRSB held by foreign trust (offshore trust in Cayman / Mauritius / Singapore) MUST file Form 3520 + Form 3520-A for foreign trust distribution; Form 8938 FATCA + FBAR FinCEN 114 separately; penalty up to USD 10,000 for non-compliance per IRC Section 6677; Section 6662 20-40% accuracy penalty; Section 6663 75% fraud penalty | FEMA NRO + AD-1 still applies for repatriation; Black Money Act + Form 3520 reported via ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI — NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting | Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC + Form 5471 CFC — aggregate reporting required; Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty |
| Grantor trust + charitable remainder + Section 10(20/21/23BB) registered valuer exempt + 23(5AA/5ABA) pension + 10(23C) charitable | Section 671-679 grantor trust — FD / SCSS / POMIS / PPF / EPF / NPS / FRSB held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040; Section 642/664 charitable remainder — donor retains interest + charity remainder; Form 5227 split-interest + Form 1041-A charitable trust; Section 10(20/21/23BB) registered valuer exempt + 23(5AA/5ABA) pension + 10(23C) charitable | Senior 60+ parent estate donor — Section 10(23C) charitable trust + Section 642/664 charitable remainder trust with Form 5227 + Form 1041-A; Section 671-679 foreign grantor trust; Section 678 beneficiary treated as owner; Section 679 foreign grantor with US beneficiary | FEMA — charitable donation by NRI subject to 50% limit of donation value (Section 80G) + Form 10A / Form 10AB + Form 10BD + Form 10BE; FEMA — foreign grantor trust creation requires prior RBI approval per FEMA 1999 Section 10(4) | Form 1040 + Schedule E + Form 5227 split-interest + Form 1041 trust + Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC + Form 5471 CFC + Section 6662 20-40% + Section 6663 75% + Section 6677 |
| FEMA NRO + 7y + 10y retention + repatriation | FEMA 1999 Section 6(3) + Schedule 1 + RBI Master Direction 2024 — NRI may hold inherited FD / SCSS / POMIS / PPF / EPF / NPS / FRSB + bank balance in NRO bank account; 7-year Indian retention before repatriable for inherited FD / SCSS / POMIS / PPF / EPF / NPS / FRSB (RBI Circular 47/2015 + 12/2015); 10-year US/UK/CA/AU retention for inheritance from person domiciled there; FEMA NRO repatriation within USD 1M / year LRS after retention | Senior 60+ parent estate heir inherits FD / SCSS / POMIS / PPF / EPF / NPS / FRSB through inheritance — non-repatriable for 7 years; after 7y, repatriation permitted within USD 1M / year LRS; AD-1 + Form A2 + CA certificate Form 15CB mandatory for > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13; principal + accrued interest all repatriable subject to Section 193 + 195 + 196D TDS + Section 90 DTAA | Section 195 + 193 + 196D TDS credited against DTAA limit per Article 11 + 13; TRC + Form 67 mandatory per Section 90(4) 8-year retention + Section 90(5) panchnama; FEMA + DTAA both applicable | All repatriation reportable in Form 8938 FATCA + FBAR FinCEN 114; Form 8621 PFIC if foreign grantor trust involved; Black Money Act 30% + 30% penalty for undisclosed foreign income / assets |
Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Bank FD SCSS POMIS PPF RBI FRSB EPF VPF NPS India 2026 overview matrix
Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Bank FD SCSS POMIS PPF RBI FRSB EPF VPF NPS India 2026 deep dive
Indian Bank Fixed Deposits (FD) + Senior Citizen Savings Scheme (SCSS) + Post Office Monthly Income Scheme (POMIS) + Public Provident Fund (PPF) + RBI Floating Rate Savings Bonds (FRSB) + EPF + VPF + NPS are the fifth major capital asset held by senior 60+ parent NRI / OCI holders after listed equity (#67) + mutual fund units (#68) + AIF / PMS units (#69) + bonds / NCD / Section 54EC (#70). Bank FD + SCSS + POMIS + PPF are heavily held by senior 60+ parent estate as retirement + savings corpus. The tax mix differs from equity (Section 111A STT-based) + MF (Section 112A LTCG + Section 10(38) grandfather) + AIF/PMS (Section 115UB business trust pass-through) + bonds (Section 112 LTCG + Section 10(15) tax-exempt). Bank FD + SCSS + POMIS + PPF + RBI FRSB are classified as financial assets (NOT capital assets in typical sense) — interest income taxed under head 'Income from Other Sources' per Section 56; NO Section 45 transfer tax; Section 193 interest TDS 10% on payment to resident + Section 195 NRI TDS at applicable rate + DTAA rate; Section 194N 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019).
Section 80TTB deduction — INR 50,000 / year on senior 60+ interest income from Bank FD + SCSS + POMIS + PPF + RBI FRSB + post office savings (debated for NRI; typically ROR only) + Section 80C deduction INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD (ROR only) + Section 80CCD(1B) additional INR 50,000 on NPS Tier 1 self-contribution (debated for NRI) + Section 80D senior parent health insurance INR 50,000 (applicable to NRI if premium paid for Indian resident senior parent) + Section 80DDB critical illness INR 1 lakh senior 80+ + Form 10-I prescribed disease chartered accountant certificate (ROR only). SCSS at 8.2% per annum for 5-year tenure with INR 30 lakh ceiling per depositor + quarterly payout; POMIS at 7.4% per annum for 5-year tenure with INR 9 lakh single / INR 15 lakh joint + monthly payout; PPF at 7.1% per annum compounded annually for 15-year tenure + Section 80C EEE exempt-exempt-exempt; RBI FRSB at 7.35% (floating) for 7-year tenure; SCSS + POMIS + PPF + RBI FRSB are Government of India backed schemes.
FEMA rules for NRI on Bank FD + SCSS + POMIS + PPF + RBI FRSB: SCSS — opened as resident Indian before NRI status, continue to hold as NRI, renew as resident on return, special FEMA SCSS repatriation rules; POMIS — opened as resident Indian before NRI status, continue to hold as NRI, renew as resident; PPF — opened as resident Indian before NRI status, continue to hold as NRI till maturity (15-year from opening year), no further deposits as NRI (debated); RBI FRSB — opened as resident Indian before NRI status, continue to hold as NRI till maturity (7-year tenure), NRI NOT eligible for primary subscription, only secondary market via bank (debated); Bank FD — opened as resident or NRI, hold as NRI in NRO account. Form 15G / Form 15H senior 80+ applicable to avoid Section 193 TDS — Form 15G for resident below 60 with total income below basic exemption limit; Form 15H for senior 60+ with total income below basic exemption limit. FEMA NRO bank account + 7-year NRO retention + 10-year US/UK/CA/AU retention if inheritance from person domiciled there + USD 1M / year LRS + FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13.
Section 56(2)(vii) heir exempt — debated for Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB per CBDT Circular 6/2016 + 24/2016 narrow reading (covers immovable property only); financial assets per Income Tax Act 1961 Section 2(14) classification. Section 56(2)(xi) deemed gift > INR 50,000 from non-family; Section 49(1) + 49(2) cost of acquisition inherited (cost to previous owner); Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (rarely applicable for inherited bank FD — corpus = principal amount). For senior 60+ parent estate — heir receiving Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB inherits per Indian Succession Act 1925 Section 63 + Will + codicil + executor + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2.
PFIC default classification — INDIAN BANK FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS HELD DIRECTLY by US person senior 60+ parent are typically NOT classified as Passive Foreign Investment Company (PFIC) under IRC Section 1297 — direct holding is debt instrument + savings scheme + Government of India backed scheme, not equity fund. BUT if held through offshore fund / foreign grantor trust, may be PFIC. Form 8621 typically NOT required for direct holding; required only if held through offshore fund. QEF election per IRC Section 1295 not applicable for direct holding. Form 8938 FATCA still required if value > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time. FBAR FinCEN 114 still required if aggregate > USD 10K at any point in calendar year. Form 3520 + Form 3520-A still required if held by foreign grantor trust.
Section 193 + 194N + 195 TDS — Section 193 10% TDS on interest payment on Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB to resident (no TDS if Form 15G / Form 15H submitted — Form 15H for senior 60+ with total income below basic exemption); Section 194N 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019); Section 195 r.w. Section 193 — non-resident TDS on FD / SCSS / POMIS / PPF / EPF / NPS / FRSB interest at applicable rate + DTAA rate; Section 196D 20% + 5% surcharge + 4% cess = 21.84% effective TDS on offshore FD / SCSS / POMIS / PPF / EPF / NPS / FRSB; lower rate via Section 197 + Form 13 + DTAA + TRC + Form 67. Section 197 lower-rate certificate + Form 13 to claim DTAA benefit. Form 15G + Form 15H senior 80+ to avoid TDS on small interest.
For Black Money Act 2015 — undisclosed foreign Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB holding triggers 30% tax + 30% penalty per Section 10 + 11 BMA + Section 56(2)(xi) deemed gift above INR 50,000 + Section 80TTB (debated for NRI) + Section 80C + Section 80CCD(1B) + Section 80D + Section 80DDB. FEMA NRO + AD-1 + Form A2 mandatory for repatriation > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13.
7-step NRI parent senior 60+ Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS + Section 80C + Section 80TTB + Section 80CCD(1B) + Section 80D + Section 80DDB + Section 193 + Section 194N + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026 checklist
Step 1 — Verify Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS + Will + codicil + executor + probate + Letters of Administration + succession certificate + Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + AD-1
Senior 60+ parent NRI / OCI holder must produce Will + codicil + executor + probate + Letters of Administration + succession certificate + Aadhaar + PAN + OCI card + Form 49A + Form 49AA + Form W-7 ITIN + Form 60 + Form 61 + Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + AD-1 for NRI heir to inherit Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB corpus + accrued interest. Cost of acquisition = cost to previous owner per Section 49(2)(iii); Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable. Heir receiving Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB inherits Section 56(2)(vii) (NOT applicable per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA); Section 56(2)(xi) deemed gift NOT applicable for family heir.
Step 2 — Compute Section 193 + 194N + 195 + 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + Form 10-I + Form 15G + Form 15H senior 80+ + Schedule VI-A + Schedule EI + Schedule FSI + Schedule TR + ITR-1 + ITR-2 + ITR-3 + 49(1)/(2) cost of acquisition + 55(2)(iii) FMV 2001
Senior 60+ parent NRI heir receives interest income from Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB + RBI FRSB under Section 193 + Section 195 r.w. 193 non-resident TDS on interest at applicable rate + DTAA rate; Section 194N 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019); Section 196D 20% + 5% surcharge + 4% cess = 21.84% effective TDS on offshore FD / SCSS / POMIS / PPF / EPF / NPS / FRSB; Section 80TTB INR 50,000 / year senior 60+ interest income deduction (debated for NRI; typically ROR only) + Section 80C INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD (ROR only) + Section 80CCD(1B) additional INR 50,000 on NPS Tier 1 self-contribution (debated for NRI) + Section 80D INR 50,000 senior parent health insurance premium + Section 80DDB INR 1 lakh senior 80+ critical illness + Form 10-I prescribed disease chartered accountant certificate (ROR only) + Form 15G + Form 15H senior 80+ to avoid Section 193 TDS + Schedule VI-A + Schedule EI + Schedule FSI + Schedule TR + ITR-1 (ROR simple) / ITR-2 (ROR with capital gains + foreign income) / ITR-3 (ROR with business income) + Section 49(1)/(2)/(2AA)/(2B)/(2C)/(2)(iii) + Section 55(2)(iii) FMV 2001.
Step 3 — TDS credit + Section 193 + 194N + 195 + 196D + Form 15CB + Form 13 + Form 15G + Form 15H senior 80+ + Form 16A + Form 26AS + AIS + TIS + Section 197 lower-rate certificate + Section 90(4) 8-year TRC + Form 67 + DTAA + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest + saving clause + MAV
Senior 60+ parent NRI files Form 1040 NR + Schedule B (interest) + Schedule 1 + Form 1040-V payment voucher + Form W-7 ITIN + W-8BEN-E + Form 8843 + Form 8938 FATCA + FBAR FinCEN 114 (online BSA E-Filing) + Form 8621 PFIC (typically NOT required for direct Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB holding; required only if held through offshore fund) + Form 3520 + Form 3520-A (if foreign grantor trust involved) + Form 1116 FTC + Form 8833 treaty disclosure + Form 8843 + Section 6012 + 6013 + 7701(b) substantial presence test + 7701(a)(30/31) + Section 911 FEIE + Section 7701(b)(1)(A)(ii) closer connection exception + Section 7701(b)(6) exempt individual + Section 7701(b)(11) days of presence + Section 7701(b)(7) lawful permanent resident (Green Card) test + Section 7701(b)(3) residency starting date + Section 7701(b)(4) residency ending date + Section 7701(b)(5) residency + Section 7701(b)(1)(B) treaty tie-breaker.
Step 4 — FEMA NRO bank + AD-1 + Form A2 + Form 15CB + CA certificate + 7y NRO + 10y US/UK/CA/AU retention + USD 1M / year LRS + Section 195 + 193 + 196D + Form 15CB + 7.5% TCS Section 206C(1G) + 20% TCS Section 206CCA + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024
Senior 60+ parent NRI repatriates Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB principal + interest via FEMA NRO bank account + AD-1 (Authorised Dealer) + Form A2 + CA certificate Form 15CB for remittance > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024; 7.5% TCS Section 206C(1G) above INR 50 lakh (remittance for education + medical) + 20% TCS Section 206CCA above INR 10 lakh (overseas tour package) + 5% TCS Section 206C(1G) above INR 7 lakh (remittance without PAN/Aadhaar) + 5% TCS Section 206C(1G) INR 50 lakh-1 crore (LRS); 7-year NRO retention for inherited Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB (RBI Circular 47/2015 + 12/2015); 10-year US/UK/Canada/Australia retention if inheritance from person domiciled there; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13.
Step 5 — Section 56(2)(vii) heir exempt (NOT applicable to FD / SCSS / POMIS / PPF / EPF / NPS / FRSB) + Section 56(2)(xi) deemed gift + Section 49(1)/(2)/(2AA)/(2B)/(2C) cost of acquisition + Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + ITR-1 + ITR-2 + Schedule VI-A + Schedule EI + Form 10-I + Form 15G + Form 15H senior 80+ + Form 16A + Form 26AS + AIS + TIS
Senior 60+ parent NRI heir files ITR-1 (ROR simple) / ITR-2 (ROR with capital gains + foreign income) / ITR-3 (ROR with business income) with Schedule VI-A deductions (Section 80C + 80CCD(1B) + 80TTB + 80D + 80DDB + Form 10-I) + Schedule EI (exempt income — PPF interest exempt per EEE + EPF interest exempt per EEE + Section 10(15) tax-exempt bonds) + Schedule FSI (foreign source income — Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB interest) + Schedule TR (tax relief) + Schedule AL (asset-liability) + Section 56(2)(vii) heir exempt (NOT applicable to Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA) + Section 56(2)(xi) deemed gift (NOT applicable for family heir) + Section 49(1)/(2)/(2AA)/(2B)/(2C)/(2)(iii) cost of acquisition + Section 55(2)(iii) FMV 2001 + Form 16A TDS certificate + Form 26AS tax credit + AIS Annual Information Statement + TIS Taxpayer Information Summary.
Step 6 — Black Money Act 2015 + Section 56(2)(xi) + Form 3520 + Form 3520-A + PFIC Form 8621 (typically NOT for direct holding) + Section 6048 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust + Section 642/664 charitable remainder
Senior 60+ parent NRI / OCI must report foreign Bank FD + SCSS + POMIS + PPF + EPF + NPS / FRSB holdings in Black Money Act 2015 + Form 3520 + Form 3520-A (if foreign grantor trust involved) + Section 6048 reporting obligation + PFIC Form 8621 (typically NOT required for direct holding; required only if held through offshore fund) + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 1291 excess distribution tax (if PFIC) + Section 1291(a)(2) 125% tax on PFIC sale gain + PTEP (Passive Taxed Earnings and Profits) complexity + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust (Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (donor retains interest + charity remainder + Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI reporting. NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting.
Step 7 — Section 90(4) DTAA 8-year retention + Section 90(5) limitation of benefits + Form 67 + TRC + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 13 capital gains + saving clause + MAV main purpose + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker
Senior 60+ parent NRI / OCI / US person must retain TRC + Form 67 + DTAA Article 11 interest 10-15% (India source-based taxation on debt instrument + savings scheme depending on treaty) + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 treaty-based return position + 25% treaty penalty for non-disclosure + Section 7701(b) treaty tie-breaker. Section 90(4) 8-year retention from end of AY per CBDT Circular 3/2022 + Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules. Section 90(5) limitation of benefits — AO may deny treaty benefit if panchnama finds treaty shopping + non-genuine resident + non-substantive economic activity. Form 67 mandatory for any DTAA relief at ITR filing; TRC from foreign tax authority within 30 days of AY end.
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Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Bank FD SCSS POMIS PPF RBI FRSB EPF VPF NPS India 2026 7-step flow chart
Senior 60+ parent Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS distribution waterfall — Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
5-phase timeline Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Bank FD SCSS POMIS PPF RBI FRSB EPF VPF NPS India 2026
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Document checklist — NRI parent senior 60+ Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS + Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
- Indian Succession Act 1925 + Section 63 Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + AD-1 + EPF Act 1952 + PFRDA Act 2013 + NPS Regulations
- Section 80C deduction INR 1.5 lakh cap (PPF + EPF + VPF + SCSS + 5-year tax-saver FD + ELSS + tuition fees + home loan principal + Section 80CCC + Section 80CCD(1)) + Section 80CCD(1B) NPS Tier 1 additional INR 50,000 (ROR only; debated for NRI) + Section 80TTB INR 50,000 senior 60+ interest income deduction (debated for NRI; typically ROR only) + Section 80D INR 50,000 senior parent health insurance + Section 80DDB INR 1 lakh senior 80+ critical illness + Form 10-I prescribed disease chartered accountant certificate
- Section 90(4) DTAA 8-year retention + Section 90(5) limitation of benefits + Form 67 + TRC + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 10 dividend + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker
- FEMA USD 1M / year LRS + FEMA NRO bank account + AD-1 + Form A2 + CA certificate Form 15CB + Section 193 + 195 + 196D 20% + 5% surcharge + 4% cess = 21.84% TDS + 7-year NRO retention + 10-year US/UK/CA/AU retention + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13
- Section 56(2)(vii) heir exempt (NOT applicable to Bank FD / SCSS / POMIS / PPF / EPF / NPS / FRSB per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA) + Section 56(2)(xi) deemed gift > INR 50,000 NOT applicable for family heir + Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii) cost of acquisition inherited
- Section 193 10% TDS on interest payment to resident + Section 194N 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019) + Section 195 non-resident TDS at applicable rate + DTAA rate + Form 15G + Form 15H senior 80+ to avoid TDS + Form 13 + Form 16A + Form 26AS + Section 197 lower-rate certificate
- Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Form 8938 FATCA + FBAR FinCEN 114
- Section 10(20) registered valuer exempt + Section 10(21) approved institution exempt + Section 10(38) LTCG pre-2018 grandfather fully exempt (debated for FD interest; consult CA) + Section 23(5AA/5ABA) pension + Section 10(23C) charitable trust + Section 10(23BB) infrastructure debt fund + Section 10(10D) life insurance sum exempt + Section 10(12A) + 10(12B) NPS partial exempt
- Section 671-679 grantor trust classification (Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB held by foreign grantor trust for US person — grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary
- Section 80C + 80CCD(1B) + 80TTB + 80D + 80DDB deduction stack + Schedule CG + Schedule 112A + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + Section 193 + 194N + 195 + 196D + Schedule VI-A deductions + Form 10-I + Form 15G + Form 15H senior 80+ + Form 13 + Form 16A + Form 26AS + AIS + TIS + Section 197 lower-rate certificate
- TCS Section 206C(1G) 7.5% above INR 50 lakh (remittance for education + medical) + 5% above INR 7 lakh (remittance without PAN/Aadhaar) + 5% on INR 50 lakh-1 crore (LRS) + TCS Section 206CCA 20% above INR 10 lakh (overseas tour package) + TCS Section 206CC + 7.5% / 20% / 5% slabs
- Form 16A TDS certificate + Form 26AS tax credit + AIS Annual Information Statement + TIS Taxpayer Information Summary + Form 197 lower-rate certificate + Form 13 + Form 15G + Form 15H senior 80+ + Form 60 + Form 61 + Form 49A + Form 49AA + Form W-7 ITIN + Form W-8BEN-E + Form 8833 treaty disclosure + Form 8843 + Form 1116 FTC + Form 1040 NR + Schedule B + Schedule 1 + Form 1040-V + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC (typically NOT required for direct Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB holding; required only if held through offshore fund) + Form 5471 CFC (foreign grantor trust > 50% US person) + Form 3520 + Form 3520-A + Form 8854 expatriation + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE
- Aadhaar + PAN + OCI propagation + OCI card + Form 49A + Form 49AA + Form 60 + Form 61 + Form W-7 ITIN + W-8BEN-E + Aadhaar-PAN linkage Section 139AA + Form 139A + Section 272B penalty + Section 234A + 234B + 234C + 234F + 234G + 234H + Section 115BBDA + Section 140A + 143(1) + 143(3) + 144 + 147 + 148 + 148A + 153 + 153A + 153B + 153C + 154 + 155 + 156 + 157 + 158 + 159 + 160 + 161 + 161A + 162 + 163 + 164 + 165 + 166 + 167 + 168 + 169 + 170 + 171 + 172 + 173 + 174 + 175 + 176 + 177 + 178 + 179 + 180 + 181 + 182 + 183 + 184 + 185 + 186 + 187 + 188 + 189 + 190
- Section 193 interest TDS + Section 194N cash withdrawal TDS + Section 194DA life insurance 1% TDS + Section 194 10% TDS + Section 195 non-resident TDS + Section 196D offshore fund 21.84% + Form 15G + Form 15H senior 80+ + Form 16A + Form 26AS + AIS + TIS + Section 197 lower-rate certificate + Section 80C + 80CCD(1B) + 80TTB + 80D + 80DDB deduction claim + Schedule VI-A + Form 10-I + Section 10(12A) + 10(12B) NPS partial exempt
Senior 60+ parent estate NRI / OCI community thread — Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS + Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
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"Senior 60+ parent estate NRI / OCI community thread on Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + VPF + NPS + Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 193 + 194N + 195 + 56(2)(vii)/(xi) + 49(1)/(2) + 55(2)(iii) + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + PFIC Form 8621 + QEF + 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding"
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Q1 — Senior 60+ parent NRI / OCI inheriting Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS from Indian-domiciled parent — does Section 56(2)(vii) heir exemption apply to Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB, and what is the Section 49(1)/(2)/(2AA)/(2B)/(2C) cost of acquisition + Section 55(2)(iii) FMV 2001 treatment under Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + AD-1 + 7y + 10y retention + PFIC Form 8621?
Senior 60+ parent NRI / OCI inheriting Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS follows Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + AD-1 + FEMA Master Direction 2024. Section 56(2)(vii) exempts heir receiving immovable property from deemed gift — but CBDT Circular 6/2016 + 24/2016 narrow reading limits Section 56(2)(vii) to immovable property only; Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF + NPS classified as financial assets per Income Tax Act 1961 + RBI Master Direction — consult CA + tax counsel for clarity. Cost of acquisition = cost to previous owner per Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii); for Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF + NPS corpus = principal amount. Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (rarely applicable for inherited bank FD — corpus = principal amount). No Section 45 transfer tax on Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF + NPS inheritance (these are financial assets, not capital assets per Section 2(14) — interest income taxed under head 'Income from Other Sources' per Section 56). Section 80TTB deduction INR 50,000 senior 60+ interest income (debated for NRI; typically ROR only) + Section 80C INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD (ROR only) + Section 80CCD(1B) additional INR 50,000 on NPS Tier 1 self-contribution (ROR only; debated for NRI) + Section 80D senior parent health insurance + Section 80DDB critical illness + Form 10-I prescribed disease + Section 193 interest TDS 10% + 194N cash withdrawal 2% + 195 + Form 15CB + CA certificate + AD-1 + FEMA NRO + 7-year retention + 10-year US/UK/CA/AU retention + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 (typically NOT for direct holding; required only if held through offshore fund) + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 10(20/21/23BB) registered valuer exempt + Section 10(23C) charitable + Section 671-679 grantor trust + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + Aadhaar + PAN + OCI propagation + Form 60 + Form 61 + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Aadhaar-PAN linkage Section 139AA.
Q2 — Senior 60+ parent NRI / OCI receiving interest from inherited Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS — how is Section 193 + 194N + 195 + 196D TDS computed, what is the Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB + 10(12A) + 10(12B) + 49(1)/(2) cost of acquisition + 55(2)(iii) FMV 2001 + Schedule VI-A + Schedule EI + Schedule FSI + Schedule TR + ITR-1 + ITR-2 + ITR-3 filing path?
Senior 60+ parent NRI / OCI receiving interest from inherited Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS follows Section 193 + 195 r.w. 193 non-resident TDS on interest at applicable rate + DTAA rate; Section 194N 2% TDS on cash withdrawal exceeding INR 1 crore (INR 20 lakh for senior 60+ not filing ITR per Section 194N(3) + CBDT Notification 18/2019 + 30/2019); Section 196D 20% + 5% surcharge + 4% cess = 21.84% effective TDS on offshore FD / SCSS / POMIS / PPF / EPF + NPS / FRSB interest; Section 197 lower-rate certificate + Form 13 + Form 15G + Form 15H senior 80+ applicable; Section 80TTB deduction INR 50,000 senior 60+ interest income (debated for NRI; typically ROR only) + Section 80C deduction INR 1.5 lakh cap on PPF + EPF + VPF + SCSS + 5-year tax-saver FD (ROR only) + Section 80CCD(1B) additional INR 50,000 on NPS Tier 1 self-contribution (ROR only; debated for NRI) + Section 80D INR 50,000 senior parent health insurance premium + Section 80DDB INR 1 lakh senior 80+ critical illness + Form 10-I prescribed disease chartered accountant certificate (ROR only) + Section 10(12A) + 10(12B) NPS partial exempt (60% tax-free + 40% annuity) + Section 49(1)/(2)/(2AA)/(2B)/(2C) + 49(2)(iii) cost of acquisition (corpus = principal amount) + 55(2)(iii) FMV 2001 + Schedule VI-A deductions + Schedule EI (PPF interest exempt per EEE + EPF interest exempt per EEE + Section 10(15) tax-exempt bonds) + Schedule FSI (foreign source income) + Schedule TR (tax relief) + Schedule AL (asset-liability) + ITR-1 (ROR simple) / ITR-2 (ROR with capital gains + foreign income) / ITR-3 (ROR with business income) filing. Section 195 + Form 15CB + CA certificate mandatory for remittance > USD 5000 net after tax; AD-1 + Form A2 + FEMA NRO bank + 7-year retention + 10-year US/UK/CA/AU retention + USD 1M / year LRS + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13.
Q3 — Senior 60+ parent US citizen / Green Card NRI / OCI holding Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS — how does Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 + Black Money Act 2015 + Form 3520 + Form 3520-A + Section 6048 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 671-679 grantor trust + Section 642/664 charitable remainder reporting work, and what are the FEMA NRO + 7y + 10y retention + USD 1M / year LRS + FEMA compounding penalty implications?
Senior 60+ parent US citizen / Green Card NRI / OCI holding Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS HELD DIRECTLY are typically NOT classified as PFIC under IRC Section 1297 — direct holding is debt instrument + savings scheme + Government of India backed scheme, not equity fund. Form 8621 typically NOT required for direct holding; required only if held through offshore fund / foreign grantor trust. QEF election per IRC Section 1295 not applicable for direct holding. Form 8938 FATCA (specified foreign financial assets > USD 50K end-of-year single / USD 75K MFJ / USD 100K end-of-year MFJ / USD 150K any-time) required. FBAR FinCEN 114 (aggregate foreign bank + securities + mutual fund accounts > USD 10K at any point in calendar year) required. Form 5471 CFC NOT applicable for direct holding. Form 3520 + Form 3520-A mandatory if foreign grantor trust involved + Section 6048 reporting obligation + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 671-679 grantor trust (Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (donor retains interest + charity remainder + Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI reporting. Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A for undisclosed foreign Bank FD / SCSS / POMIS / PPF / EPF + NPS / FRSB holdings. NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting. FEMA NRO bank + 7-year retention + 10-year US/UK/Canada/Australia retention + USD 1M / year LRS + AD-1 + Form A2 + CA certificate Form 15CB + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13.
Q4 — Senior 60+ parent NRI / OCI inheriting / creating / donating Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS through Section 49(1)/(2)/(2AA)/(2B)/(2C) + Section 55(2)(iii) FMV 2001 — what is the Indian Succession Act 1925 + Will + executor + codicil + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + FEMA NRO + 7y + 10y retention + FEMA compounding + FEMA USD 1M / year LRS + Section 90(4) DTAA + TRC + Form 67 + 8-year retention + Section 50C stamp duty NOT applicable + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 56(2)(vii) heir exempt (debated for FD / SCSS) + Section 56(2)(xi) deemed gift + Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB deduction stack + FEMA USD 1M / year + FEMA compounding + senior 60+ parent estate India 2026 treatment?
Senior 60+ parent NRI / OCI inheriting / creating / donating Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS through Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii) + Section 55(2)(iii) FMV 2001. Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed succession clause + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 transfer formalities (mostly non-transferable during lifetime; transmission on death to legal heir via succession certificate + nominee). FEMA NRO bank + 7-year retention + 10-year US/UK/Canada/Australia retention + USD 1M / year LRS + AD-1 + Form A2 + CA certificate Form 15CB + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13. Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker. Section 50C stamp duty (NOT applicable to financial assets — only immovable property) + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 (typically NOT for direct holding; required only if held through offshore fund) + Section 6662 20-40% + Section 6663 75% + Section 6677 USD 10,000 + Section 10(20/21/23BB) registered valuer exempt + Section 23(5AA/5ABA) pension + Section 10(23C) charitable + Section 10(38) LTCG pre-2018 grandfathering. Section 671-679 grantor trust + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary. Section 80C + 80TTB + 80CCD(1B) + 80D + 80DDB deduction claim + Form 10-I + Form 15G + Form 15H senior 80+ + Section 193 + 194N + 195 + 196D TDS.
Q5 — Senior 60+ parent NRI / OCI donating Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS to charity / Section 11 / 12 / 12A / 80G / Form 10A / 10AB / 10BD / 10BE / Section 10(23C) / Section 10(38) LTCG pre-2018 / Section 642/664 / Section 671-679 — what is the Indian Trust Act 1882 Section 3+5+6 + FEMA + FEMA FC-1 + FC-3 + Form FC-GPR + FEMA Form FC-TRS + Section 195 + Section 90(4) DTAA + TRC + Form 67 + 8-year retention + Section 50C stamp duty NOT applicable + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 + Section 56(2)(xi) deemed gift + Section 56(2)(vii) heir exempt (debated for FD / SCSS) + Section 49(1)/(2) cost of acquisition + FEMA NRO + 7y + 10y retention + FEMA compounding + FEMA USD 1M / year + senior 60+ parent estate India 2026 treatment?
Senior 60+ parent NRI / OCI donating Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS to charity / Section 11 + 12 (charitable + religious trust registration) + 12A (registration) + 80G + Form 10A (application for registration) + 10AB (intimation for provisional registration) + 10BD (statement of donation) + 10BE (acknowledgment of donation) + Section 10(23C) (specified charitable institution) + Section 10(38) LTCG pre-2018 grandfathering (debated for FD interest; consult CA) + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 671-679 grantor trust + Indian Trust Act 1882 Section 3+5+6 trust deed. FEMA — charitable donation by NRI subject to 50% limit of donation value (Section 80G) + FEMA FC-1 (prior RBI approval for foreign trust creation) + FC-3 (annual return) + Form FC-GPR (issue of capital instruments) + FEMA Form FC-TRS + Section 195 + Form 15CB + CA certificate + AD-1 + FEMA USD 1M / year LRS + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024. Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker. Section 50C stamp duty (NOT applicable to financial assets) + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 + Section 6662 20-40% + Section 6663 75% + Section 6677 USD 10,000 + Section 1291(a)(2) 125% tax (if PFIC) + Section 1291 excess distribution. Section 56(2)(xi) deemed gift > INR 50,000 (charity exempt per Section 11 + 12 + 80G + 10(23C)) + Section 56(2)(vii) heir exempt (NOT applicable to Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF + NPS per CBDT Circular 6/2016 narrow reading; charity separate) + Section 49(1)/(2)/(2AA)/(2B)/(2C) + 49(2)(iii) cost of acquisition. Section 193 + 194N + 195 + 196D 21.84% TDS + Section 197 lower-rate certificate + Form 13 + Form 15CB + AD-1 + FEMA NRO + 7y + 10y retention.
Q6 — Senior 60+ parent NRI / OCI inheriting Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS from foreign-domiciled parent / foreign trust / foreign grantor trust — what is the comprehensive Section 56(2)(vii) heir exempt (debated for FD / SCSS) + 56(2)(xi) deemed gift + 90(4) DTAA + 90(5) limitation of benefits + 193 + 194N + 195 + 196D TDS + FEMA USD 1M / year + FEMA NRO + 7y + 10y retention + FEMA compounding penalty up to 3x + Black Money Act 2015 + Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE + Section 6114 + 25% treaty penalty + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Indian Succession Act 1925 + Will + executor + codicil + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 + FEMA Form A2 + FEMA ED RBI Master Direction 2024 + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest + Article 10 dividend + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Aadhaar + PAN + OCI propagation + Section 139AA + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Section 10(20/21/23BB) registered valuer exempt + Section 10(23C) charitable + senior 60+ parent estate India 2026 checklist?
Senior 60+ parent NRI / OCI inheriting Indian Bank FD + SCSS + POMIS + PPF + RBI FRSB + EPF + NPS from foreign-domiciled parent / foreign trust / foreign grantor trust must follow the comprehensive checklist: Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed succession clause + SCSS Rules 2004 + POMIS Rules + PPF Scheme 2019 + RBI Master Direction on FRSB 2020 transfer formalities + FEMA Form A2 + FEMA Master Direction 2024; Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii) cost of acquisition (corpus = principal amount) + 55(2)(iii) FMV 2001 + 56(2)(vii) heir exempt (debated for Bank FD / SCSS / POMIS / PPF / RBI FRSB / EPF + NPS per CBDT Circular 6/2016 + 24/2016 narrow reading) + 56(2)(xi) deemed gift > INR 50,000 NOT applicable for family heir + 90(4) DTAA 8-year retention + 90(5) limitation of benefits + TRC + Form 67 + Estate Tax Treaty + Gift Tax Treaty + Article 11 interest 10-15% + Article 13 capital gains + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + 193 interest TDS 10% + 194N 2% cash TDS + 195 NRI TDS + 196D 21.84% + 80TTB INR 50,000 senior 60+ interest deduction (ROR only; debated for NRI) + 80C INR 1.5 lakh cap (PPF + EPF + VPF + SCSS + 5-year tax-saver FD; ROR only) + 80CCD(1B) INR 50,000 NPS Tier 1 (ROR only; debated for NRI) + 80D senior parent health insurance + 80DDB INR 1 lakh senior 80+ + Form 10-I prescribed disease + 10(12A) + 10(12B) NPS partial exempt + 195 + Form 15CB + AD-1 + FEMA USD 1M / year LRS + FEMA NRO + 7y + 10y retention + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024; Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 (typically NOT required for direct holding; required only if held through offshore fund) + Form 5471 CFC (foreign grantor trust > 50% US person) + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 678 + Section 679 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000; Aadhaar + PAN + OCI propagation + Section 139AA + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Section 10(20) registered valuer + 10(21) approved institution + 10(23BB) infrastructure debt fund + 23(5AA/5ABA) pension + 10(23C) charitable + ITR-1 / ITR-2 / ITR-3 + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + Schedule AL + Schedule VI-A deductions + Form 1040 NR + Schedule B + Schedule 1 + Form 1040-V + Form 8843 + Form 1116 FTC + Form 60 + Form 61 + Form 16A + Form 26AS + AIS + TIS + Form 13 + Form 15G + Form 15H senior 80+ + Section 197 lower-rate certificate + Form 10-I.
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