(1) Can a US Citizen with an OCI Card living mainly in India (around 8 months in India & 4 months in US every year) open a regular bank savings account in any bank or post office in India either only in his/her single name or jointly with any other resident Indian?
Yes, a US citizen with an OCI (Overseas Citizen of India) card can open a regular bank savings account in India. Having an OCI card allows foreign citizens of Indian origin to have many of the same privileges as Indian citizens, including the ability to open bank accounts and make investments in India.
(2) Is filing ITR in India based upon residency status irrelevant of the citizenship of the person whether the person is an Indian citizen or not?
Income tax filing in India is based on the residency status of the individual, not their citizenship. The key factor is whether the individual qualifies as a resident for tax purposes in India. The residential status is determined based on the number of days an individual spends in India during the financial year and in the previous years. If you are a resident as per Indian tax laws, you are required to file an income tax return in India on your global income.
(3) Is there any FATCA Form declaration to sign while opening any bank account in India or while buying some insurance policy or shares? Is it mandatory for every Indian?
The declaration is meant to identify and report financial accounts held by U.S. taxpayers to the U.S. government.
FATCA compliance is typically mandatory for both residents and non-residents in India who have financial accounts and investments in Indian institutions. .
(4) Is the monthly pension amount received from LIC after Jeevan Suraksha Policy maturity taxable in ITR or taking 50% maturity amount commuted in lump sum on maturity and taking a monthly like pension from the remaining 50%, are both taxable? Is Rs.15,000 monthly pension under Jeevan Suraksha taxable when there is no other source of any income for such a person?
The taxation of pension income in India depends on the specific pension plan, the amount, and the provisions of the Income Tax Act. In general, pensions can be partially taxable or tax-free depending on various factors.
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