⚠️ 7 High-Value Transactions NRI Seafarers Must Report to Stay Tax Compliant

🏡 1️⃣ Buying Property

Purchasing property worth ₹30 lakh or more? You MUST report it! Many NRI Seafarers investing in Indian real estate often overlook this, assuming minimal income in India exempts them. But tax authorities closely track such transactions!

💳 2️⃣ Paying Credit Card Bills

Think your credit card spends aren’t being watched? Think again!

✔ Cash payments above ₹1 lakh per year trigger a red flag 🚩✔ Bank payments above ₹10 lakh per year get reported 

Even if you’re using your Indian bank account to pay for overseas expenses, it still counts! Be cautious of large transactions.

📈 3️⃣ Investing in Stocks & Bonds

Investing in stocks, mutual funds, or bonds exceeding ₹10 lakh per year? It’s considered a high-value transaction. Many NRI Seafarers assume their investments don’t need reporting—but they do, irrespective of tenure!

🏦 4️⃣ Depositing Cash in Bank Accounts

Depositing over ₹10 lakh in cash annually will automatically alert tax authorities. This is common when real estate transactions involve cash components. Ensure you have proper documentation for all sources of funds to avoid compliance issues.

💱 5️⃣ Buying or Selling Foreign Currency

Foreign currency transactions beyond ₹10 lakh annually are flagged for potential money laundering or tax evasion. As an NRI Seafarer, ensure all forex transactions are transparent and backed by proper banking records!

🏢 6️⃣ Business Cash Transactions

Running a business in India while sailing the seas? 🌊 If your cash deposits or withdrawals from a current account exceed ₹50 lakh annually, you must report it. Keep all transactions well-documented to avoid scrutiny.

⚡ 7️⃣ Paying Electricity Bills

Own property in India? If your annual electricity bill exceeds ₹1 lakh, it’s considered a high-value transaction! Many NRI Seafarers unknowingly cross this threshold, leading to compliance headaches. Keep track of all property-related expenses!

SeafarersTax.Org is India's first dedicated portal for taxation needs of all the respectable Seafarers of India.

We are dedicated team of Chartered Accountants (CA's) and Lawyers and we pride ourselves in serving more than 1,000 respectable Seafarers of India.

 Join SeafarersTax.Org Telegram Group of more than 4,000 Seafarers of India for regular updates and discussions related to the Seafarers Income Tax and Finance!

(Click on the link below)

https://t.me/seafarerstax