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If you are an NRI, then any income that you earn or accrue in India will be taxable in India. Also, any income earned outside India will not be taxable in India. If you are an NRI and you get your salary directly into an Indian account, then it will be taxed as per the Indian tax laws.
Being an NRI, if your income in India exceeds Rs 2.5 lakh, then you will be liable to file your return of income in India. You are supposed to pay taxes in India on income that is earned or received in India through salary, rent. capital gains, interest, etc. However, certain types of income, such as income from agriculture or specific investments like tax-free bonds, may be exempt from tax for NRIs.
Don't worry, guys, we are also allowed to claim various deductions and exemptions from our total income under Section 80C and under the Income Tax Act.
If an NRI earns income that is taxable in India, then they have to file an income tax return (ITR) in this country.
Remember, interest that you earn on an NRE account and FCNR account is tax-free, but any interest that you earn on an NRO account will be subject to taxation if you are an NRI.
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If NRIs sent you remittances, then it is not taxable if they are from the money that is earned outside India. If remittances are earned in indian, then it is...
RNOR (Resident but not Ordinarily Resident) is beneficial for the NRIs if they have the income generated from the rent from abroad from rent, getting interests or dividends from the...
Yes, NRIS need to link their PAN card with an Aadhaar card under section 139AA of the Income Tax Act, 1961, for every person who is eligible to get an...
Here is the TDS rate on the interest earned in NRO accounts, which is subject to tax in India. Recent data shows that these TDS rates are 30% with surcharges...
NRIs can avoid double taxation through the lifesaving DTAA. It is basically an agreement that is signed by two countries. It is carried out by India with different countries, in...
No, the income earned from interest on an NRE account is not taxable in India. So, as long as you hold the NRI status or a resident but not ordinarily...
NRIs are allowed to get shares of the listed and unlisted companies with mutual funds that are subject to the Foreign Exchange Management Act. The tax date depends on the...
Yes, as an NRI, you can open a joint account with residents in India. You can easily open an NRO/NRE or FCNR account with Indian banks under the Foreign Exchange...
Yes, there is a limit on the remittance income you earned in India under the Liberalised Remittance Scheme (LRS), where Indian individuals, including minors, can only remit up to 2,50,000$...
If you are selling a property as an NRI in India, then you need to pay 20% tax as a TDS for long-term capital gains, which you hold for more...
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There is a DTAA agreement for NRIs, which is basically a Double Taxation Avoidance Agreement. So, if an NRI earns income in India, such income will be taxable in India. Also, the country where the NRI is a resident will have the right to tax such income because it is the NRI's residence state. This way, the NRI will have to pay tax twice on the same income. To avoid this situation, India has agreed to the DTAA with several countries, which will help the NRI in avoiding double taxation by allowing them to claim credit for foreign taxes that they pay while filing their return of income in their home country.