How an NRI income will be taxed in India - Income tax and Tax matters

By -
How an NRI income will be taxed in India - Income tax and Tax matters: An NRI must file his income tax return like any other Resident Indian in India if the total gross income received in India is more than Rs. 2.5 Lakh for the provided financial year.

  • An NRI must file his income tax return like any other Resident Indian in India.
  • The residential status of the NRI plays a detrimental role in tax liability for NRIs.
  • If an Individual’s status is Non-Resident, then the income earned only in India will be taxable.
  • Income earned outside India cannot be taxed in India.
  • Interest earned on an FCNR and NRE account is also not taxable.
  • Interest received on NRO accounts will be subject to tax on the part of an NRI.

NRI Legal Services is uniquely positioned as a legal management company, set up in 2000 to help overseas citizens exclusively with monitoring, supervising,representing them for both in-court and out of court work, to protect their land and properties in India.

Comments

Post a Comment

Popular posts from this blog

Will and Testament - Procedure and Drafting

By -
Image
  Will is a legal document which describes the wish of the testator (person making a Will) for distribution of his properties after his death. Death is inevitable, but the time is not known. Unforeseen events like Corona Virus may lead to unexpected troubles, and protecting our loved ones from hardships becomes a priority. If we can arrange financial assets for our children, there is nothing like that. It is imperative to write a Will to avoid any fight among siblings for sharing the wealth and the financial assets. Recommended reading:  Contesting a Will – facts and details Requisites of writing a Will The Law relating to Will is found in the Indian Succession Act, 1925. If a person dies intestate, the disposition of his property takes place as per Succession laws . A Will can be prepared by anyone above 21 years of age and of a sound mind. A beneficiary can be any person capable of holding property. It can be a minor or a company. A person can disp...
Read more