Income Tax Rules for Non-Resident Indians (NRI’s)
Finally you have made your mind to come back to India! What are your intentions now? Are you eager to permanently stay and start searching for your working options or you are having some other intentions? What ever may be the reason, you must have a look at the Income Tax rules governing NRIs in India.
NRI Income in India
All income earned by NRIs in India is taxable. In addition, the NRIs are required to file the returns on an annual basis. Also, salary earned in India is chargeable to tax (under Section 9 (I) (ii) of the IT Act.) You are liable to pay tax if you have earned the income in India (directly or indirectly) and/or the same is amassed in India.
In the following cases you must pay the income tax:
- If you have a business income, property income or/and income from another source.
- Dividend paid by an Indian company to an NRI living abroad.
- If you are receiving an interest paid by government, bank, company or any other source.
- Fees paid for technical services provided by an NRI.
- Salary earned in India or salary paid by the Indian government to any citizen of India forAnd s Even long I use distilled and…
services provided abroad.
NRI Income Abroad
Non-resident Indians are exempt from paying taxes on their foreign income and they are not required to pay the tax if the income is earned elsewhere.
Apart from these rules, it is mandatory for the applicants to file their returns on time to avoid any hassles or penalties in future. If possible, try to learn more about the tax saving
schemes available to you and ensure that you have the required documentation. These may include the proof of your paid tax in your original country to avoid any issue of Double Taxation.
These matters require a high level of scrutiny! Take every step with utmost care…
For More Information, Visit : http://www.immigration.net.in/