2. What is NRI Income Tax
NRI (Non-Resident Indian) income tax refers to the tax
regulations and provisions that apply to individuals who qualify
as non-residents for income tax purposes in a particular country,
such as India. In the context of India, the income tax laws
distinguish between residents and non-residents, and NRIs are
subject to specific tax rules.
3. Residential Status
The residential status of an individual is determined based on the physical
presence in India during a financial year and the preceding years. NRIs are those
individuals who do not qualify as residents in India.
Taxable Income
NRIs are typically liable to pay taxes in India on income earned or received in
India. Income earned outside India is generally not taxable in India. However,
certain incomes, such as income from a business or profession controlled in
India, may be subject to taxation
Tax Rates
The tax rates for NRIs are the same as those for residents in India. The rates may
vary depending on the nature and amount of income.
4. Tax Deductions and Exemptions
NRIs may be eligible for certain deductions and exemptions on specific incomes,
similar to resident individuals. These could include deductions for investments in
specified instruments like insurance policies, provident funds, etc.
Double Taxation Avoidance Agreements (DTAA)
India has signed Double Taxation Avoidance Agreements with various countries to
prevent taxpayers from being taxed on the same income in both countries. NRIs can
benefit from these agreements to avoid double taxation.
Filing Income Tax Returns
NRIs may be required to file income tax returns in India if their income exceeds the
taxable threshold. The filing process and due dates are similar to those for residents.
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