WHAT INCOME TAX LAWS NRIS SHOULD BE AWARE OF?
So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. Here are some income tax laws that NRIs should be aware of.
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It is not at all for an NRI to file an income tax return in India. This is also applicable to the ones who have a fixed deposit or any other investment in India.
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The only time when an NRI has to file an income tax return is if he has a source of income in India and it exceeds 2.5 lacs.
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For an NRI, income generated via long-term capital gain or sale of a mutual fund is not considered taxable income.
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The interest earned on NRE (Non-Resident External) and FCNR (Foreign Currency Non-Repatriable) is not counted as a taxable income.
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Interest earned on NRO (Non-Resident Ordinary) fixed deposit is counted and an NRI will have to pay tax on that.
Well, it had its ups and downs, didn’t it? Need help with tax related issues in Bangalore, contact us.