NRI Income Tax Rules and Policies in India
Posted on October 01 2020
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As an NRI have you been dabbling with the constant challenge of how various heads of incomes would be taxed in your home country and in India? Are your decisions related to remittances, investments, property purchases and rentals marred at the thought of taxes?
Tax laws in different countries are difficult to fathom, and even more complex when we works as cross border taxation invading multiple countries. Take for instance the income from abroad. The ground rule is that income which is earned outside India by an NRI is not taxed in India.
There are a host of incomes that are and that aren’t taxed in India, but may or may not be taxed in the country you are residing in.
Your Income which is exempt in India
Most of you have bank accounts in India – either non-resident external accounts (NRE) or foreign currency non-resident (FCNR) account. The good news is that though Indian residents have to pay tax on their savings bank account interest above Rs. 10,000, NRIs are excused. No taxes are to be paid on the interest arising out of these bank accounts/ deposits. However the same should be declared in your tax returns.
You need not worry about paying taxes on income you earn abroad. Also, gains and profits from money sent home to family members or for investments are exempted (taxed at concessional rates under specific scenarios).
For further assistance you can always refer www.TaxAssist.in
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