Year-end tax compliance for NRIs
5 years, 10 months ago

Year-end tax compliance for NRIs

Live Mint  

India has witnessed significant movement of individuals across the globe, which leads to tax incidence in their new country of residence besides the tax obligations arising from the sources of income or investments in India. The Indian tax laws provide that an individual qualifies as a ‘non-resident’ if he is present in India for a period less than 60 days during the relevant tax year. Additionally, the tax laws define a ‘resident but not ordinarily resident’ to be an individual who is a resident Indian and has been a ‘non-resident’ in 9 out of 10 financial years preceding the relevant tax year, or has been in India for a period less than 729 days during the seven financial years preceding the relevant tax year. A short stay exemption may be sought as per the provisions under the tax treaty where the non-resident’s period of stay in India during the financial year does not exceed 183. Like all resident Indians, non-residents are also required to deposit quarterly advance tax on income earned during the financial year.

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History of this topic

Budget 2025: The NRI’s wish list
3 days, 11 hours ago

Budget 2025: The NRI’s wish list

Live Mint  

Non-resident Indians play a vital role in India’s economic and social progress, significantly contributing to the country’s growth through remittances, investments, entrepreneurship, and international trade. ESOPs tax deferral India’s tax laws allow employees of ‘eligible startups’, including NRIs, to defer paying taxes on employee stock options, or ESOPs. Filing of Form 10F Currently, NRIs seeking to avail treaty reliefs are …

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25
1 week, 4 days ago

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25

Live Mint  

The submission of income tax investment proofs for FY 2024-25 is generally due by March 31st, subject to deadlines, which may vary across organisations. The income tax investment proof submission process is essential for accurate tax computations and rebate claims. Typical examples of proofs include Life Insurance Premium Receipts Public Provident Fund Passbook/Statement National Savings Certificates Tax-saving Fixed Deposits National …

ITR advance tax deadline today: Who all should pay these taxes? All you need to know
1 month ago

ITR advance tax deadline today: Who all should pay these taxes? All you need to know

Live Mint  

As the third installment of advance tax is due on December 15, taxpayers are reminded of the importance of adhering to this deadline to stay compliant and avoid penalties. Advance tax, often referred to as the "pay-as-you-earn" tax, is a requirement for individuals and businesses whose tax liability for the financial year exceeds ₹10,000. Salaried individuals are also required to …

Advance tax deadline on December 15: What happens if you miss it
1 month ago

Advance tax deadline on December 15: What happens if you miss it

India Today  

Paying taxes in advance can help you avoid penalties. Taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax in four instalments—June 15, September 15, December 15, and March 15. PAYMENT DEADLINE ADJUSTMENT FOR PUBLIC HOLIDAYS If the due date for advance tax payment falls on a public holiday, taxpayers can make the payment on the next …

What is the tax on an NRI’s professional fees?
1 month, 1 week ago

What is the tax on an NRI’s professional fees?

Live Mint  

I am an Indian citizen and a lawyer by profession. -Name withheld on request I assume you are a tax resident of the US and qualify as a non-resident of India under Indian tax law. If your professional fees are subject to taxation in India, you may examine the provisions of the India-US Double Taxation Avoidance Agreement. Whereas under the …

Tax breaks, reforms, and returns: Why NRIs are banking big on India
1 month, 3 weeks ago

Tax breaks, reforms, and returns: Why NRIs are banking big on India

Live Mint  

India is cementing its reputation as a prime destination for global investors, with inflows into NRI deposit schemes surging to $7.8 billion between April and August this year—more than double the figure from the same period last year. By refining tax rules, increasing transparency, and aligning with global trends, the reforms position India as an attractive and efficient investment destination …

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
8 months, 2 weeks ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18  

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

How NRIs can lower TDS on income generated from India?
1 year, 10 months ago

How NRIs can lower TDS on income generated from India?

Live Mint  

For income generated in India, non-resident Indians are required to file income tax returns. However, the provisions of the Income Tax Act provides certain relaxations or relief for the NRI being subjected to deduction of part or whole of the TDS as discussed below: Application for Lower Deduction by the Tax Deductee/ Payee As aforementioned, there could be certain instances …

Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March
1 year, 10 months ago

Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March

Live Mint  

There are various financial deadlines that one needs to know before it ends on March 31, which ranges from PAN-Aadhaar linking, to payment of advance tax. Here's a list of things that one needs to look out for: PAN-Aadhaar linking The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of …

How can NRIs claim tax deduction in India?
2 years ago

How can NRIs claim tax deduction in India?

Live Mint  

How can a Non-Resident Indian claim tax exemption of up to ₹1.5 lakh under 80C and other sections. For deductions under section 80C, the investments allowed to NRIs are: life insurance premium payment and children’s tuition fee paid to any school, college, university or educational institution situated in India for full-time education of any two children. They can also claim …

CBDT Exempts NRIs Without PAN From E-filing Form 10F Upto March 2023
2 years, 1 month ago

CBDT Exempts NRIs Without PAN From E-filing Form 10F Upto March 2023

Live Law  

The Central Board of Direct Taxes has exempted non-resident Indians without permanent account numbers from e-filing Form 10F up to March 2023.The notification No. The Central Board of Direct Taxes has exempted non-resident Indians without permanent account numbers from e-filing Form 10F up to March 2023. "On consideration of the practical challenge being faced by non-resident taxpayers not having PAN …

Income Tax: How can NRIs prevent double taxation in India? MintGenie explains
2 years, 2 months ago

Income Tax: How can NRIs prevent double taxation in India? MintGenie explains

Live Mint  

The Non-Resident Indians, or NRIs, who stay abroad for a minimum of 182 days in a year, are eligible to apply for tax exemption in their country of residence if they have already paid tax in India. In other words, this means the NRIs can seek exemption for tax paid in India while filing the tax return in the other …

ITR filing for FY 2020-21: Documents required to file your Income Tax Return
3 years, 3 months ago

ITR filing for FY 2020-21: Documents required to file your Income Tax Return

India Today  

The government has extended the deadline to file an income tax return for the assessment year 2021-22 to January 31, 2021. The procedure of filing an Income Tax Return varies as per the income earned per year and income source like salary, business profit, investment profit, and so on. Check here the details of the documents needed for filing Income …

Income arising in India is taxable for NRIs
3 years, 11 months ago

Income arising in India is taxable for NRIs

Live Mint  

An employee is on work deputation in the UK. When the employee returns to India and his residency in India is more than 182 days in a financial year, does he need to pay tax on the income earned only in India? You must meet any of the following conditions and both the additional conditions: Conditions: a) you are in …

Stranded NRIs wary of tax implications
4 years, 3 months ago

Stranded NRIs wary of tax implications

Live Mint  

Non-resident Indians stuck in the country because of the pandemic are seeking clarifications on the tax implications of their stay. A change in residency status may result in increased tax liability for some NRIs who have been forced to stay on in India and who seek clarifications from the tax department. “As per Section 6 of the Income Tax Act, …

NRIs are liable to pay tax on dividend income
4 years, 4 months ago

NRIs are liable to pay tax on dividend income

Live Mint  

I have been living in the UK for five years now, and I started investing in Indian stocks this year. —Name withheld on request Until 31 March, dividend income from an Indian company was exempt from Income tax in India with certain exception for super rich “residents”. For shareholders qualifying as NRI, dividend income is taxable at the rate of …

NRI Tax : Finance Ministry Issues Clarifications On Proposals In Budget 2020
4 years, 11 months ago

NRI Tax : Finance Ministry Issues Clarifications On Proposals In Budget 2020

Live Law  

In view of the confusion and controversy over the proposals in the Union Budget regarding levy of tax on Non-Resident Indians, the Ministry of Finance on Sunday evening issued a clarification.The Finance Bill 2020 proposed to amend Section 6 of the Income Tax Act 1961 to reduce the period of stay in India as 120 days from 182 days for …

Income Tax Return 2019 Alert! ITR Filing Last Date Extended To August 31; Here's Step-By-Step Guide
5 years, 5 months ago

Income Tax Return 2019 Alert! ITR Filing Last Date Extended To August 31; Here's Step-By-Step Guide

ABP News  

The Central Board of Direct Taxes extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of certain categories of taxpayers who were liable to file their Returns by 31.07.2019. — Income Tax India July 23, 2019 How to file ITR The government on Tuesday extended the due date to …

File tax returns if you have foreign trips, steep electricity bills
5 years, 6 months ago

File tax returns if you have foreign trips, steep electricity bills

Live Mint  

New Delhi: The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh. So, any person who has in the previous year "deposited an amount or aggregate of the amounts exceeding ₹one crore in one or more current account maintained with a banking company or …

RORs need to report all assets held outside India
5 years, 11 months ago

RORs need to report all assets held outside India

Live Mint  

I will return to India after staying in Dubai for seven years. If you qualify as “non resident” or “resident but not ordinarily resident” in India as per the India income tax law, your income will be taxable only on the following incomes: a. Further, an individual who qualifies as “resident and ordinarily resident” is mandatorily required to file tax …

Rules for filing income taxes broadly same for NRIs and residents
6 years, 5 months ago

Rules for filing income taxes broadly same for NRIs and residents

Live Mint  

I am based in Kenya and am selling a house in Hyderabad, which I had bought in 2007. However, NRIs can also claim exemption on the capital gains, by purchasing another property in India, or by investing the gains in capital gains bonds. In case you are not able to conclude the purchase of a house property, you may park …

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