Non-Resident Tax Return - Smart Accountants

NRI Tax Returns

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Income from salary

If you are an NRI but your salary is paid to you for work done in India, then the income will be taxed in India.

Income from house property

Income from property in India for a Non-Resident Indian is taxed the same way as if the person lived there.

Rental Payments to an NRI

A tenant who pays rent to a Non-resident Indian owner must pay 30% of their income as tax.

Income from Other Sources

You pay taxes on the interest from fixed deposits and savings account if you live in India. But, if you have an NRE or FCNR account, the interest is tax-free. For people with NRO accounts, all of the interest they get is taxed.

Special Provision Related to Investment Income

If you sell your house in India, the buyer will take 20% of the sale price before giving you the money. If you invest that money into something like selling shares or securities in India, then that investment will be taxed. The only way to avoid taxes is to invest it back into a house property as per Section 54 of the Income Tax Act.

Income from Indian assets acquired in foreign currency:
1.Shares in a public or private Indian company
2.Debentures issued by a publicly-listed Indian company (not private)
3.Deposits with banks and public companies
4.Any security of the central government
5.The central government has other assets that are not used to calculate investment income. The official gazette says so. You cannot use Section 80 when calculating investment income.

Have a question? check these answers.

If your queries are not already answered, you can mail us at support@smartaccountants.in

If you are not a resident of India, then you are an NRI. You are

considered to be a resident if your stay in India is a) 182 days or more,

or b) 60 days or more and 365 days or more in the 4 immediately preceding previous years. If you do not satisfy either of the conditions above, then you will be considered an NRI.

If you are an NRI, and make money in India, then the only money that will be taxed is the money you make in India. You do not need to pay taxes on your income from America.

An NRI who makes more than 2.5 lakhs from their work in India must file an income tax return in India by July 31 each year, or when the government extends it.

People who are not living in India have to pay taxes on the money they make. If you are paying someone who is not living in India, you need to get a Tax Deduction Account Number so that they can pay taxes on their money. You also need to submit Form 15CA and Form 15CB for this payment. They show how much money was paid.

An NRI who earns money in India will be taxed on that income by the country they live in - India. But they will also be taxed by their home country if they live somewhere else. For example, a person from India who lives in the United States will have to pay taxes for their Indian income as well as American income. To avoid this, there are DTAAs between countries so people do not have to pay taxes twice on the same money and can take credits for foreign taxes paid while filing their return of American income.

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