The complex clause of tax laws & regulations comes with its own set of challenges for any individual. A NRI tax consultant India helps companies and individual tax applicants know about legitimate tax implications for NRIs. Taxpayers are required to know in detail about the tax imposed & relief factors while computing the final taxable amount. To provide comprehensive services based on NRI taxation – Consult Sachin Gujar & Associates, the best CA firm in India.
NRI Taxation: Are They Eligible for Taxes?
As per the residential status rules under the Income Tax Act, Non-Resident Indians are determined by calculating their month of residence. After the individual status gets identified, their taxable income needs to be assessed. NRIs are eligible for the income earned or accrued in India & deemed to be taxable in India. If an NRI earns income from any other country without connection with the home country, India, it will not be taxable as per general rules.
List of Income Accrued & Earned in India:
If income arises through any source in India, it will be treated as taxable income for NRIs. One of the significant factors in understanding tax implications for NRIs is determining the source of Income. Here is the list of types of income for NRIs: –
- Any interest income received & earned through the savings account of Indian banks
- Income from deposits in India, like fixed deposits & other investments
- Capital gains earned through the transfer of property or assets in India
- Any rental income generated from properties situated in India
- Salary received directly from India or for any services rendered in India
Services For NRI Income Taxation
Non-resident Indians are eligible to file tax returns & submit their taxable amount on time before the due date. It can be assessed by following a few simple steps:
- The first step starts with determining the residential status as per the rule framed by the Income tax. You must have spent at least 182 days or more outside India as a NRI.
- Determine the taxable income; the slab rates are updated every year for income tax calculation. Different revenue & profits earned will fall in the bracket of taxability, such as salary, house property incomes & others.
- Once the taxable income is assessed, the next NRI should apply for a Double Taxation Avoidance Agreement (DTAA). It helps NRIs to avoid paying double taxation on the same income. As per the DTAA, income might be excluded from the tax deductions in one country or taxed at a reduced rate in the home country.
- NRIs are required to fill out their Income tax return on the due date & verify the same within 120 days. Consult the best NRI tax consultant India to file the returns.
Sachin Gujar & Associates: Trusted CA Firm for NRI Taxation Services!
If you are looking for a trusted CA firm in Pune for taxation services, Sachin Gujar & Associates is the most reliable. We specialize in auditing, accounting & taxation services with a team of top professionals & chartered accountants. Consult with us to solve your issue with tax implications for NRIs.
