Introduction to NRI Income Tax
Tax collection is the right of every government and we have to respect it. Government aims to improve the Indian economy on the basis of tax collection. Taxation is the most important aspect of personal finance and it is applicable on both residents and Non-residents. Individuals working and earning outside the home country are named as NRI’s under Income tax act, 1961. The Income tax rules and perks allowed to NRI’s are different from what allowed to Indian residents. NRI also qualify to pay income tax in certain situations and they are also covered under income tax act, 1961. NRI taxation act provides you details about the taxes applicable on an NRI and how they have to deal with it. It also covers aspects like property tax and wealth tax.
NRI Taxation System in India
It is important for an NRI to understand the income tax and other taxes in detail to file their return correctly in India. An individual is referred to as NRI, if he or she spends a certain number of days abroad and does not qualify the condition of being an Indian resident.
The income earned by an NRI abroad is exempted from tax in India. If an NRI is earning from sources like mutual funds, term deposits, property rental or investment in shares and exceeding the limit specified in the Income tax act, 1961, he has to mandatorily file the income tax return in India.
Latest News & Updates
- Apr 16,2021
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No backdate entries, recovery cases, more return filing, others help tax officers to up GST collectionApr 10,2021
Lawyers Are Exempted From Paying GST/Service Tax, Do Not Harass Them By Issuing Demand Notices: Orissa High CourtApr 09,2021
Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Mar 2021Apr 10th ,2021
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Mar 2021Apr 10th ,2021
GSTR 1 for Mar 2021 (turnover more than INR. 1.50 Crore)Apr 11th ,2021
GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Mar 2021Apr 13th ,2021
Last date of depositing the fifth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayersApr 15th ,2021
GSTR 3B for Mar 2021 (Annual Turnover of more than Rs 5 Cr in Previous FY)Apr 20th ,2021