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.

Income Tax for NRI

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.

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Due Dates

  • Due date for deposit of Tax deducted/collected for the month of April, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    May 07th ,2022
  • Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2022

    May 15th ,2022
  • Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2022

    May 15th ,2022
  • Due date for issue of TDS Certificate for tax deducted under section 194M in the month of March, 2022

    May 15th ,2022
  • Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2022 has been paid without the production of a challan

    May 15th ,2022
  • Quarterly statement of TCS deposited for the quarter ending March 31, 2022

    May 15th ,2022