{"id":46427,"date":"2023-10-03T09:09:55","date_gmt":"2023-10-03T03:39:55","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=46427"},"modified":"2024-05-30T14:24:17","modified_gmt":"2024-05-30T08:54:17","slug":"nri-taxation-provisions","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/nri-taxation-provisions\/","title":{"rendered":"Across Borders and Taxes: Navigating NRI Taxation provisions"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-46454 size-full\" title=\"NRI taxation provisions\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1.png\" alt=\"NRI taxation provisions\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-OG-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>The globalized world we live in has facilitated cross-border mobility and financial transactions like never before. Non-Resident Indians (NRIs) play a significant role in this landscape, contributing to both their home country&#8217;s economy and the economies of their chosen foreign destinations. However, the complicated web of taxation can often be a cause of confusion for NRIs. This blog aims to provide clarity on navigating NRI taxation provisions,<\/span><span style=\"font-weight: 400;\">\u00a0shedding light on key aspects that every NRI should be aware of.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid#000000;\">\n<h2><b>Table of Contents<\/b><i><\/i><\/h2>\n<ul>\n<li><a href=\"#meaning\"><span style=\"font-weight: 400;\">Meaning of NRI<\/span><\/a><\/li>\n<li><a href=\"#whether\"><span style=\"font-weight: 400;\">Whether NRI Income Taxable or not?<\/span><\/a><\/li>\n<li><a href=\"#is\"><span style=\"font-weight: 400;\">Is NRI required to file Income Tax Return?<\/span><\/a><\/li>\n<li><a href=\"#which\"><span style=\"font-weight: 400;\">Which ITR can be filed by NRI?<\/span><\/a><\/li>\n<li><a href=\"#advance\"><span style=\"font-weight: 400;\">Advance Tax Payment for NRI<\/span><\/a><\/li>\n<li><a href=\"#types\"><span style=\"font-weight: 400;\">Types of Taxable income for NRI<\/span><\/a><\/li>\n<li><a href=\"#investment\"><span style=\"font-weight: 400;\">Investment income-related special provision<\/span><\/a><\/li>\n<li><a href=\"#long\"><span style=\"font-weight: 400;\">Long Term Capital gain special provision<\/span><\/a><\/li>\n<li><a href=\"#deduction\"><span style=\"font-weight: 400;\">Deductions allowed to NRI\u00a0<\/span><\/a><\/li>\n<li><a href=\"#takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"meaning\"><b>Meaning of NRI<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">NRI stands for &#8220;<\/span><a href=\"https:\/\/www.cagmc.com\/non-resident-taxable-person-under-gst\/#legal\"><span style=\"font-weight: 400;\">Non-Resident Indian<\/span><\/a><span style=\"font-weight: 400;\">.&#8221; An NRI is an individual of Indian origin or nationality who resides outside of India. This status is typically applied to those who live in another country for work, education, business, or personal reasons. NRI status is determined based on the number of days an individual spends in India during a financial year. <\/span>Taxation for NRI<span style=\"font-weight: 400;\">\u00a0Taxation provisions is explained thoroughly in this article. An individual is considered an NRI\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If they stay in India for less than 182 days during a financial year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Or if their stay is less than 60 days in the relevant financial year and less than 365 days in the preceding four financial years.<\/span><\/li>\n<\/ul>\n<h2 id=\"whether\"><b>Whether NRI Income Taxable or not?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the income tax regulations, an <\/span><b>NRI&#8217;s income taxes<\/b><span style=\"font-weight: 400;\"> in India will depend on his residency status for the tax year.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your international income is subject to tax in India if your status is &#8220;resident.&#8221; Your income generated or accumulated in India is taxable in India\u00a0if your status is &#8220;NRI.&#8221;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Examples of income gained or accrued in India include salary\u00a0received in India or wages for services rendered here, income from a house property located in India, <\/span><a href=\"https:\/\/www.cagmc.com\/taxation-of-capital-gain\/#types\"><span style=\"font-weight: 400;\">capital gains<\/span><\/a><span style=\"font-weight: 400;\"> on the sale of an asset located in India, income from fixed deposits, and interest on a savings bank account. An NRI must pay taxes on these earnings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indian tax laws do not apply to income obtained outside of the country by NRI<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Taxes are not applied to interest earned on FCNR and NRE accounts. In the hands of an NRI, interest on NRO accounts is taxed.<\/span><\/li>\n<\/ul>\n<h2 id=\"is\"><b>Is NRI required to file Income Tax Return?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Yes, NRIs (Non-Resident Indians) are required to file income tax returns in India if their total income from Indian sources exceeds the basic exemption limit that is 250000. NRI will be taxed on the <\/span>NRI tax slab<span style=\"font-weight: 400;\">. Additionally, if they have any income that is subject to TDS (Tax Deducted at Source), filing a tax return is necessary to claim refunds or reconcile any excess tax deducted. It is essential for NRIs to understand their tax obligations and file returns as applicable to ensure compliance with Indian tax laws. The due date for filing return for NRI is 31<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> July of the A.Y.<\/span><\/p>\n<h2 id=\"which\"><b>Which ITR can be filed by NRI?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">NRI can only file two <\/span><a href=\"https:\/\/www.cagmc.com\/income-tax-returns-for-individuals\/\"><span style=\"font-weight: 400;\">income tax return<\/span><\/a><span style=\"font-weight: 400;\"> that is ITR 2 or ITR 3<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ITR 2<\/b><span style=\"font-weight: 400;\">: NRIs with non-business and professional income must file the ITR 2. Additional income streams include rental property income in India, interest income, earnings from trading shares or selling property in India, and so on.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ITR 3<\/b><span style=\"font-weight: 400;\">: When an NRI earns revenue in India from a business or profession, they must file ITR 3.<\/span><\/li>\n<\/ul>\n<h2 id=\"advance\"><b>Advance Tax Payment for NRI<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">NRIs are required to pay advance tax if their tax obligation for a given fiscal year exceeds Rs 10,000. If <\/span><a href=\"https:\/\/www.cagmc.com\/advance-tax-interest-under-section-234a-b-c\/#What\"><span style=\"font-weight: 400;\">advance tax<\/span><\/a><span style=\"font-weight: 400;\"> is not paid, interest under Sections 234B and 234C is applicable.<\/span><\/p>\n<h2 id=\"types\"><b>Types of Taxable income for NRI<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Salary Income<\/b><span style=\"font-weight: 400;\">: If you work in India, your salary is termed Indian. Even if you are an NRI, India will tax your salary if it&#8217;s for services you give in India. Suppose you work for the Indian government and are an Indian citizen. If your service is outside India, your salary is taxable in India. Diplomats and Ambassadors earn tax-free income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Income from House property<\/b><span style=\"font-weight: 400;\">: An NRI must pay taxes on income from a property that is situated in India.\u00a0This property may be rented or unoccupied. A 30% standard deduction, property taxes, and house loan interest can be claimed by an NRI. The NRI can deduct principal repayment under Section 80C. Section 80C allows property buyers to claim stamp duty and registration fees. House property income is taxed at slab rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rental payments to an NRI<\/b><span style=\"font-weight: 400;\">: When paying rent to an NRI owner, a tenant must remember to deduct TDS at the rate of 30%. Either an Indian account or the NRI&#8217;s account in the nation they are presently residing in may receive the money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Income from other sources<\/b><span style=\"font-weight: 400;\">: In India, the <\/span>taxation for NRI<span style=\"font-weight: 400;\"> of interest income derived from fixed deposits and savings accounts maintained in Indian bank accounts is taxable. The interest earned on Non-Residential External (NRE), and Foreign Currency Non-Residential (FCNR) accounts is exempt from taxation. The interest earned on Non-Resident Ordinary (NRO) accounts is subject to full taxation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Income from business &amp; profession<\/b><span style=\"font-weight: 400;\">: The Income that NRI earned from setting up a business in India or a business controlled by India is taxable to NRI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NRI Capital Gain Tax<\/b><span style=\"font-weight: 400;\">: Any capital gain from transferring an Indian asset is taxable in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India will tax capital gains on Indian shares and securities. The buyer will deduct 20% TDS from a long-term capital gain when selling a House property. However, investing in a house or capital gain bonds under Section 54 or 54EC can lead to\u00a0exempt capital gains.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter wp-image-46462 size-full\" title=\"NRI taxation provisions\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-05-121903.png\" alt=\"NRI taxation provisions\" width=\"509\" height=\"292\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-05-121903.png 509w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-05-121903-300x172.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-05-121903-400x229.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-05-121903-292x168.png 292w\" sizes=\"(max-width: 509px) 100vw, 509px\" \/><\/p>\n<h2 id=\"investment\"><b>Investment income-related special provision<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">NRIs who earn from Indian asset investments pay 20% tax. NRIs who rely on special investment income and have <\/span><a href=\"https:\/\/www.cagmc.com\/tds-in-respect-of-payments-to-non-residents\/\"><span style=\"font-weight: 400;\">TDS<\/span><\/a><span style=\"font-weight: 400;\"> withheld are exempt from income tax.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Eligible investment for special provision is:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following Indian assets purchased with foreign currency generate the following types of income:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock in an Indian corporation, either public or private<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debt issued by a public (rather than a private) Indian firm.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Money deposited in banks and stock market<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Security\u00a0provided by the Federal Government<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The remainder of the central government&#8217;s assets, as detailed in the official gazette.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When figuring investment income, Section 80 deductions cannot be taken.<\/span><\/li>\n<\/ul>\n<h2 id=\"long\"><b>Long Term Capital gain special provision<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The absence of indexation benefits and deductions under Section 80 precludes any advantages in terms of long-term capital gains arising from the sale or transfer of those overseas assets.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, it is possible to obtain an exemption on the profit by utilizing the provisions outlined in Section 115F, provided that the profit is reinvested into:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The equity securities of a company based in India<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The debentures issued by a publicly traded Indian corporation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The practice of placing funds in banking institutions and Indian public corporations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The topic of discussion pertains to securities issued by the central government.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The concerns pertaining to the National Security Council (NSC) VI and VII.In this scenario, the exemption of capital gains is proportionate when the cost of the new asset is lower than the net consideration.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the newly acquired asset is transferred or sold within three years, any previously exempted profit will be included in the individual&#8217;s income in the year of the sale or transfer.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The above benefits may be available to non-resident Indians (NRIs) after they become residents if the asset is converted into money by selling within 3 years and they submit a declaration to the assessing officer requesting the special provisions. If the NRI Taxation provisions decline, their income (including investment income and long-term capital gains) will be taxed according to the Income Tax Act.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Deductions allowed to NRI\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the deductions that are allowed to NRI:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">LIC Premium under <\/span><a href=\"https:\/\/www.cagmc.com\/deduction-under-section-80c\/\"><span style=\"font-weight: 400;\">Sec 80C<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tuition Fees under Sec 80C<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Principal repayment of home loan under Sec 80C<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unit linked insurance plan under Sec 80C<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equity linked tax saving scheme under Sec 80C<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical Insurance under <\/span><a href=\"https:\/\/www.cagmc.com\/section-80d-deduction-medical-insurance-premium\/\"><span style=\"font-weight: 400;\">Section 80D<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest paid on education loan under Sec 80E<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment made in the form of eligible donation under Sec 80G<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest on Saving bank account under Sec 80TTA<\/span><\/li>\n<\/ul>\n<h2 id=\"takeaway\"><b>Takeaway<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Navigating the complex world of navigating NRI taxation provisions<\/span><span style=\"font-weight: 400;\">\u00a0may seem daunting, but with a clear understanding of the tax provisions, one can effectively manage their finances and obligations. Staying informed about <\/span>NRI taxation provisions tax filing<span style=\"font-weight: 400;\">, status determination, income sources, investment taxation, and <a href=\"https:\/\/www.dbs.com\/in\/treasures\/articles\/nri-hub\/live-enriched\/what-is-the-meaning-of-nri-repatriation#:~:text=FEMA%20Rules%20Governing%20NRI%20Repatriation&amp;text=You%20can%20repatriate%20your%20current,legitimate%20dues%20which%20are%20receivable.\" target=\"_blank\" rel=\"noopener\">repatriation rules<\/a> will empower NRIs to make well-informed financial decisions that benefit both their country of residence and their home country.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The globalized world we live in has facilitated cross-border mobility and financial transactions like never before. Non-Resident Indians (NRIs) play [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":46454,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NRI Taxation Provisions- Goyal Mangal &amp; 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