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NRIs (Non-Resident Indians) who wish to invest in Indian securities and whose income originates abroad must plan their taxes well to make the most of their earnings. Now, NRIs must also know about the NRE account taxation rules and the details of how their income earned abroad is taxed. Tax planning for NRIs is an important step, and it begins with being aware of the details of DTAA treaties and double taxation.
The term “Non-Resident Indians (NRIs)” for tax purposes must be understood in the context of the term “resident Indian”. A resident Indian, according to Section 6 the Income Tax Act of 1961, is an individual who meets one of the following two conditions:
An NRI is someone who does not satisfy any of the above two conditions. The income earned by an NRI is susceptible to an error in taxation called “Double Taxation” – where an NRI’s income is taxed both in India and their country of employment. To avoid this error, the Government of India has signed “Double Taxation Avoidance Treaties” or DTAAs with several countries across the world. Thanks to these DTAAs, an NRI working outside India need not pay tax on the income that they earn outside India. India has signed DTAAs with major countries such as Australia, Belgium, Canada, China, France, Germany, Italy, Japan, and the United States. For more information, please refer below link.
https://incometaxindia.gov.in/Pages/international-taxation/dtaa.aspx
Depending on the businesses that citizens of one country have in another country and their overall holdings, a DTAA may cover all categories of income or focus on a specific category of income.
NRIs must know that DTAA treaties deal with the issue of international double taxation. Therefore, depending on the businesses that citizens of one country have in another country and their overall holdings, a DTAA may cover all categories of income or focus on a specific category of income. A DTAA agreement may cover the following categories of income:
IDFC FIRST Bank’s NRE and NRO fixed deposit accounts help NRIs steadily grow their savings at high interest rates. NRIs can access their FDs seamlessly through IDFC FIRST Bank’s mobile banking and net banking services.
DTAA treaties can help NRIs save a significant amount by helping them avoid paying taxes in two countries. However, to benefit from the advantages offered by DTAA agreements, NRIs must submit a set of documents to the bank:
Here are a few tips that an NRI can follow to obtain their tax residency certificate in their country of residence:
DTAA treaties offer several distinct benefits to NRIs such as:
As an NRI, you can follow certain tips to plan your taxes more efficiently:
NRIs can take advantage of NRE account tax exemptions to save more and grow their savings. It is also advisable for NRIs to check the tax deductions for which they are eligible (such as interest paid on home loans and premiums paid towards health insurance) while planning their taxes.
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The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.