How NRIs can save tax?
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How NRIs Can Save Tax? Any non-resident of India is considered as liable for paying tax over capital gains. But Tax Exemption Certificate provides them rebate partially or fully on tax payment.
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Transcript of How NRIs can save tax?
How NRIs Can Save Tax?
Any non-resident of India is considered as liable for paying tax over capital gains. But Tax Exemption Certificate provides them rebate partially or fully on tax payment.
Who Is An NRI under Income Tax /Wealth Tax Act?
A non-resident is termed as the one not in India for:
182 or more days during relevant previous year
60 days or more during previous year
365 days or more during 4 years prior to previous year
Returned NRI permanently to India (RNOR)
Who Comes Under Resident But Not Ordinarily Resident (RNOR)?
NRI for 9 consecutive years
Resident during previous 7 years prior to the previous year
Is there any tax deduction for NRIs? If yes, then how & who provides?
Yes, it is. Assessing Officer provides Tax Exemption Certificate
for lower or nil Rate of TDS.
How much time is valid for Tax Exemption Certificate (TEC)? 1 to 3 years
What is the tax exemption limit for NRIs’ interest income? Less than Rs. 1,50,000 (Can apply for TEC)
When & how much tax is chargeable over NRIs’ interest income?
When their interest income exceeds Rs. 2,00,000.
Chargeable tax: 33.99% *Can apply for TEC
What if an NRI Earns Profit Against Losses?
If he/she undergoes loss on selling partial shares & later gains on the sale of remaining shares, his/ her will be liable for paying tax. It will be calculated on capital gain at prescribed maximum rate.
*Can apply for TEC
Is re-investment of capital gains exempted from tax?
Re-investment may be exempted partially or fully but the tax is deducted from capital gains.
Will Tax Be Deducted Over NRIs’ Buy Back of Shares?
Yes, it will be charged at 33.99% or 22.66% on capital gains.
*Can apply for TEC
Contact to S2NRI
SERVICES 2 NRI
Corporate Office : Office # 511, The Summit Business Bay, Andheri Kurla Road, Opp. Western Express Highway Metro Station, Andheri East, Mumbai – 400069, INDIA.
Email ID : [email protected] Url : https://www.services2nri.com
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