Are you a Non Resident Indian? You must know these 5 Income Tax Rules
If you are an NRI, your taxability depends on NRI status for a particular year. Checkout the 5 income tax rules that you must know: 1. You must pay tax on all incomes that arise or accrues within or is received in India. Therefore, your Indian salary, interests earned from FD’s and savings accounts, rental earnings, capital gains on all assets sold within India, are taxable income. If your earnings are more than the basic exemption limit for the particular year, you must file a return in India. Again, if you intend to claim a tax refund, or carry forward your losses to future years, you must file a return. 2. If you return permanently to your country after being abroad for few years, your earnings overseas do not become taxable immediately. If you have lived out of the country for nine years or more, you remain an RNOR (Resident but Not Ordinarily Resident) for the next two years. It is the transit...