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Financial Planning and NRI Planning

NRI Taxation

As per the Indian Income-Tax Act, 1961, an annual tax is levied by the Government of India (GoI) on all income earned in India. In other words, all receipts giving rise to income are taxable unless they are specifically exempted from tax under the act.
Generally, NRI Income taxes come into various categories, but specifically he has to pay tax in India only if her/his income/salary/allowance etc. is amassed in/from the Indian Territory. This stands true for non-residents also, but there are exceptions to the general rule. The law may, at times, amount money (income) to have been generated in India if it is:

  • Arising from business connection in India
  • From property in India
  • From asset/source in/from India
  • Salary received for services rendered in India
  • From dividend received from shares in Dmat Account, by an Indian company (irrespective of whether the same has been paid outside as well)
  • Arising from interest payable by the government
  • Royalty payable by the government
  • Fees for technical services payable by government