Who is a Non-Resident Indian (NRI) under Income tax Act?
You are considered an Indian resident for a financial year:
An Non-Resident Indian's (NRI) income taxes in India will depend upon his residential status for the year. If your status is 'resident', your global income is taxable in India. If your status is 'Non-Resident Indian (NRI) your income which is earned or accrued in India is taxable in India.
income is taxable when you receive salary in
from Salary will be considered to arise in
is Government of India and is a citizen of
Income from a property which is situated in India is taxable for an Non-Resident Indian(NRI). The calculation of such income shall be in the same manner as for a resident. This property may be rented out or lying vacant.
An Non-Resident Indian(NRI) is allowed to claim standard deduction of 30%, deduct property taxes and take benefit of a interest deduction if there is a home loan. The Non-Resident Indian(NRI) is also allowed deduction for principal repayment under Section 80C. Stamp duty and registration charges paid on purchase of a property can also be claimed under Section 80C. Income from House Property is taxed at slab rates applicable.
A tenant who pays rent to an Non-Resident Indian(NRI) owner must remember to deduct Tax Deducted at Source(TDS). The income can be received to an account in India or the Non-Resident Indian(NRI) account in the country he is currently residing.A person making a remittance (a payment) to a Non Resident has to submit Form 15CA.