The taxes collected in a country are the base for its economic development. The taxes contribute the most towards the upliftment of society. As we know that most of the taxes come from NRI sources, therefore proper settlement is required for such taxes. But, we have to keep in mind that the rules and guidelines for the NRI people for taxation are completely different from the Indian residents. Extraordinary treatment is given to such tax receipts. In certain conditions under specified guidelines, the NRIs are liable to pay advance tax as well.
It completely depends upon the amount to be taxed, the tax percentage and if the tax is duly paid within the prescribed time range or not. The NRI tax services in Pune have helped so many NRIs over the years to settle their tax payments. Everything is done in a very easy and smooth manner. They keep complete transparency so that people can have a clear picture of their tax payments. One should ensure as much transparency as one can in a tax scenario.
Let us know more about NRI tax settlement in detail, have a look:-
1. Taxable income of NRIs
In the case of NRIs, the income which is earned or deemed to be earned in India is taxable under the Indian taxation system. If an NRI lives in India and has its origin in India, his income from any source of business would be considered under the taxation system. Certain conditions have to be followed for the taxation of income, the charity or donations are not included under any head. The exclusions should be kept in mind for a better insight.
2. Tax savings
The residents of India have various advantages over the NRI’s. The tax benefits for the Indian residents are infinite in number as they are allowed many deductions. But, the NRIs cannot catch hold off such deductions because of their identity. To gain the benefits, they should retain their non-resident Indian status. If they have chosen professional tax services, they might help them to save tax one or the other as they have in-depth knowledge about every clause of the taxation system. As we know that most of the taxes come from NRI sources, therefore proper settlement is required for such taxes
3. Filing of taxation
It is necessary to file taxation for any NRI who has their origin in India and have their income level above and beyond the exemption range. For now, 2.50 lakhs is the range that has been prescribed by the government. The filing of tax should not be delayed or taken lightly under any circumstances. It is mandatory to file taxation before or on the due date. Otherwise, strict actions might be taken.
So, this is all that you need to know about the NRI tax settlement. These points can help you to have a better insight. The NRI tax experts in Pune are the best in this field. They can clear all your doubts and put you on the right track. The tax paid by NRI’s is a major source of contribution to the economy.
