Tax Saving for Foreign Income | Tax Planning for NRI

Tax saving tips for NRI 💲

An NRI’s income taxes in India will depend upon his residential status for the year as per the income tax rules mentioned above.

If your status is ‘resident’, your global income is taxable in India. If your status is ‘NRI,’ your income earned or accrued in India is taxable in India.

Income which is earned outside India is not taxable in India.

Interest earned on an NRE account and FCNR account is tax-free. Interest on NRO accounts is taxable in the hands of an NRI.

Of the deductions under Section 80C, those allowed to NRIs are:
i. Life insurance premium payment
ii. Children’s tuition fee payment:
iii. Principal repayments on loan to purchase house property
iv. Unit-Linked Insurance Plan (ULIP)
v. Investments in ELSS:
vi. Premium paid for health insurance
vii. interest paid on an education loan.
viii. donations for social causes

Deductions not allowed to NRIs
Some investments under Section 80C:
Investment in PPF is not allowed .NRIs are not allowed to open new PPF accounts.
Investments in National Savings Certificates (NSCs)
Post office 5-year deposit scheme
Senior Citizen Savings Scheme (SCSS)

For more details, You can ask your questions in the comment section or call us at 9460825477

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