Comments on The Money Quest: NRIs Taxation (#3): How to Calculate Taxable Incom...

Hello Mr. Fisher, I am an NRI earning Rs.1.3 lacs...

2010-02-22T09:58:58.858+05:30

Hello Mr. Fisher,

I am an NRI earning Rs.1.3 lacs per year from pension source.
I also get about 40,000 interest from Bank deposits per year.
I pay LIC premium of 8000 per year

My questions are as follows:

a) Can I claim standard deduction?
b) Should I include my pension income?
c) Can I claim rebate u/s 80L for the LIC premia paid?

Thanks in advance

Melvyn

Sundaram, 1. Yes, NRIs are eligible to claim sect...

2010-02-15T19:26:37.659+05:30

Sundaram,

1. Yes, NRIs are eligible to claim section 80C tax benefit (with a few exceptions which I'll highlight in next post).

2. Yes, the tax slabs applicable in case of non-residents is same as applicable in case of ‘other individuals’.

3. Yes, except in a few specified cases …wait for next post about non-resident taxation.

4. TDS rate applicable on NRO accounts is 30.9%. Yes, a NRI can claim tax refund by filing return of income.

5. Form 15G / 15H is not applicable in case of NRI. However, NRI can apply to ITO in Form-13 for deduction of tax at a lower rate or a nil rate.

Dear Mr Fisher, 1.Are the sec 80C deductions avai...

2010-02-14T08:00:56.256+05:30

Dear Mr Fisher,

1.Are the sec 80C deductions available to NRI?

2.Are the minimum exempted amounts Like 160000 for individuals and 180000 for women available to an NRI befoer calculating the taxable income?

3.Are the tax rates same for NRI and Indian resident?

4. What are the TDS rates for NRO accounts and can an NRI claim the excess deduction of tax under TDS by filing proper return?

5. Can NRI file any forms like form 15H to avoid deduction of tax at source?

please enlighten me
Thanks
sundaram

Muralitharan: Point-wise reply is as follows: 1. ...

2010-01-21T08:35:32.426+05:30

Muralitharan: Point-wise reply is as follows:

1. No
2. No
3. The process of return filing is same for resident and non-residents. The tax return can be filed either in physical form or electronically. The process of return filing is explained in the post “12 Tips for filing tax returns”. The detailed online process of tax filing will be explained in a separate post.