Resident with Global income or NRI Tax Return
Services Covered
Expert Assisted Tax Filing
Who is considered a Resident with Global Income in the context of income tax?
A resident with global income is an individual who qualifies as a resident in India as per the Income Tax Act. This includes individuals who have global income, i.e., income earned both within and outside India during the financial year.
What income is taxable for Residents with Global Income or NRIs?
For residents with global income, the taxable income includes both domestic and foreign earnings. NRIs are taxed only on income earned or received in India.
Are there any exemptions available for income earned abroad?
Certain exemptions and deductions are available to residents with global income to avoid double taxation. These include the Foreign Tax Credit (FTC) and provisions of Double Taxation Avoidance Agreements (DTAA).
How to report foreign assets and income in the tax return?
Residents with global income and NRIs are required to report their foreign assets and income in the tax return. This includes details of foreign bank accounts, properties, and any other financial assets held abroad. Non-compliance may result in penalties.
Can an NRI claim deductions under Indian tax laws?
NRIs are eligible for certain deductions under Indian tax laws, similar to residents. Deductions under sections like 80C, 80D, and 10(14) can be claimed by NRIs, subject to specific conditions.
Is there a provision for filing tax returns online for NRIs?
Yes, NRIs can file their tax returns online. The Income Tax Department has provided an e-filing portal to facilitate the online filing of returns. NRIs should be familiar with the process and documentation required for online filing.
