Category NRI Taxation FAQ

1: What is the Income tax liability of a NRI in India? Following income earned by a NRI is liable to tax in India: Any other income earned or received or deemed to be received in India is taxable in India. Income deemed to accrue or arise in India. Income other than the above is

1: When is an assessee compulsorily liable to file ROI in India? An individual is liable to file ROI compulsorily only if his total taxable income in India without giving effect to the specified deductions and exemptions in the relevant FY (April – March) exceeds the maximum amount not chargeable to tax (i.e. Rs. 2,50,000/-):

1: What is PAN? PAN is a ten-digit alphanumeric unique identifier, issued by Income Tax Department of India. PAN is mandatory for transacting in financial markets in India.PAN enables the department to link all transactions of the “person” with the Tax Department. These transactions include tax payments, TDS/TCS credits, return of Income / wealth /

The Income-tax Act, 1961 governs the taxation of income in India. Taxability of income in India depends upon the residential status of an individual which is categorized as: Resident and Ordinarily Resident (“ROR”) Resident Not Ordinary Resident (“RNOR”) Non-Resident (“NR”)  1: Who is considered as a NR per the provisions of Indian Income-tax Act, 1961