From applying for a PAN to filing tax returns, NRIs must be aware of specific tax provisions under Indian Income Tax Law that apply to them.
While applying for a PAN, application should be made using Form 49AA, not Form 49A. NRIs are not required to file a tax return if they have no taxable income in India, as per Section 115G.
When filing a tax return, it's essential to verify the NRI tax status under Section 6 of the I-T Act.
Most NRIs file their tax returns in India without considering the tax advantages under tax treaties or Sections 115C to 115I of Chapter XII-A of the Income Tax Act.
Under Section 115C, investments made in the following assets are considered "specified assets": Shares in an Indian company; Debentures issued by an Indian company (not a private company as defined in the Companies Act, 1956); Deposits with an Indian company; Any security of the Central Government.
This story is from the January 08, 2025 edition of The Free Press Journal.
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This story is from the January 08, 2025 edition of The Free Press Journal.
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