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nri income tax: What is a Tax Residency Certificate & how can NRIs get theirs?

NRIs earning income from multiple countries face potential double taxation issues. To address this, countries establish Double Taxation Avoidance Agreements (DTAAs), requiring taxpayers to prove their residency with a Tax Residency Certificate (TRC). TRCs offer benefits like avoiding double taxation and simplifying compliance. ....

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Getting a living allowance while working abroad? You might have to pay tax on it in India

Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose. ....

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NRIs in the US: Can the India-US tax treaty help you save more on your investments?

Understanding the residential status is crucial for NR taxpayers in India to determine their scope of taxable income and reporting obligations. Taxation is limited to income earned within the country, with different rates depending on the Act and tax treaties. ....

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Can foreign tax credit claim be changed in revised ITR? Budget 2024 should clarify

Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a Resident is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual. ....

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