INT
NRI and foreign income
NRI returns, residential status, DTAA, foreign clients, sending money abroad.
For: nris, returning indians and freelancers paid from abroad.
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- Claiming TCS credit or refund on foreign remittances in the ITRThe TCS your bank or tour operator collects is your money, held as tax credit. We match it with your annual tax statement, get your employer to cut your salary TDS by that amount, and claim the rest as credit or refund in your return.
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- Foreign income and RSUsRSUs are taxed as salary when they vest and as gains when sold.
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- Annual FLA return (Foreign Liabilities and Assets) on FLAIREvery Indian business with foreign investment in it, or investment abroad, must file an annual FLA return with RBI by 15 July.
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- FC-GPR after foreign investment, reported on FIRMSWhen a foreign investor puts money into your company and you issue shares, RBI must be told within 30 days through Form FC-GPR on the FIRMS portal.
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- Form 145 and 146 (old Form 15CA and 15CB) for foreign payments (now Forms 145 and 146)Before money goes to a foreign party, the payer must tell the tax department in Form 145 (old 15CA), and for taxable payments above ₹5 lakh a CA must certify the tax treatment...
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- LRS remittance and TCS, Sec 206C(1G) (now Sec 394)A resident Indian can send money abroad each year under LRS, but the bank collects TCS above ₹10 lakh (2% for education or medical, 20% for most other purposes, 2% on every...
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- NRI residential status and RNOR check, Sec 6Your tax in India depends on whether you are a resident, a resident but not ordinarily resident (RNOR), or a non-resident for the year.
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- NRI selling property in India: TDS, lower deduction and repatriationWhen an NRI sells property in India, the buyer must deduct tax before paying, and the default deduction is often far more than the real tax.
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- ODI filings for Indian residents investing abroad, Form FCIf you, as a resident Indian, buy unlisted shares of a foreign company or set up a company abroad, FEMA treats it as overseas direct investment.
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- Tax Residency Certificate and Form 10F (now Form 41) for DTAA reliefA non-resident can pay tax in India at the lower treaty rate only if they give a Tax Residency Certificate from their country and file Form 41 (old Form 10F) online.
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Questions this department answers most
Free to read. Each answer has four parts: Facts, Provisions and law, Analysis, Conclusion.
- Freelancer with Foreign Clients: Tax, GST, and FEMA CompleteIndia-based freelancer earning from US/UK/UAE clients: three compliance layers. Income Tax: declare foreign income, pay at slab rate. GST: export of services = zero-ra...
- NRI with only TDS-covered investment incomeA special rule says an NRI whose only income is investment income or long-term gains under the special NRI chapter, with full TDS, need not file a return. Whether it f...
- NRI refund into an Indian or foreign accountNRIs can get refunds into a validated Indian account such as NRO. Non-residents may also provide a foreign bank account for refund in the return, where the portal allows.
- Returning NRI and RNOR statusA returning NRI may be resident but not ordinarily resident for a few years, for example if non-resident in 9 of the 10 earlier years. RNORs are broadly not taxed on f...