I am an NRI living in Australia.My question is regarding UPI since April 2023 Government has enabled NRI from 10 countries to Register for UPI subject to having an NRO and NRI accounts which are linkes to my Australian phone. My KYC is up to.date. but i have been unable to register with either PAYTM or Phone p. They want an Indian phone.Can you discuss the procedure to register for UPI pay.ent Vinod
There is a bit of confusion regarding sale of equity oriented mutual funds in respect of STCG for NRI as per DTAA between UAE and India. This should be zero percent but Tax authorities do not accept this. The reasoning here is units of mutual fund in equity oriented is not the same as sale of Shares as there are voting rights if one is a share holder. Will it be possible to throw some light on this issue.
There is no confusion as such… tax authorities has to agree for this… there is already a video on this topic in this channel… you can watch the same and be guided
I purchased some US stocks through a US brokerage house while being in the US (as NRI) but sold them as an ROR after returning to India. The sales proceeds got deposited in the cash position of my US brokerage account My question is how to apply the indexation benefit while computing the capital gains. Let me explain my understanding with an example. Let's say I purchased shares of Apple worth $1000 in Jan 2020, and sold them for $1500 in Jan 2024. Now, for the purposes of computing income tax due in India, I determine the capital gains in the following way Selling price = $1500 Purchase price = $1000 Indexed purchase price = (384/301) x 1000 = $1156 LTCG in USD = 1500 - 1156 = $344 LTCG in INR = TTBR x 344 = 80 * 344 = INR 27520 ( I assumed the value of 80 as TTBR for easy calculations) Tax on this LTCG = 20 % of 27520 + some cess etc = INR 5504 + cess etc Is my understanding and calculation correct?
Hi Chandrakanth ji, Myself and wife both are UK based NRI. In both our cases, there is high-value-transaction feedback required in e-campaign portal. There are Outward-foreign-remittances transactions listed there from NRE bank accounts (which we did), these should not have been there as NRE accounts are non-taxable. There is no option I can see "income is tax free" , so only valid option I have chosen is - "The information is correct". However I believe this would cause opening of assessment, Income tax guys will think that I am hiding some taxable details. What should I do.
As per new Income tax act from last year all NRIs has to say YES in Schedule A ( Are you FII/FPI ?) of ITR 2 and has to provide SEBI registration number. Any comment please?
No doubt that NRIs are differentiated in India. 1. Why money in an NRO account, both FD interest and savings Bank interest, TDS is deducted at 30per cent and more? 2. Why should an NRI's sale of fixed assets like house etc TDS of 30 per cent is deducted in full value of sales? If it is capital gain it is ok. In the case of resident individuals this is not the case. Why you are doubting NRIs? How will you get deposits from their NRO account? If you get, it can be used for development. NRIs are removing money from NRO to other investments in foreign countries.
Mr Rao - I have an account with payonner a company based in US as a service to receive money in USD . once I receive the money is automatically credited to my NRI account is that taxable in India.. i am NRI by fema and IT acts
Sir, I learn a lot from your videos now I have a query to seek your kind suggestion is that we are filing ITR of a NRI having Long term Capital gain (on sale of residential House), If we opt section 115-I then we are allowed to avail maximum exemption exemption limit (Rs 300000) and vice versa. now my request is to please guide the implication of opting section 115-I. we will be obliged for your kind suggestion.
I have a simple tricky question. My mother is an Indian citizen and holds a residential savings account. If I add my name as a secondary holder to this savings account. Will the status of this account change to NRO or Am I responsible for the tax on this account? I am an OCI holder/NRI.
Hi Sri Ram sir, Thank you for your services and your videos are informative for many. I wish you a healthy, prosperous and happy New year 2024. I do have only one single question but that too on RNOR related and so please bear with me in this regard. Question: the new clause effective form AY 2021-2022 - "An Indian Citizen or a person of Indian origin whose total income (other than in from foreign sources) exceeds Rs. 15 lakhs during the previous year and who has been in India for a period of 120 days or more but less than 182 days". How many times a NRI can use this clause to maintain RNOR status ? The above question is raised because this clause doesn't have any relation with 183 days residency rules or a total of 729 days over 7 years for RNOR, or with any other RNOR related rules or is there any restrictions on the number of times a NRI can use this clause, etc.. Advance thanks to your feedback..
Please prepare video for investment by NRI residing at US who invested in Indian mutual funds but not redeemed it while filing return at US.Whether he or she has to pay tax on notional capital gain in India?
Dear sir, My wife's sister who is citizen of USA is sponsoring my son's education in India under NRI quota. I am Planning to slowly repay that money to her. What arrangement we can have in between me and her and how the taxes are applicable to both. Please guide me on this sir.
The video makes sense and probably beneficial to NRI for taxes But NOT for US OCI card holders who are residing in India 🇮🇳 ( stay > 180 days) example : In US , its zero taxes on Dividends for brackets below 👇🏻 BUT india taxes them at 20% irrespective of bracket. No Dual tax treaty helps . It's ridiculous and unfair. but who doesn't want free money 💰😌 Tax-filing status 0% tax rate Single $0 to $47,025. Married, filing jointly $0 to $94,050. Married, filing separately $0 to $47,025. Head of household $0 to $63,000.
US OCI card holders staying more than 182 days in India would become dual residents I.e. both in India & US for same tax period… this creates problem and this problem is peculiar to US citizens alone as US treats its citizens as residents and taxes them on world wide income… this has a solution in DTAA (Tax treaty)…. One can use tiebreaker rules and make a person resident of one of the country and solve these tax issues
I heard that incomes accruing to 401K/IRAs, held in the US by resident Indians, are taxable, however the taxpayers can defer the payment until withdrawal at age 59 by taking advantage of some recent policy changes (form 10EE etc). But if someone wants to pay the taxes on the income accruing to the 401k/IRA accounts, in the form of dividends, there’s an issue. Let’s assume that the 401k/IRA account is totally invested in a mutual fund. Now, US mutual fund houses generally issue two types of dividends : 1> regular/ordinary dividends which should be treated as ordinary income even in India, and 2> Qualified dividends which are essentially long term capital gains (LTCG). How does one report this qualified dividend (in the form of LTCG) and potentially pay taxes on them in India? These should not be treated as ordinary dividends which would otherwise get taxed at the highest rate
Good morning to Dear Sir and Honorable CA and dear viewers.... Example: My self My nationality is Indian. Due to job, i stay at Abroad as NRI. But company head office at India and every month company pay Me Salary to My NRE account as US Dollar after deduction Tax as per India Tax rules. Now how I will get back 100% Deducted Tax amount via TRC!
Hi Sirs Happy New Year to you and your team. Please address this genuine query. When an NRI comes back to India and unable to go back for a period of 4-5 years on whatsoever the reasons ( like; treatment/job loss/unable to find new opportunities abrod/ family issues in India, etc.) has to close his NRE account because returning to abroad is doubtful. In case if he gets a chance to become NRI after 4-5 years whether his original NRE account already designated into Domestic account once, Can it be possible to convert the Domestic account back to NRE account to save taxes on the NRO interest?? If not possible, he will end up in paying @ 31% tax on Domestic NRO account though originally it was NRE account. Appreciate if you could throw some light on such situations. Thank you.
Sir, can u clarify how the IT Dept or our tax law experts detect the OCIs (Foreign PP holders) entry/exit to and from Indian Airporrs and Seaports dates to determine the no. of days stay in a year and fix the resident status? They may not care to file IT Returns for their income in India! There is no tracking system foreign PP no. with their PAN!
Hi They don't have any option to calculate your no. of days stayed in India. It can only be calculated by then when an assessment is opened for you and you have been asked for documents in that regard. Thanks CA Rushabh
The earning received through your NRO account is taxable at 30 % plus applicable surcharge and cess, for example income via NRO FDs. If my income is less than 2.5Lakhs, am I eligible for a refund of TDS on income though FDs?
Sir, If there is already an FD of 10 lakh and dmat portfolio of 10Lakh in Indian account and then person moved abroad, now 1) when FD will closed, will it be taxed 30%? 2) When share/mutual funds are sold, how much is taxation?
Hi Taxability will be determined based on your residential status of the FY in which you sale the MF or Shares irrespective of the year in which you invested in the same. Thanks CA Rushabh
As my understanding rebate of 25k application as per new tax regime.however in video it was said that no rebate under new tax regime.can plz clarify. Further more the rebate provision is applicable to NRI also?
My apologies. I think I missed out on giving proper clarity about rebate of 25K… Under the new regime, yes, rebate is available… However, such rebate is applicable only to residents And not to non-residents
Nri don't have 7lac limit exemption its only 2.5L. Parents who are dependent on NRI are treated as NRI hene oaying high tax ,with out any senior citizen benefit,
Sir, for the last 10 days whenever i make a transfer from my ICICI NRO account [whether to my own other banks or friends], it does not effect and returns back. I wrote to them and could not find out the reason. Do you have any fair idea on this?
*I can try to help you ....are you trying to transfer from a NRO to NRE account ? If so you cannot, the banking system will not allow, if you want to make transfer it can only be from NRO to NRO or you have to fill in forms and submit to your bank for NRO to NRE ...hope this helps 😊*
NRI can able to open ordinary DEMAT Ac Link with his normal Saving account instead of NRE account. It is possible can do or it can be problem... Suppose mistakenly opened with ordinary SB what can we do. I Need a clarification please.
*You cannot be NRI and Ordinary india at the same time, and demat can be open by any residential and non-resident indian who has an Indian bank account linked to it....hope this helps* 😊
Please ask a direct question. NRI fixed deposit 1 cr earning interest @7%. Bank deducts 30% TDS. Only income is interest. How much tax nri need to pay. Will he get complete refund by filing taxes. Will the government pay back all the TDS with interest.
HI Zero tax is difficult since you are earning 7 lacs. however, you can optimize your taxes by planning the investments in advance. By doing it you can probably get a refund for excess TDS Thanks CA Rushabh @@parvathijilumudi1693
one simple question ,i am an NRI and getting 1.5 lack/year dividend from shares. Am i supposed to pay 20% Tax or i dont have to pay tax (because the tax regime /slab starts from 2.5 Lakh)
Resident middle class Indian is reeling under poverty. Indian government should increases taxes on NRIs and spare the poor but intelligent Indian who works really hard but gets paid peanuts by chronic capitalism in an over populated ecosystem. Fresh engineer salary in Infosys - 25 thousand rupees a month. IAS starting salary 56 thousand rupees per month. Fresh dentist salary 20 thousand rupees a month. Eye surgeon salary just 90 thousand rupees a month. What kind of salaries are these ??
Salaries are a reflection of stage of economy .. with this salary , you can employ more , it is a natural evolutionary process. Also, the cost of living in India is much cheaper..
@@NRIMoneyClinic With due respect I will have to disagree. Why did our forefathers fight against East India Company then ? Considering India as cheap labor to employ is a mindset that has led to the massive brain drain. Overpopulation and demand/supply dynamics do not allow resident Indian to demand a premium for his service. Most leave India only for financial reasons. And cost of living is not cheap sir. Cost of Food court and company bus has tripled over the last decade but the salaries are the same. 25 thousand rupees salary in Bangalore is an absolute joke. And if somebody has to slog for years to get into IAS for a 56 thousand rupee salary that is ridiculous. I have lived in both worlds and I believe resident Indian who says no to migration and takes care of his parents deserves to pay less taxes from an already pathetic salary system.
Example: Person nationality is Indian. Due to job, person stay at Abroad as NRI. But company head office at India and every month company pay Salary to this person's NRE account as US Dollar after deduction Tax as per India Tax rules. And this person doesn't have any more income in local currency @ Abroad. Rather this person have multiple expenses at Abroad @ Monthly basis! Now how this person with get back 100% Tax Deducted amount via TRC! Kindly help me on this
I will ask a reverse question ...why Indian Govt should bring you back if you run into trouble abroad ? Why it should give you a passport? Why it should maintain embassies outside of India ? Why it should negotiate a double tax avoidance agreement with Govt of the country where you live ?
Please don't keep repeating what Mr Rao says, you're just wasting our time and stretching the video time. Listeners understand quite well what Mr Rao speaks, please don't keep repeating what he says.
Very good video. Many thanks to you and Sriram Rao. It cleared so many misconceptions that I had.
Very good video. A long doubt i had on capital gain tax and the tax slabs for nri answered today. Thank you for the video
Very good efforts. But lack of clarity still exists. May be not able to understand.
I am an NRI living in Australia.My question is regarding UPI since April 2023 Government has enabled NRI from 10 countries to Register for UPI subject to having an NRO and NRI accounts which are linkes to my Australian phone. My KYC is up to.date. but i have been unable to register with either PAYTM or Phone p. They want an Indian phone.Can you discuss the procedure to register for UPI pay.ent
Vinod
There is a bit of confusion regarding sale of equity oriented mutual funds in respect of STCG for NRI as per DTAA between UAE and India. This should be zero percent but Tax authorities do not accept this. The reasoning here is units of mutual fund in equity oriented is not the same as sale of Shares as there are voting rights if one is a share holder. Will it be possible to throw some light on this issue.
There is no confusion as such… tax authorities has to agree for this… there is already a video on this topic in this channel… you can watch the same and be guided
I purchased some US stocks through a US brokerage house while being in the US (as NRI) but sold them as an ROR after returning to India. The sales proceeds got deposited in the cash position of my US brokerage account
My question is how to apply the indexation benefit while computing the capital gains.
Let me explain my understanding with an example.
Let's say I purchased shares of Apple worth $1000 in Jan 2020, and sold them for $1500 in Jan 2024.
Now, for the purposes of computing income tax due in India, I determine the capital gains in the following way
Selling price = $1500
Purchase price = $1000
Indexed purchase price = (384/301) x 1000 = $1156
LTCG in USD = 1500 - 1156 = $344
LTCG in INR = TTBR x 344 = 80 * 344 = INR 27520 ( I assumed the value of 80 as TTBR for easy calculations)
Tax on this LTCG = 20 % of 27520 + some cess etc
= INR 5504 + cess etc
Is my understanding and calculation correct?
Hi, whether LTCG on mutual fund sale be exmpted if the net proceeds is re - invested in another mutual fund. As per section 115F
Hi Chandrakanth ji, Myself and wife both are UK based NRI. In both our cases, there is high-value-transaction feedback required in e-campaign portal. There are Outward-foreign-remittances transactions listed there from NRE bank accounts (which we did), these should not have been there as NRE accounts are non-taxable. There is no option I can see "income is tax free" , so only valid option I have chosen is - "The information is correct". However I believe this would cause opening of assessment, Income tax guys will think that I am hiding some taxable details. What should I do.
As per new Income tax act from last year all NRIs has to say YES in Schedule A ( Are you FII/FPI ?) of ITR 2 and has to provide SEBI registration number. Any comment please?
No doubt that NRIs are differentiated in India.
1. Why money in an NRO account, both FD interest and savings Bank interest, TDS is deducted at 30per cent and more?
2. Why should an NRI's sale of fixed assets like house etc TDS of 30 per cent is deducted in full value of sales?
If it is capital gain it is ok.
In the case of resident individuals this is not the case. Why you are doubting NRIs?
How will you get deposits from their NRO account? If you get, it can be used for development. NRIs are removing money from NRO to other investments in foreign countries.
Mr Rao - I have an account with payonner a company based in US as a service to receive money in USD . once I receive the money is automatically credited to my NRI account is that taxable in India.. i am NRI by fema and IT acts
Sir, I learn a lot from your videos now I have a query to seek your kind suggestion is that we are filing ITR of a NRI having Long term Capital gain (on sale of residential House), If we opt section 115-I then we are allowed to avail maximum exemption exemption limit (Rs 300000) and vice versa. now my request is to please guide the implication of opting section 115-I. we will be obliged for your kind suggestion.
Good video. Thank you.
I have a simple tricky question. My mother is an Indian citizen and holds a residential savings account. If I add my name as a secondary holder to this savings account. Will the status of this account change to NRO or Am I responsible for the tax on this account? I am an OCI holder/NRI.
Hi Sri Ram sir,
Thank you for your services and your videos are informative for many.
I wish you a healthy, prosperous and happy New year 2024.
I do have only one single question but that too on RNOR related and so please bear with me in this regard.
Question: the new clause effective form AY 2021-2022 - "An Indian Citizen or a person of Indian origin whose total income (other than in from foreign sources) exceeds Rs. 15 lakhs during the previous year and who has been in India for a period of 120 days or more but less than 182 days".
How many times a NRI can use this clause to maintain RNOR status ?
The above question is raised because this clause doesn't have any relation with 183 days residency rules or a total of 729 days over 7 years for RNOR, or with any other RNOR related rules or is there any restrictions on the number of times a NRI can use this clause, etc.. Advance thanks to your feedback..
Please prepare video for investment by NRI residing at US who invested in Indian mutual funds but not redeemed it while filing return at US.Whether he or she has to pay tax on notional capital gain in India?
Dear sir, My wife's sister who is citizen of USA is sponsoring my son's education in India under NRI quota. I am Planning to slowly repay that money to her.
What arrangement we can have in between me and her and how the taxes are applicable to both.
Please guide me on this sir.
The video makes sense and probably beneficial to NRI for taxes But NOT for US OCI card holders who are residing in India 🇮🇳 ( stay > 180 days)
example : In US , its zero taxes on Dividends for brackets below 👇🏻
BUT india taxes them at 20% irrespective of bracket.
No Dual tax treaty helps . It's ridiculous and unfair. but who doesn't want free money 💰😌
Tax-filing status 0% tax rate
Single $0 to $47,025.
Married, filing jointly $0 to $94,050.
Married, filing separately $0 to $47,025.
Head of household $0 to $63,000.
US OCI card holders staying more than 182 days in India would become dual residents I.e. both in India & US for same tax period… this creates problem and this problem is peculiar to US citizens alone as US treats its citizens as residents and taxes them on world wide income… this has a solution in DTAA (Tax treaty)…. One can use tiebreaker rules and make a person resident of one of the country and solve these tax issues
@@sriramrao2514 How ??
I heard that incomes accruing to 401K/IRAs, held in the US by resident Indians, are taxable, however the taxpayers can defer the payment until withdrawal at age 59 by taking advantage of some recent policy changes (form 10EE etc).
But if someone wants to pay the taxes on the income accruing to the 401k/IRA accounts, in the form of dividends, there’s an issue.
Let’s assume that the 401k/IRA account is totally invested in a mutual fund. Now, US mutual fund houses generally issue two types of dividends : 1> regular/ordinary dividends which should be treated as ordinary income even in India, and 2> Qualified dividends which are essentially long term capital gains (LTCG).
How does one report this qualified dividend (in the form of LTCG) and potentially pay taxes on them in India? These should not be treated as ordinary dividends which would otherwise get taxed at the highest rate
Good morning to Dear Sir and Honorable CA and dear viewers....
Example: My self
My nationality is Indian. Due to job, i stay at Abroad as NRI.
But company head office at India and every month company pay Me Salary to My NRE account as US Dollar after deduction Tax as per India Tax rules.
Now how I will get back 100% Deducted Tax amount via TRC!
Hi Sirs Happy New Year to you and your team.
Please address this genuine query. When an NRI comes back to India and unable to go back for a period of 4-5 years on whatsoever the reasons ( like; treatment/job loss/unable to find new opportunities abrod/ family issues in India, etc.) has to close his NRE account because returning to abroad is doubtful.
In case if he gets a chance to become NRI after 4-5 years whether his original NRE account already designated into Domestic account once, Can it be possible to convert the Domestic account back to NRE account to save taxes on the NRO interest??
If not possible, he will end up in paying @ 31% tax on Domestic NRO account though originally it was NRE account.
Appreciate if you could throw some light on such situations.
Thank you.
It has to redesignated to NRE once you achieve residential status as PROI as per FEMA.
Sir, can u clarify how the IT Dept or our tax law experts detect the OCIs (Foreign PP holders) entry/exit to and from Indian Airporrs and Seaports dates to determine the no. of days stay in a year and fix the resident status? They may not care to file IT Returns for their income in India! There is no tracking system foreign PP no. with their PAN!
Hi
They don't have any option to calculate your no. of days stayed in India. It can only be calculated by then when an assessment is opened for you and you have been asked for documents in that regard.
Thanks
CA Rushabh
Since worked and retired from Railways
Superb content !,.. Are there taxes on stock gains in India I.e. dtaa is applicable between India and uae …thanks !
There is a separate video on this topic. In this channel, you can browse the playlist watch them and be guided.
The earning received through your NRO account is taxable at 30 % plus applicable surcharge and cess, for example income via NRO FDs. If my income is less than 2.5Lakhs, am I eligible for a refund of TDS on income though FDs?
Yes
Sir, If there is already an FD of 10 lakh and dmat portfolio of 10Lakh in Indian account and then person moved abroad, now 1) when FD will closed, will it be taxed 30%?
2) When share/mutual funds are sold, how much is taxation?
Hi
Taxability will be determined based on your residential status of the FY in which you sale the MF or Shares irrespective of the year in which you invested in the same.
Thanks
CA Rushabh
As my understanding rebate of 25k application as per new tax regime.however in video it was said that no rebate under new tax regime.can plz clarify.
Further more the rebate provision is applicable to NRI also?
My apologies. I think I missed out on giving proper clarity about rebate of 25K… Under the new regime, yes, rebate is available… However, such rebate is applicable only to residents And not to non-residents
@@sriramrao2514 Thank you so much for your kind response and clearing the doubt.
Nri don't have 7lac limit exemption its only 2.5L. Parents who are dependent on NRI are treated as NRI hene oaying high tax ,with out any senior citizen benefit,
Sir, for the last 10 days whenever i make a transfer from my ICICI NRO account [whether to my own other banks or friends], it does not effect and returns back. I wrote to them and could not find out the reason. Do you have any fair idea on this?
What type of account are you trying to transfer to ? NRO or NRE ?
*I can try to help you ....are you trying to transfer from a NRO to NRE account ? If so you cannot, the banking system will not allow, if you want to make transfer it can only be from NRO to NRO or you have to fill in forms and submit to your bank for NRO to NRE ...hope this helps 😊*
NRI can able to open ordinary DEMAT Ac Link with his normal Saving account instead of NRE account. It is possible can do or it can be problem...
Suppose mistakenly opened with ordinary SB what can we do.
I Need a clarification please.
*You cannot be NRI and Ordinary india at the same time, and demat can be open by any residential and non-resident indian who has an Indian bank account linked to it....hope this helps* 😊
*If you have NRE and residential bank account in india, you are breaking the Indian banking laws and will be fined.*
Very much thank you. What you mean Residencial bank. As you mean to say NRI Person can hold only NRE ac and not allowing to hold savings account??
He meant ordinary india account
If you are nri the get your ordinary india bank acou t converted to NRE or NRO, you will be fined if you don't
Please ask a direct question. NRI fixed deposit 1 cr earning interest @7%. Bank deducts 30% TDS. Only income is interest. How much tax nri need to pay. Will he get complete refund by filing taxes. Will the government pay back all the TDS with interest.
No deduction of TDS on NRE deposit interest.
I am asking about NRO account FD where 30% percent deducted. NRI can have NRO and NRE account nts
HI
Zero tax is difficult since you are earning 7 lacs. however, you can optimize your taxes by planning the investments in advance. By doing it you can probably get a refund for excess TDS
Thanks
CA Rushabh
@@parvathijilumudi1693
I am NRI
But I receive pension
It's better to take different aspects of NRI money management and taxation.. This talk was not clear for my level of understanding
one simple question ,i am an NRI and getting 1.5 lack/year dividend from shares. Am i supposed to pay 20% Tax or i dont have to pay tax (because the tax regime /slab starts from 2.5 Lakh)
use some of that money and hire an accountant
@@rationalityrules111 Hey this poor NRI wants some free advice on internet.
Yes, you are liable for the payment of 20% tax on this dividend income even though they said amount is less than Basic exemption limit of ₹ 2.5 lakhs
Thank you so much@@sriramrao2514
@@rationalityrules111 shut up if you cant help
Resident middle class Indian is reeling under poverty. Indian government should increases taxes on NRIs and spare the poor but intelligent Indian who works really hard but gets paid peanuts by chronic capitalism in an over populated ecosystem. Fresh engineer salary in Infosys - 25 thousand rupees a month. IAS starting salary 56 thousand rupees per month. Fresh dentist salary 20 thousand rupees a month. Eye surgeon salary just 90 thousand rupees a month. What kind of salaries are these ??
Salaries are a reflection of stage of economy .. with this salary , you can employ more , it is a natural evolutionary process. Also, the cost of living in India is much cheaper..
@@NRIMoneyClinic With due respect I will have to disagree. Why did our forefathers fight against East India Company then ? Considering India as cheap labor to employ is a mindset that has led to the massive brain drain. Overpopulation and demand/supply dynamics do not allow resident Indian to demand a premium for his service. Most leave India only for financial reasons. And cost of living is not cheap sir. Cost of Food court and company bus has tripled over the last decade but the salaries are the same. 25 thousand rupees salary in Bangalore is an absolute joke. And if somebody has to slog for years to get into IAS for a 56 thousand rupee salary that is ridiculous. I have lived in both worlds and I believe resident Indian who says no to migration and takes care of his parents deserves to pay less taxes from an already pathetic salary system.
@@anilprasanna *yes I agree with you , over population destroys a country ...goverment has more mouths to feed and stay in power 😐*
Example:
Person nationality is Indian. Due to job, person stay at Abroad as NRI.
But company head office at India and every month company pay Salary to this person's NRE account as US Dollar after deduction Tax as per India Tax rules.
And this person doesn't have any more income in local currency @ Abroad. Rather this person have multiple expenses at Abroad @ Monthly basis!
Now how this person with get back 100% Tax Deducted amount via TRC!
Kindly help me on this
I am at 85
*Congratulations 85 age in India is like miracle ☺-👍👏*
Why NRI has to pay any taxes ?
All income is generated abroad and taxed abroad .
I will ask a reverse question ...why Indian Govt should bring you back if you run into trouble abroad ? Why it should give you a passport? Why it should maintain embassies outside of India ? Why it should negotiate a double tax avoidance agreement with Govt of the country where you live ?
*This is how the Indian government survives and stay in power 😁*
as NRI you pay taxes in india only on income generated in india
Please don't keep repeating what Mr Rao says, you're just wasting our time and stretching the video time. Listeners understand quite well what Mr Rao speaks, please don't keep repeating what he says.
Your feedback is respectfully received. Thank you
Kindly ell me