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Special Provision Of Computation Of The Total Income Of A Non-Resident Indian

[ Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets. ]

It is provided in Section 115D that no deduction in respect of any expenditure or allowance shall be allowed under any provision of the Income Tax Act in computing the investment income of a non-resident Indian. It is further provided that in the case of a non-resident Indian, where his gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction would be allowed under Chapter VI-A of the Income Tax Act. Further nothing contained in the second proviso to Section 48 would apply to capital gains of NRIs. It is also mentioned in the Income Tax Act that where the gross total income of a non-resident Indian includes any income of the type mentioned above, the total income shall be reduced by the amount of such income and if any deductions under Chapter VI-A of the Income Tax Act are to be allowed then they would be allowed as if the gross total income as so reduced were the gross total income of the assessee. Thus, this special provision is applicable where a non-resident Indian has certain investment income or has investment income as well as other income.
 
Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
1. Special Provision Of Computation Of The Total Income Of A Non-Resident Indian
2. Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?
3. Specified Foreign Exchange Assets Income From Which Is Eligible For The Special Provisions Of Assessment
4. Income Tax On Investment Income And Long-Term Capital Gains Of An NRI
5. When Is No Income Tax Payable On The Long-Term Capital Gains Of Foreign Exchange Assets?
6. A Non-Resident Indian Need Not File Any Income Tax Return In Certain Cases
7. When Does The Special Procedure Continue To Apply To A Person Even After He Becomes A Resident In India?
8. NRIs Have The Option Not To Be Governed By The Special Provisions
9. Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income

More... Topics !..

 

Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs
2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children
3. The Incomes of an NRI completely Exempt from Income Tax
4. Capital Gain of an NRI could be Completely Exempt from Income Tax
5. Items completely Exempt from Wealth Tax for an NRI
6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax
10. FEMA and NRIs Preliminary Aspects Analysed
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12. Permissible and Prohibited Current Account Transactions in Case of NRI
13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India
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15. RFC account of a Returning NRI and Investment Abroad
   
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