Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income

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

When a non-resident Indian has income from foreign exchange assets as well as other income, tax planning assumes special significance. A calculation has to be made by the non-resident of the income tax payable on the investment income out of such foreign exchange assets. In the case of a large investment it would generally be prudent for him to be liable to income tax according to the special provisions of Chapter XII-A @ 20% income tax only. As regards his other income, he would be liable to income tax on the usual slab rates of tax. Where, however, the non-resident finds that the investment income is below `. 9,60,000 it would be better for him to be taxed like a normal resident individual. If this tax planning is adopted by him he would pay less tax.
 
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
 
 
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