This episode of the Staying Indian Podcast is a complete guide for NRI taxation 2024 and tackles all your tax concerns with Mr. Mohit Gopwani by our side. Mohit is the Head of Tax at SBNRI - Mutual Funds app for NRIs/OCIs, a platform helping NRIs & OCIs in their investments in India. Mohit explains how the innovative app - SBNRI App - simplifies the process for NRIs. From managing Indian investments to even filing tax returns in India, the SBNRI app streamlines essential tasks for NRIs. SBNRI Website: https://sbnri.com/ SBNRI Instagram: https://www.instagram.com/s.b.n.r.i?igsh=MWRpN3RqdDFmcHp1cQ== SBNRI App: https://sbnri.app.link/4s3gBCmq6Db Mohit’s email - camohit@sbnri.com In this insightful conversation, Mohit breaks down the key considerations for NRIs and OCIs when it comes to filing taxes in India. We delve into the concept of residential status in India for tax purposes and how it determines your tax liability. Mohit clarifies the difference between Resident and Non-Resident (NRI) statuses and how they impact your tax obligations. Mohit then explains the types of income considered taxable for NRIs, including income from rental properties, interest on bank deposits, capital gains from investments, and more. You'll gain clarity on which income sources require you to file a return and which ones don't. He clarifies whether you need to file tax returns in India even if you have zero Indian income. We also discuss the tax rates applicable to different types of income earned by NRIs in India. Mohit clarifies the specific rates for income from interest, dividends, capital gains, and rental income. The episode goes deep into the Double Tax Avoidance Agreements (DTAs) India has signed with various countries. Mohit explains how DTAs can help you claim tax credits or exemptions, preventing double taxation. Mohit also guides you through the process of correcting errors in your ITR, the available options for revising your return, and the associated deadlines. Mohit shares valuable tips for NRIs managing their finances and tax obligations in India, including the recent tax law changes.
Join us as we empower you to manage your tax obligations confidently and optimize your financial plans in India! #ITRforNRI #NRIs #IncomeTaxRules #NRIincometax #NRItaxfiling #NRItax #indiantaxation #ITR #NRIstatus #NRIincome #NRIindians #taxlaws Timestamps: 00:00:00-00:03:20 - Introduction 00:03:21-00:05:19 - Didn't file tax & received a notice? 00:05:20-00:08:15 - NRIs and Indian Taxation 00:08:16-00:09:56 - Taxes on Zero Indian Income 00:09:57-00:12:24 - NRIs and Banking 00:12:25 - 00:14:00 - Types of Taxable Income in India 00:14:01-00:15:30 Citizenship, Residential Status, & Taxation 00:15:31-00:16:30 - NRI investments in Indian property 00:16:31-00:20:02 - Double Tax Avoidance 00:20:03-00:22:02 ITR filing as an NRI 00:22:03-00:24:10 Rectify mistakes done while filing taxes 00:24:11-00:26:24 - Recent updates in NRI Taxation 00:26:25-00:28:30 - PAN & Aadhaar Cards for NRI investments 00:28:31-00:29:50 - Get in touch with the SBNRI team 🔔 Subscribe to Staying Indian for more inspiring stories from NRIs around the world! Visit Our YouTube Channel Here: / @stayingindian 👍 If you found this episode helpful, please hit the like button and share it with your friends. FIND US AT https://www.stayingindian.com/ Get in Touch With Us: Contact us at stayingindian@gmail.com Follow Us on Social Media: ✅ Instagram: https://www.instagram.com/stayingindian/ ✅ Amazon: https://music.amazon.in/podcasts/9d3c50d5-8740-454e-888d-149092f94dc7/staying-indian-by-gaurav-lakhwani ✅Spotify: https://open.spotify.com/show/3vGaAME0jsZ1yl9d67YQ0L ✅Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy9kZDQyNzVlYy9wb2RjYXN0L3Jzcw ✅Apple Podcast: https://podcasts.apple.com/us/podcast/staying-indian-by-gaurav-lakhwani/id1678752046