Skip to main content


Showing posts from September, 2019

3 Ways to avoid TDS on Bank Fixed Deposit

One of the bad thing about Fixed deposits are TDS, i.e., tax deducted at source. If you don't pay attention to TDS or doesn't do enough to prevent or avoid TDS, you could lose the right amount of your interest income to banks. I have many friends who never care about TDS, they think that their bank fixed deposits are getting excellent interest at least 8.5% per annum, only to find out that interest earned is also taxed at the rate of 20% as TDS due to not furnishing PAN details. Read more »

Does an NRI need to file Income tax if no income in India?

The short answer is No , you don't need to file income tax in India if you have no income, but, rarely, you don't have income. You might not have a salary income because you are employed overseas, but you could have income as interest generated by bank fixed deposit, rental income generates by your flats in India, a royalty paid to you by your book published and sold in India, the dividend paid on your stock market investment in India. Read more »

Top 3 Income Tax Benefits of NRE Accounts (Saving, Current, Recurring or Fixed Deposit)

NRIs (Non Resident Indian) are allowed to open bank accounts in India, and by knowing features and the tax benefit of different types of NRI accounts, you can save the right amount of money. There are three types of accounts an NRI can open in India, NRE (Non Resident External), NRO (Non Resident Ordinary) and FCNR (Foreign Currency Non Resident) account. Out of these three, the first two are maintained in Indian rupees, and only FCNR account is maintained in the foreign currency of choice, e.g. USD, GPB, EURO, SGD, HKD or JPY. Read more »

13 ways to Save Income Tax under Section 80C in India

It's this time of the year when most of the salaried Indian think for tax saving investments. Most of the income taxpayers know about section 80C and the 1.5 lakh tax deductions it allows into your taxable income, but do you know what are some other investment options comes under section 80C? Some of you know that investment in PPF and ELSS (Equity Linked Saving Scheme) comes under Section 80C, but what else? Is there any other tax saving options which you can leverage, or you might have invested in it but you are not claiming the tax benefit because you are unsure whether that is covered under section 80C or not. Read more »

10 Income tax Deductions and Exemptions NRIs should know

It's that time of the year again when every NRI starts to worry about their income tax filing in India. Thankfully, due to technological advancements, now NRIs can file income tax online with their comfort of office and home. Nevertheless, filing Income tax returns is not an easy job and there are some key things which every NRI should remember about income tax, filing returns, tax saving, deductions, and exceptions, etc. In this article, I'll share 10 of such things, which is useful for every Indian living abroad, particularly for those who have recently migrated to overseas from India, like a young software engineer from Infosys or TCS. Read more »

How NRIs can file their Income tax returns in India online

It's that time of the year again when every India taxpayer (including those who lives abroad) start to worry about filling your income tax in India. Like previous year, 31st July is the last date to file your income tax return in India. Everyone who earns an income in India is subject to income tax, including Indians living abroad or NRIs . Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. NRIs, who doesn't have any salary income in India may have to pay income tax if they are earning rental income from their house, flat, or any commercial property. Read more »