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With the growing employment and business opportunities overseas, Indians have migrated to various foreign countries and some of them also have obtained citizenship or permanent residence in such countries. However, they continue to invest into India and enjoy higher returns on their investments when compared to other countries.

From an Indian tax context, such individuals are often called as Non Resident Indians or NRIs, who are typically Indian citizens or persons of Indian origin and visiting India for less than 182 days in tax year (April - March). NRIs have to pay taxes on income earned from Indian sources/assets and also income received in India. 

Such income would generally include salary for services rendered in India, return on investments in India and sale of such investments in India. NRIs would also need to pay wealth tax on their net wealth comprising of specific category of assets in India after excluding any debt incurred on such assets. 

Wealth tax is computed on the wealth as on March 31 of each year at the rate of 1% in excess of INR 30 lakhs. However, NRIs who intend to permanently reside in India can also claim exemption from wealth tax for a period of 7 years on returning to India. 

Accordingly, NRIs would need to pay Indian income tax and wealth tax and file the tax returns for both income tax and wealth tax separately. The due date for filing both the tax returns is July 31 following the tax year (April - March). While NRIs have the option to file the income tax return online, the wealth tax would still need to be filed in hard copy with the tax office. Delay in filing tax returns would lead to interest and penal consequences resulting in heavy cash outflow. 

Before filing taxes, one needs to know the specific benefits or caution points which are specific to NRIs.

We have a team of experts to provide consultation to International clients including NRIs for various services like Return filing for NRI, NRI Finance, NRI Insurance , Formation of Company and other Specific Assignments to suit your needs.

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