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Non-Resident Ordinary (NRO) Account |
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Non-Resident External (NRE) Account |
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Foreign Currency Non Resident (FCNR) Account. |
The NRO / NRE accounts are maintained in rupees and the funds remitted will thus be converted into India rupees at the spot exchange rate.
For FCNR, the deposit can be maintained in the currency of your choice i.e. USD, GBP, EUR, AUD and
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| Tax Planning |
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It has been noticed that when NRIs go abroad to pursue better career prospects, many of them do not intend to return to India,
but they do leave their footprints behind in the form of ancestral or self-acquired property, bank deposits,
shares in companies and other investments. The Income-tax Act,
1961 (Act) taxes India-sourced income in the hands of all kinds of assesses, irrespective of their residential status determined,
based on their physical presence in India. Accordingly, even when they are away, they continue to be liable to tax in India,
including obtaining Permanent Account Number (PAN Card), and filing annual tax returns. Additionally,
while they are away from India qualifying as a resident of the country they work in or have immigrated to,
becoming liable to be taxed on the same income not only in India, but also in that country. In such circumstances,
depending upon his / her residential status, such an individual may be eligible to take advantage of the Double Taxation
Agreement (Tax Treaty) entered by India with the relevant country, if any.
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We at S M Financial and Management Services provide solution to all of your tax related concerns
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Income tax liability in India of an NRI:
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| Details |
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| Investment Opportunities: |
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Real Estate: Primary and Secondary Market |
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Share and Debentures: Primary and Secondary Mkt |
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Mutual Funds |
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Derivative Contracts |
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Commercial Papers |
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Government Dated Securities, T-bills etc |
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