Dear diosys,
Thanks your for your effort to answer each and every question. I always look in this thread daily.
I have some doubts regarding the taxes relating to NRIs, hope it will help other readers too.
1. How much is the tax % of interest income of deposits under NRO accounts.
2. How much is the tax % of interest income of deposits under NRE accounts.
3. How much is the tax % of interest income of deposits under FCNR accounts.
4. Do I need to pay tax for "short" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?
5. 4. Do I need to pay tax for "long" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?
6. Do I need to pay tax for short term capital gain if I am trading derivatives under PIS (PINS) account.
7. Is it compulsory for an NRI to state short/long term capital gain for derivatives trading as business income like a non NRI? Is there any difference in tax?
Thank you,
Haribird.
Thanks your for your effort to answer each and every question. I always look in this thread daily.
I have some doubts regarding the taxes relating to NRIs, hope it will help other readers too.
1. How much is the tax % of interest income of deposits under NRO accounts.
2. How much is the tax % of interest income of deposits under NRE accounts.
3. How much is the tax % of interest income of deposits under FCNR accounts.
4. Do I need to pay tax for "short" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?
5. 4. Do I need to pay tax for "long" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?
6. Do I need to pay tax for short term capital gain if I am trading derivatives under PIS (PINS) account.
7. Is it compulsory for an NRI to state short/long term capital gain for derivatives trading as business income like a non NRI? Is there any difference in tax?
Thank you,
Haribird.
the importance is not whether a person in NRI or resident....Important is where is that income earned....even for a foreigner who has earned income in India is taxable in India !!! even though if any of his fore fathers never came to India...
Where the income arises is critical...Hence if an NRI earns income from indian stock market then they are very much liable to Indian taxation...
As far as the PIS accounts are concerned...Let me confess i have not heard this name....Anyways..As far as i know Income Tax Act i am sure there is no such exemption to such accounts....However give me the full name of these and i would try to search something...