1 / 2

5 Smart Tax Saving Tips You Should Know as an NRI

Paying income tax is important for Indian citizens, but effective tax planning can alleviate this burden. Key strategies include estimating taxable income, utilizing tax-saving instruments, organizing documents, and filing returns early. Learn in this blog about valuable tax planning tips you must know.

neuronwealth
Download Presentation

5 Smart Tax Saving Tips You Should Know as an NRI

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 5 Smart Tax Saving Tips You Should Know as anNRI ---------------------------------------------------- Taxation is a complicated web of rules and regulations. Navigating them as an NRI can feel like a daunting task, but it doesn’t have to be. With the help of anNRI tax consultant in Indiaand a few tax-saving tips, you can significantly reduce your tax liabilities and keep more of your hard-earned money. This blog will reveal 5 smart tax-saving tips tailored specifically for NRIs, empowering you to make informed decisions, maximize your savings, and achieve financial peace of mind. Let’s dive straight in. 5 Tax Saving Tips for NRIs 1. Claim TDS Credit TDS is often deducted at a higher flat rate for NRIs, but the difference can be reclaimed if the actual tax liability is lower. By filing income tax returns in India, NRIs can claim credit for the TDS deducted from their Indian income, leading to substantial savings in case of over-deduction. 2. Use Home Loan Tax Benefits Another tax saving tip is that NRIs can claim tax deductions on home loans similar to Indian residents in the following ways: •Principal Repayment: As an NRI, you can choose home loan principal repayments as they qualify for a dedication of up to INR 1.5 lakh annually under Section 80C. •Interest Deduction: You can also claim a deduction of up to INR 2 lakh per year on the interest paid on home loans for a self-occupied property. The full interest paid on the home loan is eligible for deduction for a rented property. 3. Claim House Rent Allowance (HRA) Exemptions NRIs receiving HRA as part of their salary income in India are eligible for this exemption. Under section 10(13A), they can claim HRA exemptions by fulfilling the required conditions and providing valid proof of rent paid.

  2. 4. Invest in Public Provident Fund (PPF) NRIs cannot invest in the Public Provident Fund (PPF), but their existing accounts can earn interest tax-free until maturity. Also, the interest earned on your PPF will be free from taxes. 5. Invest in Tax Saving Fixed Deposits (FDs) Some trustedUS tax consultants in India, likeNeuron Wealth Advisor, might recommend opening a Fixed Deposit (FD) with a 5-year lock-in period. As an NRI, doing so helps save taxes and offers a secure investment option with guaranteed returns and tax benefits. You can conveniently open an FD through your NRO, NRE, or FCNR accounts. In conclusion, these tips can help you save your hard-earned money as an NRI. You can rely on the seasoned professionals at Neuron Wealth Advisor for expert guidance on managing your taxes. Source: https://neuronwealth.wordpress.com/2024/12/13/5-smart-tax-saving-tips-you- should-know-as-an-nri/

More Related