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Methods for NRIs to Save Taxes

NRI's are basically indians by nationality but living outside the country. They have many Investment options and to save taxes under Indian tax law. The biggest problem most NRIs face is managing their finances and investment across international border to save taxes. Find out more about how NRI's can Invest and save taxes in our latest blog!!<br>

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Methods for NRIs to Save Taxes

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  1. Tax Saving 101: OpTiOnS fOr nriS TO Save Tax Saving 101: OpTiOnS fOr nriS TO Save TaxeS TaxeS NRI or Non-Resident Indians are basically Indians by nationality but are living outside the country. As per the Ministry of External Affairs, more than 35.4 million NRIs are residing outside India. And as an NRI, one of the problems that you might face is managing your finances and investments across international borders to save taxes. So, if you are willing to save taxes while being an NRI in the country then one of the options is to opt forNRI advisory servicesfrom Neuron Wealth to get targeted advice on investment options for you under Indian tax laws to maximize your returns and minimize tax liability. You can also keep reading this blog to explore the different tax-saving options. Evaluating NRI Tax Bracket and Eligibility The first and foremost step in tax planning is to know your tax residency status, which depends on the number of days you have stayed in India. NRIs get taxed on the income earned or accrued in India, and that includes investment. Also, you need to understand the Double Taxation Avoidance Agreement (DTAA) India might have with your country of residence. FCNR(B) Deposits One of the popular choices among the NRIs is the FCNR(B) (Foreign Currency Non-Resident Bank) deposits. Such types of deposits are generally maintained in foreign currencies to avoid the risk associated with currency fluctuations. FCNR(B) deposits offer repatriability of funds and are exempt from Indian income tax. As an NRI, if you are seeking stable income, then FCNR(B) deposits are a perfect option, as they eliminate problems of currency risk and tax liability on the interest earned. National Pension System (NPS) Another smart investment option for NRIs is the National Pension System (NPS). NPS is a government-backed scheme that allows you to invest systematically during your working years. Contributions up to INR 1.5 lakh are eligible for deductions under Section 80C of the Income Tax Act, with an additional INR 50,000 dedication under Section 80CCD(1B). When it matures, a portion of these collections can be withdrawn tax-free, making this scheme an attractive choice for NRIs. In the end, if you are looking for more tax-saving options for your investments, contact Neuron Wealth as they are known as the bestNRI tax consultantsin the industry.

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