Blogs Frequently Asked Questions

Yes, the OCI cardholders need to pay the tax in India if they have a valid source of Indian income. Then, in that condition, they need to file an ITR.

Due to the constitutional provision, national security, and due to the administrative complexity, India has not allowed dual citizenship in India. If anyone wants to apply for the citizenship of another country, then the individual needs to surrender their Indian citizenship, and submit their Indian passport with all the documents the the nearest Indian embassy.

Dual citizenship does not mean that you need to pay taxes in both countries. Your taxation depends on the laws of each country where you are living.

Yes, the OCI cardholder who has a valid income in India needs to file the income tax return and pay their taxes as an OCI on Indian income.

The dual citizenship allows a person to get the rights and legality of two countries. It provides you with the rules and regulations of both countries' citizenship. You must use your US passport to get entry into the US, and you do not have to choose a single nationality over the other country.

No, India does not provide any dual citizenship in Indian so if there is no dual citizenship, then there are no restrictions on dual citizenship in India.

Dual citizenship has various benefits, which include providing you the right to live, work or study in both countries, can easily travel by having more than one passport and getting visa fees access to various countries, it helps you to provide you an career opportunities as you can access to both countries, it also provides you the economic support and makes your relationship stronger with the family ans close ones.

The latest rule of Income tax in India is that the NRIs have to pay taxes on their Indian income when it exceeds Rs 2.5 lakhs in a financial year. The taxable income is the interest earned on the NRO accounts, rental income, and capital gains. The criteria to define residency have been tightened up as per the Income Tax Act, 1961. If any NRI who is staying for 120 or more days in India in a financial year and has an income of Rs 15 lakhs will be qualified as residents for tax purposes.

If the Income of the NRIs in India is more than Rs 2.5 lakhs, then it is mandatory for them to file the Income Tax returns. The filing of the income tax helps the NRIs in claiming the refunds or carrying forward the losses.

For NRIs, the income they have earned or received in India is taxable for them. It includes the income from rent, capital gains, and the interest earned from NRO accounts. The foreign income from the NRIs is not taxable in India until that individual becomes a resident or qualifies as an RNOR.

The NRI income tax is calculated according to the type of income of the NRI and the tax rate applicable to that income slab. As per the old tax regime, for income more than INR 2.5 lakhs, taxes are applied as per the NRI income tax slabs. The capital gains are taxed such as 15% on STCG and 20% on LTCG. The TDS is applicable directly, and the NRIs have to file ITRs for refunds.

According to the Income Tax Act, 1961, if you fail to declare the NRI status, then there will be penalties applicable to you. If you report the wrong residential status, then there will be additional taxes applicable to you under section 147, interest on unpaid taxes, and penalties & fines, which can go from 50% to 200% for the due taxes. In some severe cases, you can even be prosecuted for the offense of tax evasion under sections 276C and 276B of the IT Act.

For all the NRIs, income in a financial year up to 2.5 lakhs is tax-free in India, as it is similar to Indian residents, according to the old tax regime. As per the new tax regime, this limit has been changed to 3 lakhs. Also, the income acquired or earned in India is subject to taxation. It includes rent, business income, capital gains, etc. The foreign income for NRIs is not taxable until it is earned from Indian sources.

Yes, to open an income tax account, you need a valid Aadhaar card linked to your permanent account number (PAN).

Yes, you can log in to the income tax portal even if you don't have a valid Aadhaar card, through different login methods, like PAN and Password, net banking, a Digital Signature Certificate (DSC), and PAN and email verification with forgot password.

No, you can log in to the Income Tax e-filing portal even if you don't have a valid Aadhaar card. You can log in through the different options the Income Tax Department has provided, such as PAN and email verification via the forgot password method, a digital Signature certificate, net banking, and the PAN and Password method.

To log in without an Aadhaar card, you must be an NRI or a foreign national. There are many steps through which you can log in to the Income Tax portal via PAN and password, net banking, Digital signature certificate, and PAN+Email verification.

There are many options to verify your ITR, even if you don't have an Aadhaar card, such as a bank ATM, a demat account, net banking, a digital Signature Certificate, or an electronic verification code.

If your Aadhaar card shows as incorrectly linked or as mandatory, you need to validate as an NRI, which means updating your residency status on the PAN card to NRI. You can use the income tax e-filing website to validate as an NRI securely.

One of the safest ways to log in to the Income Tax portal is via the PAN and password method, which is considered one of the easiest and safest ways to log in.