How can NRIs avoid Double Taxation?
Sometimes NRIs can get caught in double taxation. For example, if an NRI receives any income in India, the country has the right to tax the income as the source state. But the residential country of the NRI can also tax the income as the residence state. In this case, the person may have to pay taxes twice on the same income. To avoid this, India has DTAAs signed with various countries that clearly exempt the foreign taxes paid while filing the return of income of the NRIs in their home country.
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Tax saving is a complicated subject for most people, as they do not clearly understand that there are more layers to tax-saving than only the exemptions available on your investments.
With the right knowledge, not only you will pay the correct tax on your investments, but also know how to tax proof the income and actually create an asset out of your tax saving.Download Mutual Fund Investment App:Android: https://play.google.com/store/apps/details?id=com.iw.imperialmoneyIOS: https://apps.apple.com/in/app/imperial-money-mutual-funds/id1512971398 First of all, consider your capital as a liquid asset that does a better job with continuous investments, rather than being stagnant in the bank.
Tax saving is a thoroughly discussed subject in the Indian constitution as well, where the tax savings investments are protected under Section 80C.
There are various other schemes and allowances mentioned, like:HRA,Home Loans,LTA,Section 80D,Reimbursements,National Pension Scheme (NPS)Interest on education loan (Section 80E)Rajiv Gandhi Equity Savings Scheme (Section 80CG)House rent allowance (Section 80GG)Medical treatment under Sec 80DDB.SukanyaSamariddhi accountChildren’s tuition feesRead more...
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A mutual fund is an investment company that accepts money from multiple investors and compresses it together in one large pool.
It is a long term investment with minimal risk.
Shares in a mutual fund represent the ownership of the investor.Trade: Once a day, after the market closes.Price determination: By NAV calculated after the market closes.We all have heard this statement at least once on TV, 'Mutual funds are subject to market risk.'
ALWAYS REMEMBER THAT!The performance of the fund lets you decide whether to pay a lump sum amount or convert it into a SIP.https://onlyprofityou.com/
