My son is a Non Resident Indian (NRI) with low rental income 30,000. Neither he nor his tenant can afford a chartered accountant to deposit the Tax Deducted at Source (TDS) on this income to the Income Tax Department. Can he pay TDS for rent as advance tax to the department?
Name withheld on request
As per the income tax rules on TDS, the deductor is mandated to deduct TDS and deposit it with the government using prescribed forms and timelines.
In case, the total income of the deductor is less than the taxable limit, the deductor can seek a lower TDS deduction or Nil TDS deduction certificate from the Income Tax Officer. On this basis the deductor cannot deduct any TDS.
I am working in US since 2002 and sending money to my Non Resident External (NRE) account in India. Will it be taxed? Should I file tax return in India?
Name withheld on request
Non-residents are permitted to transfer funds to NRE accounts held in India.
Deposits made in NRE accounts are not taxable nor is the income earned on such deposits taxable in India.
I am an NRI. Can I invest in Tax Saving Equity Mutual Funds?
Name withheld on request
ELSS, or Equity Linked Savings Scheme, allows taxpayers to claim tax benefits as per Section 80C of the Income Tax Act. cut of 1.5 lakh is available under section 80C. NRIs are allowed to invest in ELSS provided they meet Know Your Customer (KYC) and other compliance requirements of the fund house.
Archit Gupta is the Founder and CEO of Clear.in.
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