Saturday, January 30, 2010

Time to Think about saving on Taxes for Indians!

Residents in Dubai and the UAE do not have to pay income tax. There’s an all round good feeling about this that attracts people from all over. When it comes to non-resident Indians (NRIs), the feeling is doubly good. They don’t have to pay tax back home for income earned abroad. But those earning an income from investments made in India have to be attentive to taxes that accrue on them.

What attracts tax is the non-residents’ investments in shares, debentures, deposits and properties in India. The exemption limit is Rs. 160,000.
The deadline for filing taxes is months away but it is not too early to think about it. Those who have to file tax, the deadline is July 31.

However there are ways to save taxes provided you know the ways to go about it.
On the tax issue, to start with, it’s important to understand one’s status clearly.

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