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INCOME TAX LIABILITY OF AN NRI

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PC Saggi

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46 Points Posted on 07 June 2022

A NRI who is Resident of USA has the following income in India during the FY 2021-2022:

Interest Income

From Saving Bank : 2375.00

From Fixed Deposit : 17110.00

NTPC Bond: 60.00

Total : 19545.00

Maturity Proceeds of L&T Infra Bonds 2012(10 years) , on Initial Investment Rs 20,000.00 = 46060.00
Maturity Value of ULIP after 5 years on Investment of Rs 2,50,000.00 = 3,57,600.00
Pension from Annuity in LIC = 28200.00
Dividend Income from Equity Shares = 30000.00

He will be filing Income Tax Return u/s 139(1) and is not opting for new tax regime u/s 115BAC

I assume being his net income from all sources is less than Rs 2,50,000.00, So his tax liability is Zero. Am I right?

Please advise is there any Income which is taxable under special rates.

Thanks

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Quick Summary

This discussion clarifies the income tax liability for a Non-Resident Indian (NRI) based in the USA for the financial year 2021-2022. The NRI has various Indian income sources including bank interest, bond maturity, ULIP maturity, pension, and dividends. Based on the provided figures and the decision not to opt for the new tax regime, the net income falls below the taxable threshold, resulting in zero tax liability. The advice confirms this assessment and indicates no special tax rates apply to the income mentioned.