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 For Non-Resident Indians (NRIs) in the US , tax filing can be challenging due to obligations in both India and the US. Understanding residency rules, reporting requirements, and tax-saving strategies can help ensure compliance while minimizing tax liabilities.  This blog provides a step-by-step  Tax filling guide for us nri . 1. Determining Your Tax Residency Status The IRS uses the Substantial Presence Test (SPT) to determine if you are a tax resident in the US: You are considered a US tax resident if you have been in the country for 183 days or more in the current year . If you were present in the US for at least 31 days this year and a total of 183 days over the last three years (calculated as Current Year days + 1/3 of previous year days + 1/6 of the year before that), you may still be classified as a resident. Resident vs. Non-Resident Taxation US tax residents : Must report global income (including income earned in India). Non-residents (NRAs) : Only need...

 Navigating the US tax system as a Non-Resident Indian (NRI) can be complex. Understanding your tax obligations, filing requirements, and key deadlines can help ensure compliance and optimize tax benefits. Here’s a detailed guide to help NRIs file their taxes in the US efficiently. Determining NRI Tax Status in the US In this you will know  Us nri tax filling guide .  Your tax status in the US depends on the Substantial Presence Test (SPT) or the Green Card Test: If you have been physically present in the US for 31 days in the current year and 183 days over the past three years (using a weighted formula), you are considered a resident alien. If you do not meet these criteria, you are classified as a non-resident alien (NRA) and will only be taxed on US-source income. US Tax Obligations for NRIs Resident Aliens – Must report and pay taxes on their worldwide income, including earnings from India. Non-Resident Aliens – Only need to report and pay taxes on US-source income, g...

 For Non-Resident Indians (NRIs) residing in the United States, tax filing can be a complex process due to multiple compliance requirements. Understanding the key steps ensures compliance with the IRS regulations and helps NRIs take advantage of deductions and tax credits. Here is a step-by-step guide to the tax filing process. Step 1: Determine Tax Residency Status The IRS classifies individuals as either resident aliens or non-resident aliens based on the Substantial Presence Test (SPT): If you have been physically present in the US for 183 days or more over a three-year period (including all days in the current year, 1/3 of the previous year, and 1/6 of two years prior), you are classified as a resident for tax purposes and must report global income. If you do not meet the SPT, you are a non-resident alien (NRA) and only need to report US-sourced income. Step 2: Collect Required Tax Documents Having all relevant documents ready can streamline the  tax filling process for us...

 Cryptocurrency investments have become a major financial asset for many Non-Resident Indians (NRIs). However, with India’s evolving taxation laws on virtual digital assets (VDAs), understanding the tax implications is crucial to avoid legal complications and optimize financial planning. NRI Tax Residency and Its Impact on Crypto Taxation The tax liability of an NRI depends on their residential status, as determined by the Indian Income Tax Act: NRI: Resides outside India for 182+ days in a financial year. RNOR (Resident but Not Ordinarily Resident): Transitional status for returning NRIs, providing limited tax exemptions. Once classified as a resident, NRIs are liable to pay taxes on global income, including  crypto taxation for NRI   cryptocurrency holdings and gains. Crypto Taxation Rules for NRIs 1. Flat 30% Tax on Crypto Gains The Indian government imposes a flat 30% tax (plus surcharge and cess) on profits from cryptocurrency transactions, including trading, ...

 As more NRIs return to India, understanding the taxation of cryptocurrency holdings becomes crucial. With India's evolving regulatory framework for virtual digital assets (VDAs), returning NRIs must be aware of the tax implications, compliance requirements, and financial strategies to minimize tax liability. Understanding Tax Residency in India The Indian tax system classifies individuals based on their residency status: Resident : Stays in India for 182 days or more in a financial year. Resident but Not Ordinarily Resident (RNOR) : Transitional status for returning NRIs for up to three years. Non-Resident : Stays in India for less than 182 days. RNORs enjoy certain tax exemptions on foreign income, but once classified as residents, global income, including  crypto taxation for returning NRI  holdings, becomes taxable. How Cryptocurrency is Taxed in India Flat 30% Tax on Crypto Gains Any income earned from cryptocurrency transactions is taxed at a flat 30% rate, plu...

 A UK Certificate of Residence is a crucial document for individuals and businesses seeking tax relief under international tax treaties. Issued by HM Revenue & Customs (HMRC), this certificate confirms a taxpayer's UK residency status, helping to claim benefits such as reduced withholding tax and exemption from double taxation. Why Claim Tax Relief with a UK Certificate of Residence? Many countries impose withholding taxes on income sourced within their jurisdiction. However, the Double Taxation Avoidance Agreement (DTAA) between the UK and numerous countries allows UK residents to c laim tax relief with UK certificate of residence  and prevent double taxation. A Certificate of Residence is required to prove tax residency in the UK and access these benefits. Key Benefits of Claiming Tax Relief Avoid Double Taxation – Prevent being taxed on the same income in both the UK and a foreign country. Reduced Withholding Tax – Many countries reduce the tax deducted at source for UK...

A UK Certificate of Residence is an official document issued by HM Revenue & Customs (HMRC) that confirms an individual's or a company's tax residency in the United Kingdom. This certificate is essential for individuals and businesses seeking to claim tax treaty benefits, avoid double taxation, or prove their UK tax status in another country. Why is a UK Certificate of Residence Needed? A UK Certificate of Residence is primarily used for: Claiming Tax Relief Under DTAA (Double Taxation Avoidance Agreement): Many countries have agreements with the UK to prevent double taxation. The certificate helps taxpayers claim relief on foreign income. Proof of Tax Residency: Foreign tax authorities often require this certificate to verify an individual’s or company’s tax status. Avoiding Withholding Tax on Foreign Income: Some countries impose withholding taxes on income earned within their jurisdiction. With a  UK certificate of residence , individuals and businesses can claim a re...

 The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, brings a series of changes aimed at boosting economic growth, simplifying tax systems, and enhancing ease of doing business for both residents and Non-Resident Indians (NRIs). As NRIs continue to play a crucial role in India’s economic development, the budget introduces provisions specifically designed to benefit this significant demographic. Here’s a breakdown of the key announcements that are likely to affect NRIs. 1. Taxation Benefits for NRIs: One of the most anticipated aspects of the  union budget 2025 for NRI   was the focus on simplifying the tax filing process and providing tax reliefs. The finance minister announced several important amendments to the tax framework affecting NRIs: Revised TDS Rates on Property Sale: The budget proposes a reduction in the Tax Deducted at Source (TDS) rate on property transactions. Currently, NRIs selling property in India are subject to a 20% TDS. With the...

 The Union Budget 2025 has introduced a range of financial and tax-related changes that significantly impact Non-Resident Indians (NRIs). With a focus on streamlining taxation, enhancing investment opportunities, and simplifying compliance measures, the budget aims to strengthen economic ties between India and the global NRI community. This blog explores the most critical aspects of Budget 2025 and how they affect NRIs worldwide. 1. Changes in Tax Residency and Income Tax Regulations The government has revised the criteria for determining tax residency to prevent tax avoidance and ensure greater compliance among NRIs. The key changes in  Budget 2025 for NRI   include: Revised Residency Norms: NRIs spending more than 120 days in India and earning over ₹15 lakh from Indian sources will be considered tax residents, making them liable for taxation on their global income in India. Simplified Tax Filing: The budget has introduced a pre-filled ITR system for NRIs to reduce compl...

 The Union Budget 2025 will be a defining moment for the Indian economy, with the middle class at the center of focus. This demographic, which constitutes a significant portion of the workforce and contributes substantially to national growth, faces a number of financial pressures. From rising cost-of-living concerns to the challenges of securing affordable housing and quality healthcare, the middle class requires policies that foster financial stability and growth. The upcoming budget is expected to bring relief and create new opportunities for this vital segment, with a focus on empowering them to thrive in a rapidly changing economic landscape. 1. Tax Reforms: Easing the Burden for the Middle Class Tax relief has long been a key demand from the middle class, and the  union budget 2025 for middle class  is expected to address this concern head-on. Here are some potential reforms that could provide significant relief to middle-class taxpayers: Raising Tax Exemption Limit...

 The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, aims to drive economic growth, provide relief to taxpayers, and boost key sectors such as agriculture, infrastructure, healthcare, and innovation. This budget plays a crucial role in shaping India’s economic roadmap while addressing pressing issues such as employment generation, fiscal consolidation, and sustainable development. Taxation Reforms: Relief for Middle-Class and Businesses One of the most anticipated announcements in the  union budget 2025  was the revision of the income tax structure. The government has made key changes to support the salaried class and businesses: Increased Income Tax Exemption Limit : Individuals earning up to ₹12 lakh annually are now exempt from income tax under the new tax regime. This move significantly benefits the middle class by enhancing disposable income. Revised Tax Slabs : The new tax slabs provide a progressive reduction in tax rates...