Retirees

Re: NRI retiree

Banksnet — Thu, 05 Jul 2012 05:55:14 GMT

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Re: NRI retiree

Banksnet — Thu, 05 Jul 2012 05:53:14 GMT

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Re: NRI retiree

priyac21 — Mon, 04 Jun 2012 05:02:15 GMT

Dear Sir,

When an NRI permanently returns to India, he does not imeediately become a resident Indian. He initially becomes a RNOR (Resident but not ordinarily resident). In such a case, foreign remittances are not taxable for a RNOR. When the individual becomes a Resident Indian, global income becomes taxable for him and he will be taxed at par with his resident Indian couterparts.

Here is a useful read: http://www.investmentyogi.com/nri/tax-implications-when-an-nri-permanently-returns-to-india.aspx

NRI retiree

yogananda1893 — Thu, 31 May 2012 07:59:59 GMT

I understand that when a NRI becomes a resident (ROR) for tax purposes, then his global income is reported on India taxes. For retirees it means a heavy India tax because of exchange rates makes the pension in dollars/pound comes in to 20-30% tax slab in Indian Rupees. usually means that a foreign retiree will have to pay 30% vs almost negligible tax of foreign jurisdiction. Is above true ? I understand that Indian citizen retirees do not pay or pay lower taxes on pension. Is there, or going to be, a recognition in DTC for senior NRI turn ROR retirees