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India is tightening tax laws for NRIs & foreign income!
If you earn abroad, invest overseas, or remit money—these changes WILL impact you!
Here’s what you MUST KNOW before the new tax rules hit!
1. NRIs Will Be Taxed as Residents at 120 Days (Not 182 Days!)
🔹 Old Rule: NRIs were taxed as residents only if they stayed in India for 182+ days.
🔹 New Rule: If an NRI ➟ stays 120+ days & earns ₹15L+ in India, they will be taxed as a Resident!
➟ More NRIs will now be taxed on global income 💰
➟ Be careful with your India travel plans! Staying too long = Higher tax liability!
2. NRIs’ Global Income is Now Under Tax Radar!
🔹 Earlier: Only Indian income was taxed for NRIs.
🔹 Now: If you qualify as RNOR (Resident but Not Ordinarily Resident), ➟ India may tax your foreign passive income!
✅ Which foreign incomes will be taxed?
➟ Interest earned from foreign bank accounts 💵
➟ Dividends from foreign stocks 📈
➟ Capital gains from selling foreign assets 🏠
🔹 If you thought your foreign earnings were safe, think again!
3. Foreign Assets & Bank Accounts Must Be Reported!
🔹 New Rule: NRIs & residents must declare all foreign assets & bank accounts in tax filings.
✅ What must be disclosed?
➟ Foreign bank accounts 💳
➟ Offshore real estate 🏠
➟ Foreign stocks, ETFs, & mutual funds 📊
➟ Cryptocurrency holdings on foreign exchanges 🚀
🚨 Penalty for hiding assets? 300% of tax due + Criminal Prosecution!
4. Foreign Remittances Will Face Higher Scrutiny!
🔹 LRS (Liberalized Remittance Scheme) is under stricter tracking!
➟ Sending ₹7L+ abroad? Higher TCS (Tax Collected at Source)! 💸
➟ Investing overseas? Indian authorities will track your money.
➟ Foreign education & medical remittances still get lower TCS, but with more documentation.
🔹 NRIs, plan your remittances wisely!
Extra taxes can eat into your savings.
5. Foreign Businesses with Indian Clients Now Taxable!
🔹 New Significant Economic Presence (SEP) Rule: Even if a company has NO physical office in India, it may be taxed if it serves Indian clients.
✅ Who is affected?
➟ Foreign SaaS & IT companies with Indian customers 💻
➟ E-commerce platforms selling to India 🛍️
➟ Consultants & freelancers earning from Indian clients 📊
🔥 Dubai or Singapore won’t protect you anymore! Your business may still be taxed in India!
6. Stricter Rules for Claiming DTAA (Double Tax Avoidance Agreement)!
🔹 NRIs using DTAA benefits must now submit MORE documentation!
✅ New Requirements:
➟ Report all foreign taxes paid & refunds received
➟ Declare DTAA-covered income in a prescribed format
➟ Any misuse of DTAA benefits = Penalties & legal action!
🔹 The loopholes in DTAA are closing fast!
Ensure full compliance!
7. Foreign Crypto & Offshore Investments Now Taxed Differently!
🔹 If you invest in Bitcoin, Ethereum, or any crypto via a foreign exchange, you must declare it! 🚀
✅ New Tax Rules:
➟ Crypto transactions with foreign exchanges MUST be reported.
➟ Foreign mutual funds, ETFs, & REITs face new capital gains tax rules.
➟ If you hold foreign stocks (Apple, Tesla, Amazon), taxation rules have changed!
🔹 NRIs investing abroad? Track these new tax rules or risk massive fines!
8. Foreign Pension & Retirement Accounts Now Under Tax Lens!
🔹 Have a 401(k) in the US, Superannuation in Australia, or EPF in UAE?
✅ New Tax Rules:
➟ Withdrawals from foreign retirement accounts may now be taxed in India!
➟ DTAA benefits apply ONLY under strict conditions.
➟ NRIs must disclose all foreign pension accounts when filing taxes.
🔹 Returning to India? Plan your withdrawals carefully to avoid higher taxes!
9. Returning NRIs Get Special 2-Year Tax Relief!
🔹 If you return to India, you get tax benefits—but only for 2 years!
✅ Special Provisions:
➟ Foreign income earned before return = Not taxed in India.
➟ You get RNOR status for 2 years to adjust your tax status.
➟ After 2 years, your global income may be taxed in India.
🔹 Plan your return home wisely! The tax impact could be HUGE.
10. Heavy Penalties & Criminal Charges for Non-Compliance! 🚨
From next financial year no tax for incomes up to 12 lakhs. Many travelers coming in this tax bracket won't bother to file their taxes.
It's always good to file nil returns if you're in that category. Helps much for visa processing even when you file nil returns rather than telling the visa officer that it's not filed, as you don't come under any tax bracket. You can still secure a visa but the nil ITR helps much.
Of the 7.5 crore returns filed last year (FY 23-24), approximately 6.5 crore had income less than ₹12 lakh. This means 87% of tax filers will have ZERO tax liability this year.
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🔔
No Change in STCG / LTCG under New Income Tax Code Bill
🫥🫥
New TDS, TCS limits for FY2025-26 for interest, dividends, prize money, rent announced in Budget 2025: Thresholds hiked
The simplified TDS on rent decreases the compliance burden for tenants (they don’t have to deduct tax on rent up to Rs.50,000 a month) and enhances liquidity for landlords,
For education that is being financed through a loan from specified financial institutions, TCS has been completely removed. Earlier, 0.5% of the amount was charged for education loans above Rs.7 lakh
Union Budget clears up ambiguity regarding ULIP taxation
Investors investing more than Rs.2.50 lakh in ULIPs will have to pay capital gains tax on redemption proceeds.
The proposed changes have cleared the air by saying that if a ULIP or traditional policies do not meet Section 10(10D) conditions, the gains on maturity amount will be taxed.
If the total premium exceeds Rs. 2.5 lakh per annum on ULIPs or Rs.5 lakh on traditional policies, the gains on maturity amount will be considered as capital gains for taxation in ULIPs and will be added to income from other sources in other insurance policies .
These new rules apply to ULIPs issued after February 1, 2021, and will come into effect from April 1, 2026.
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Raising the basic exemption limit to ₹4 lakh reduces the tax burden on all taxpayers, especially those in lower income brackets. The introduction of a 25% tax slab for incomes between ₹20 lakh and ₹24 lakh will benefit high-income earners more.
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- Tax-Free Income: If your income is up to Rs 12 lakh per year, you don't have to pay any income tax.
- Understanding Tax Slabs: Tax slabs (starting from Rs 4 lakh) apply only if your income exceeds Rs 12 lakh.
- Income Above Rs 12 Lakh: - If you earn even a rupee over Rs 12 lakh, the slab rates come into play.
- You start paying tax according to the slabs on the entire taxable income.
- Tax Rates: - 5% tax on income from Rs 4 lakh to Rs 8 lakh.
- 10% tax on income from Rs 8 lakh to Rs 12 lakh.
- 15% tax on income from Rs 12 lakh to Rs 16 lakh.
- Example: - If your taxable income is Rs 12.1 lakh, your tax liability would be Rs 61,500.
- Rebate Clarification: - The Rs 12 lakh rebate only applies if your income does not exceed this amount.
- If you have more than Rs 12 lakh, you pay the usual taxes as per the above slab rates.
#DontRetireRich
The Union Budget has made ULIP gains TAXABLE.
ULIP returns will now be taxed as Capital Gains at 12.5% (if held for more than 1 year)
Earlier ULIPs were exempt for taxation under SEction 10(10D).
They will now be treated similar to Equity Mutual funds in terms of Taxation.
#dontretirerich
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The Income Tax Department has started sending SMS alerts to taxpayers who claimed deductions under Section 80GGC in the last three assessment years (AY 22-23, 23-24, and 24-25).
Section 80GGC permits tax deductions for donations made to political parties or electoral trusts.
If you are making false claims for this deduction, this is your opportunity to correct them. If a scrutiny notice is issued, the additional interest and penalties could result in a tax amount exceeding 100%.
This message serves as a general warning aimed at identifying fraudulent claims related to this deduction.
❌ Hiding foreign income? ➟ 300% penalty + Jail time 🚔
❌ Failure to disclose foreign assets? ➟ Criminal charges under anti-black money laws 🔥
❌ Foreign transactions above ₹50L not reported? ➟ Your income may be seized!
🚀 India is cracking down on tax evasion! Stay compliant or face severe consequences!
💡 Final Takeaways:
🔹 NRIs staying in India for 120+ days may be taxed as residents!
🔹 More foreign income will now be taxable in India, including offshore investments!
🔹 LRS remittances & foreign crypto transactions will face strict tracking!
🔹 Foreign businesses earning from Indian clients may now be taxed in India!
🔹 If you don’t report your foreign assets, prepare for MASSIVE penalties!
Deduction Allowed in New Tax Regime
There are many exemptions allowed, which you can reduce your tax liability with these deductions:
Standard deductions – Rs. 75,000/- for salary/Pension.
Family Pensioners – Rs.15,000 or 1/3rd, whichever is lower.
Interest received on Post Office savings u/s 10(15)(i) the maximum amount of Rs. 3,500.
Gratuity up to Rs. 20,00,000 for private employees.
Adhoc deduction – 30% on Rent.
Interest on Home Loan – If property is rented.
Employer contribution in NPS 80CCD(2) – 14% of Basic Salary + DA
Transport Allowance for specially abled people
Deposits in Agniveer Corpus Fund u/s 80CCH(2)
Expenditure incurred for travelling to work, 80JJAA.
Depreciation u/s 32 of the IT Act except additional depreciation.
Allowance for travelling for employment.
Income from Life Insurance Policy on maturity u/s 10(10D).
Leave encashment 10(10AA) on retirement, retirement cum death benefit.
Deductions u/s 54 long-term Capital Gain on sale of a House Property and u/s 54F long-term Capital Gain on sale of any asset other than a House Property.
PPF and Sukanya Samriddhi Account Interest and maturity amount.
By planning wisely, you can lower your taxable income significantly.
Zero Tax on Business Turnover up to ₹2 Crore! Under the new tax slab 🚀
📌 Presumptive Taxation (Sec 44AD): Businesses with digital transactions & turnover up to ₹2 Cr pay zero income tax.
💼 Who Benefits? Small businesses & MSMEs opting for digital payments.
💰 How? Profits assumed at 6% of turnover (instead of 8% for cash transactions), reducing taxable income.
✅ No Need for Audit: Simplifies tax filing & compliance.
📈 Boost to Digital Economy: Encourages cashless transactions & business growth.
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❌❌India's tax base.
Population: 140 crore
Active Workforce: 64.33 crore (RBI)
Income tax returns: 8 crore
Zero tax returns: 6 crore
Zero tax post this budget: 1 crore
Tax payers left: 1 crore
Budget 2025 does not give Section 87A tax rebate benefit on capital gains, lotteries income
Budget 2025 has clarified that the Rs 60,000 tax rebate will no longer apply to income from capital gains or other sources taxed at special rates.
Union Budget 2025 provisions clarify that no tax rebate under Section 87A is now available on income from capital gains, lotteries, or any other income on which a special rate has been provided in the Income Tax Act.
ULIPs still has 10(10D) benefit up to premium of 2.5 lacs premium. Only if the premium is above 2.5 lacs then it will be treated as LTCG and attracts 12.5% tax
This is till 31 March 2025.
The new tax regime is better than the old tax regime for income up to Rs 12 lakh (Rs 12.75 lakh for salaried people), even if one avails of the maximum possible deductions and exemptions of Rs 5,75,000 and 30% of salary as house rent allowance (see table).
NEW TAX REGIME MAKES MUCH BETTER SENSE
Homeowners get income tax relief on second house in Budget 2025
PROPERTY OWNERS will be able to claim NIL annual value for the second property if it is self-occupied, without conditions.
This reform eliminates the earlier requirement of stringent conditions for claiming the second property as self-occupied, simplifying tax compliance and offering greater financial flexibility.
NPS Vatsalya- Tax benefit
Tax exemption for NPS will now be extended to NPS Vatsalya as well. The extra deduction of up to Rs 50,000 under Sec 80CCD (1B) will be available to Vatsalya under the old tax regime.
Taxpayers contributing to NPS Vatsalya accounts (presumably for children, dependents, or specific beneficiaries), would be eligible to claim an additional Rs 50,000 tax deduction under Section 80CCD(1B), similar to the deductions available for regular NPS contributions.
Income from transfer of Cat I and Cat II AIFs will be considered capital gains
The Union Budget of India has clarified the government’s stance on taxation of AIFs.
Tax Calculator comparison as per budget 2025
https://tax.pythontrader.in/
TDS rates and threshold will be revised
TDS on Senior Citizen Rs 1 lakhs plus interest
TDS on Rent Rs 6 Lakhs onwards Time limit to File Updated return extended from 2 years to 4 years for any assessment year
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