How the Union Budget 2013 will affect NRIs?

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How the Union Budget 2013 will affect NRIs?
Here is a quick look at how the Union Budget 2013 will affect Non Resident Indians (NRIs).

TRC not enough for NRIs claiming tax benefits

Previously, it was enough for Non Resident Indians (NRIs) to produce a tax residency certificate (TRC) for those who were claiming tax treaty benefits. From 2013-2014 onwards a tax residency certificate would not be enough. It's still not clear what proof would be required for NRIs apart from the TRC. Details are awaited.

Tax on royalty and fees for technical services increased

If you are a NRI and receive royalty and technical fees from India, then you would be taxed at the rate of 25 per cent as against the earlier rate of 10 per cent.

If you are an NRI and bring in duty free gold

If you an NRI and wish to bring in duty free gold, then you are lucky as the Finance Minister has raised the import limit to Rs 50,000 for a male passenger and Rs 1 lakh for a female passenger. Earlier, the limits were Rs 10,000 and Rs 20,000 respectively.

Read more about: union budget 2013
Story first published: Friday, March 1, 2013, 9:27 [IST]
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