Aug 2, 2023
In Depth Study of Tax Provisions for NRIs Sections
Section 115C: Special Provisions for NRI Income from Foreign Exchange Assets
Section 115C deals with income earned by NRIs from foreign exchange assets, including deposits, bonds, and securities. NRIs have the option to be taxed at a flat rate of 20% on such income. The key features of this section are as follows:
Foreign Exchange Assets:
Income arising from foreign exchange assets specified by the Central Government is covered under this section.
Tax Rate:
NRIs can avail of a concessional tax rate of 20% on such income, which is often beneficial compared to regular income tax rates.
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