NRIs won’t be taxed twice on foreign retirement account money2 min read . Updated: 02 Feb 2021, 12:57 AM IST
Finance minister Nirmala Sitharaman mentioned in the budget speech that when NRIs return to India, they generally face issues concerning their accrued corpus in foreign retirement accounts
Budget 2021 proposes to provide relief from double taxation for non-resident Indians (NRIs) on money accrued in foreign retirement accounts by claiming relief on tax deducted on such money in India. Currently, there is a mismatch in the year of taxability of such funds in India and the respective foreign country.
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