Tax Obligations for Income Earned through NRI Trading Accounts in India

Is income earned in my NRI account subject to taxes?

Yes, any income earned through your NRI account from transactions in India falls under the purview of the Income Tax Act, 1961, specifically section 5, which deals with the scope of total income.

Given the complexities of tax obligations, we strongly suggest consulting with a tax professional. They will provide tailored advice considering the type and amount of your income earned in India and assist in accurately determining your tax liabilities.

    • Related Articles

    • Which income proofs can I submit for my newly opened bank account?

      If you've recently opened a bank account and need to submit income proof, here are the accepted documents: Six-month bank statement: Provide a 6 month bank statement of your existing bank account, reflecting all transactions to date. Income Tax ...

    • How to initiate an NRI account opening with FYERS?

      If you're looking to open an NRI account with FYERS, here are the steps you can follow to get in touch with our team: Online Request: Complete the online registration by clicking here and providing your details. This will trigger a callback from our ...

    • What happens to my holdings when converting a Demat account to an NRI account?

      When you convert your existing Demat account to an NRI account, the following changes will take place: Transfer of Holdings: All your current holdings will be moved to your NRO Non-PIS Demat account. Cash Balance Refund: Any remaining cash balance in ...

    • What is an NRE PIS account?

      An NRE PIS (Non-Resident External Portfolio Investment Scheme) Account is a type of bank account that Non-Resident Indians (NRIs) can set up with authorization from the Reserve Bank of India (RBI) under the PIS to trade shares on Indian stock ...

    • Can an NRI link both NRE and NRO accounts to a single trading account?

      An NRI is permitted to open both NRE and NRO accounts with any bank that is authorized by the Reserve Bank of India (RBI). However, when it comes to linking these accounts to a trading account with FYERS, an NRI must choose to link either one — an ...