Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
A beginner's guide to taxation for an NRI
2 mins
1.9KWho is an NRI as per Income Tax rules? A person will be subject to NRI taxation in India if
- Their collective stay in the country during the year is less than 181 days &
- Their collective stay in the country is more than 60 days during the year but not more than 365 days during the previous 4 years.
Do NRIs need to file IT returns in India? Yes, If an NRI’s annual income exceeds ₹2.5 lakhs, they need to file returns for NRI taxation in India.
Is income earned abroad by NRIs taxable in India? No.
Is income earned in India by NRIs in India considered for tax for NRIs in India? Yes, Incomes from the following sources earned in India by NRIs are taxable
- Salary for services provided in India
- Income from a property in India
- Interest from fixed deposits in Indian banks
- Interest on NRO savings accounts in Indian banks
- Income from business set up or controlled in India
- Income from capital gains on assets in India
What are the rates for income tax for NRIs in India? Income tax for NRIs in India follows the tax slabs applicable to ordinary residents of India.
What are the special investments for NRI taxation? Some investments in India, categorized as special investments, are taxed at 20% for NRIs.
- Shares in an Indian company (private or public)
- Debentures by an Indian company (publicly listed company)
- Deposits in public companies and banks
- Central Government securities
- Other Central Government assets as mentioned in the official gazette specifically for this purpose
Is income tax for NRIs in India eligible for tax deductions under Section 80C? Yes, but only for specific ones. Under the Income Tax Act, the following investments under Section 80C are eligible for deductions .
- Life insurance premium
- Children’s tuition fees
- Principal repayment of housing loan
- Unit Linked Insurance Plans (ULIPs)
- Investments in ELSS
What is double taxation? Double taxation is when a person is taxed twice on the same income in two different countries.
Is there a way out of double taxation for NRIs? NRIs can avoid double taxation under the Double Tax Avoidance Agreement (DTAA), a treaty signed between two countries. An NRI can either claim a tax credit in their country of residence or claim relief from payment of tax in either country.
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Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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