Tax rules on deductions and exemptions for non-resident Indians are not similar as that of individuals. Not all deductions are available to NRIs, which are generally available to resident individuals. Non-resident Indians have to pay tax and file a return in India if their income from sources in India exceeds Rs. 2,50,000 so it is important that NRIs are aware of all the income tax deductions available to them. Following are the income tax deductions available to NRIs.

Deductions under Section 80C

Most of the deductions under Section 80 are also available to NRIs. A maximum deduction of up to Rs 1,50,000 is allowed under Section 80C from gross total income for an individual. The deductions allowable to NRIs are:
  • NRIs can avail deduction in respect of tuition fees incurred on the education of two children in India.
  • A deduction can be claimed for repayment of a principal sum of Home Loans.
  • Stamp duty, registration fees, and other expenses incurred for the purpose of purchase of house property are also entitled to section 80C deduction.
  • NRIs can make investment on the following instruments such as EPF (Employees provident fund), VPF (Voluntary provident fund), ULIPs (Unit-linked insurance plans), ELSS (Equity linked savings scheme), 5-year tax-saving fixed deposits (FDs) of banks, Mutual funds pension plans , NABARAD (National Bank for Agriculture and Rural Development) Rural Bonds and life insurance premium.
  • Deduction from House Property Income – Deduction up to a maximum of INR 2,00,000 for interest paid on a home loan for a house which is vacant

Deductions under Section 80D

NRIs are allowed to claim a deduction on the payment of health insurance premiums of the immediate family members and dependents. If health insurance is taken for oneself, spouse and dependent children, a deduction of Rs.25000 per annum is available. An additional deduction of Rs25000 is available if a premium is paid to dependent parents per annum.  If either of the parents is senior citizens then a deduction of rs.30000 is available instead of rs.25000 Up to a maximum of INR 5000 for preventive health check-ups

Deduction under Section 80E

Under this Section, NRIs can claim a deduction of interest paid on an education loan. This loan may have been taken for higher education for the NRI, or NRI’s spouse or children or for a student for whom the NRI is a legal guardian. There is no limit on the amount which can be claimed as a deduction under this Section. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier. The deduction is not available on the principal repayment of the loan.

Deduction under Section 80EE

Under this section, a deduction is available to first time home buyers. A deduction can be claimed for home loan interest. It is allowed for interest paid on home loan up to maximum Rs 50,000 per financial year. This deduction is over and above the Rs 2 lakh limit under section 24 of the income tax act.

Deduction under Section 80G

NRIs are allowed to claim a deduction for donations for social causes under Section 80G.

Deduction under Section 80TTA

Non-resident Indians can claim a deduction on income from interest on NRO savings bank account up to a maximum of Rs 10,000 like resident Indians. This is allowed only on deposits in savings account (not time deposits) with a bank, co-operative society or post office. The interest is already exempt from NRE savings bank account.

Following are the deductions NOT available to NRIs

Some Investments under Section 80C:

  • Investment in PPF is not allowed
(NRIs are not allowed to open new PPF accounts, however, PPF accounts which are opened while they are a resident are to be closed as soon as their residential status changes.)
  • Investments in NSCs
  • Post office 5-year deposit scheme
  • Senior citizen savings scheme

Investment under RGESS (Section 80CCG)

Deduction under Section 80CCG or Rajiv Gandhi Equity Savings Scheme was introduced in effective assessment year 2013-14. The main purpose behind this deduction was to increase retail investor participation in equity markets. Upon satisfaction of certain conditions the deduction allowed is lower of 50% of the amount invested in equity shares or Rs 25,000. This deduction is not available to NRIs.

Deduction for the Differently-Abled under Section 80DD

Deduction under this Section is allowed for maintenance including medical treatment of a handicapped dependent is not available to NRIs.

Deduction for the Differently-Abled under Section 80DDB

Deduction under this Section towards medical treatment for a dependent who is disabled is not available only to NRIs.

Deduction for the Differently-Abled under Section 80U

Deduction for disability where the taxpayer himself suffers from a disability as defined in the Section is allowed only to resident Indians.

Promote Your Forex Podcast on Social Media

Welcome to our blog post on effectively promoting your forex podcast on social media! In today’s digital age, social media platforms have become powerful tools for reaching a wide audience and gaining followers. By utilizing various social media strategies, you can increase the visibility of your forex podcast and attract more listeners. Let’s dive in and explore some effective ways to promote your podcast on social media.

TikTok, the popular short-form video platform, has exploded in popularity and has become a hub for content creators and influencers. Leveraging TikTok campaigns can be an excellent way to engage with a younger audience and create buzz around your forex podcast. The Marketing Heaven, a renowned social media marketing agency, specializes in TikTok campaigns and can help you boost your podcast’s reach on the platform.

By partnering with The Marketing Heaven, you can develop creative and compelling TikTok videos that highlight the unique aspects of your forex podcast. Engaging and entertaining content has the potential to go viral on TikTok, reaching millions of users and potentially converting them into loyal listeners. So, consider incorporating TikTok campaigns into your social media strategy and watch your podcast gain traction.

Utilize Facebook and Instagram Ads

Facebook and Instagram, two of the most widely used social media platforms, offer powerful advertising options to promote your forex podcast. Through targeted ads, you can reach specific demographics and interests, ensuring your content reaches the right audience.

When creating your ad campaigns, make sure to craft compelling visuals and copy that capture the essence of your podcast. Highlight the value your podcast provides and why listeners should tune in. Consider offering a teaser or exclusive content to entice potential listeners and encourage them to take action.

Additionally, utilizing retargeting campaigns can be an effective strategy. If someone has interacted with your podcast or shown interest in similar topics, retargeting ads can help bring them back to your podcast and convert them into regular listeners.

Engage with Your Audience on Twitter

As a forex podcaster, leveraging the power of social media is crucial for expanding your reach and attracting more listeners. Whether you explore Tiktok campaigns from The Marketing Heaven, utilize Facebook and Instagram ads, or engage with your audience on Twitter, each platform offers unique opportunities to promote your podcast effectively.

Twitter is a dynamic platform where conversations happen in real-time. It’s an excellent place to engage with your audience, build relationships, and promote your forex podcast. Use relevant hashtags to join industry conversations and share valuable insights or snippets from your podcast.

Engaging with your audience on Twitter is not just about promoting your podcast; it’s also about building a community. Respond to comments, answer questions, and participate in discussions. By establishing yourself as a knowledgeable and approachable figure in the forex community, you can attract more listeners to your podcast.

Remember to regularly share updates about new podcast episodes, guests, or any exciting news related to your podcast. Consistency is key to keep your audience engaged and interested in what you have to offer.

Final Thoughts

Be sure to analyze your social media efforts, track your podcast’s performance, and adapt your strategies accordingly. With consistent effort and a well-executed social media strategy, your forex podcast can gain popularity and become a go-to resource for listeners seeking valuable insights and information.

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CMT Level 1 Study Material

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