ITR Filing: 14% of US NRIs struggle with double taxation, says survey
In recent years, India has risen to a position where it boasts the world's largest overseas diaspora, comprising approximately 32 million NRIs and OCIs. Among the diverse Indian NRI community, the Gulf countries remain the most concentrated, followed by countries like Singapore, the US, Canada, and the UK. As a significant number of NRIs move abroad in pursuit of better job opportunities and education, it's crucial to understand that they are taxed in India based on income generated within the country.
In response to the consistent increase of NRIs, a recent survey conducted by SBNRI, a comprehensive investment platform for NRIs and OCIs, highlighted the intricacies of tax navigation for NRIs and OCIs in 2024. Concurrently, the Indian government is striving to streamline the taxation process for NRIs. However, despite their diligent efforts, the tax landscape for NRIs remains fraught with various challenges.
In the realm of taxation, 14.11% of NRIs from Australia, followed by 13.10% from the UK, and 8.06% from the US consider double taxation as the major challenge when filing taxes as an NRI or OCI. Meanwhile, 12.10% from the US, 9.05% from the UK, and 6.02% from Australia identified obtaining taxation documents from overseas as the most significant hurdle in filing taxes as NRIs.
Amidst the rising challenges for filing taxes as NRIs, Mudit Vijayvergiya of SBNRI, commented, “While, the process of filing taxes for NRIs has been subjected to multiple revisions, aimed at making it more streamlined and simpler, the proliferation of tax-related issues has only grown further. Having witnessed NRIs grapple with the complex nuances of the taxation process, it's paramount to partner with experts who can guide them through this
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