NRIs in UAE: How does India Budget 2023 help better your finances?

NRIs in UAE: How does India Budget 2023 help better your finances?

Dubai: For Non-Resident Indians (NRIs) living in the UAE, how does the changes announced in the India Budget 2023 affect your personal finances? While there weren’t a whole lot of changes announced, there were a few that can help boost gains made on investments in India. Some moderations in compliance requirements and rate of taxes applied to certain sources of income in India were expected in Budget 2023 given that the government has been steadily increasing its focus on simplifying the taxation system for NRIs. “Overall, it was a good budget for the country, focused at a macro level on how to give a boost to the economy. For NRIs, I was expecting more reliefs but there was nothing much in the Budget for them,” opined Dixit Jain, managing director at The Tax Experts DMCC, a Dubai-based tax advisory. “However, one of the factors I liked was the clarification on Double Taxation Avoidance Agreements (DTAA) benefit on income from units of mutual funds where now NRIs can apply for Tax Residency Certificate (TRC) and get the benefit straight away.” Ahead of the 2023-24 Budget, experts were of the expectation that there may not be any major change in the taxation