Juggling finances in one country is bad enough; having to do it in two can be baffling. When it comes to filing taxes, NRIs find themselves in this unenviable position as the Income tax rules for NRIs are different from those that are valid for residents. Here's a quick guide to NRI Taxation taxation. 

Currently, India has DTAA with around 80 countries. We will look at DTAA provisions that India has with UK and US. Broadly, NRIs will be able to avail a reduced TDS rate on certain incomes in India. If you are availing this lower rate, you would need to submit a tax residency certificate (issued by the country of your residence) to the payer. 

The Reserve Bank today said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible. 

The grass is not really greener on the other side. And many Indians abroad are figuring it out the hard way. Faced with a gloomy economic and career prospects, some are packing their bags and heading back to test the job market. 

Residency is an important factor in determining taxability of an individual. If an individual qualifies as a tax resident of a particular country, he is generally taxed on his global income in that country. The residency in a particular country is determined by rules that include physical presence, domicile and citizenship as may be prescribed under the domestic tax laws of different countries.