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TDS full form is Tax Deducted at Source. TDS is collected directly at the source of income. It could be salary, rent, commission, fee for services, etc. A person receiving a certain income is liable to pay TDS. There could be certain exemptions which a person can avail, and there are provisions for penalty as well, in case a person fails to discharge the TDS liability.
The tax liabilities could be a bit different in case of Non-Resident Indians, as compared to the resident Indians. Section 195 of the Income Tax Act, 1961 provides for applicability of TDS for NRI. For an individual making a payment by way of interest or any other amount other than salary to an NRI or a foreign company, they are liable to pay tax at a specified rate as provided under Section 195.
While tax related matters are already complex enough for anyone from non-taxation background, things can be a little more tricky when it comes to NRIs. Even while they are not in India, the transactions made and the income earned in India is liable to be taxed as per Indian laws. Thus, in such cases, TDS consultants for NRIs assist with understanding the liabilities and the benefits of exemption which can be sought to reduce the liability for NRI clients.
There are certain ways like NRE/NRO Accounts which can be tax-free bank accounts. People having PAN have certain benefits, while those who do not have a PAN card have to pay higher taxes. Investing in mutual funds, pension plans, using tax treaties for their benefit can be some of the many ways of saving which TDS Consultants for NRIs can better help with.