Filing Of Indian Income Tax Return For Non-Resident Indian (NRI)

Filing Of Indian Income Tax Return For Non-Resident Indian (NRI)

FILING OF INDIAN INCOME TAX RETURN FOR NON-RESIDENT INDIAN (NRI)
➡️ Is it mandatory for an NRI to file Income Tax Return in India?
It is mandatory for an NRI to file Income Tax Return in India if:
1. The Income exceeds Rs. 2.5 lakhs in India during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions)
2. The NRI has during the year:
i. Deposited an amount exceeding Rs.1 crore in current account/s by any mode or
ii. Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or
iii. Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from Indian bank account/s for himself or any other person.
3. Any taxable capital gain realized in India (Irrespective of basic tax slab exemption i.e. 2.5L).
4. Any tax free income in India exceeding basic tax slab 2.5L.
In other cases, it is not mandatory for any NRI to file an Income Tax Return in India. However, one may choose to voluntarily file it because of several advantages.
➡️ What are the advantages of voluntarily filing Income Tax Return for an NRI?
The advantages of voluntarily filing Income Tax Return in India for an NRI are:
1. Claiming refund of any taxes which have been withheld (TDS deducted).
2. Carry forward losses for set-off against future year incomes.
3. Obtaining credit of income taxes paid in India against taxes payable in the country of tax residence (where the NRI resides) as per the Double Taxation Avoidance Agreement (DTAA).
➡️ What are the due dates of filing Income Tax Return in India for an NRI?
For Financial Year 2019-20, the last date of filing Income Tax Returns is 31st December, 2020.
Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.
For further details, contact us:
Ashutosh NRI Services
Mobile: +91 70435 93388 / 70430 88859
Email: nris2@ashutoshfinserv.com
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