➡️ 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:
1️⃣ 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)
2️⃣ Following categories of persons irrespective of the income:
▪️ Deposited an amount exceeding Rs.1 crore in current account/s by any mode during the year or
▪️ The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year or
▪️ If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or
▪️ If his total gross receipts in profession exceeds ten lakh rupees during the previous year; or
▪️ If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or
▪️ Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or
▪️ Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from Indian bank account/s for himself or any other person.
3️⃣ Any taxable capital gain realized in India (Irrespective of basic tax slab exemption i.e. 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?
▪️ Claiming refund of any taxes which have been withheld (TDS deducted).
▪️ Carry forward losses for claiming set-off against future year incomes.
▪️ 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 2021-22 ended on 31st March, 2022, the last date of filing Income Tax Returns is 31st July, 2022.
Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.
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