4 Easy Steps to deal with Notice Received for Non-Filing of Income Tax Return (NMS Notice) for a (NRI / PIO / OCI)
Posted on October 01 2020
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1. If you are a Non Resident Indian (NRI / PIO / OCI) and you have got an Income tax Notice for non-filing of your Income Tax Return from Compliance Management Cell, first you need to understand why you have received this Notice and for which years is the Income Tax Notice for.
2. Either after logging into your account on the e-filing portal of the Income tax Department or by the physical Notice that you have received, you will be able to see the details of the Assessment Years for which the Return has not been filed and for which years the Notice has been issued to you and what are the critical information and transactions information that has been received by the Income Tax Department (ITD).
3. Once you have had a look at the details you will need to determine if there was any tax liability other than the transaction mentioned. There may be only one or two transactions mentioned in the NMS Income Tax Notice for a Non Resident Indian, however you will need to determine any other liability or transaction that you have possibly done which could have had a tax liability in that particular Year.
4. Once you have made the Computation and done your Accounts to be sure of the Tax liability or the NIL Tax liability, you can go ahead and pay the taxes and file the Returns and/or submit the compliance.
It may be essential and important to avail the services of a Chartered Accountant who is well versed with Non Resident Indian (NRI / PIO / OCI) Taxation and DTAA provisions of the Income Tax to enable you to file the correct Returns and compliance and save you heart burn later.
There are provisions of a penalty of 100% to 300% of the Tax payable for un-disclosed, under declared or un-reported income.
In case you have already filed your Income Tax Returns:
If your Indian Income Tax Returns have already been filed, the information is generally automatically captured by the Income Tax Department and the Compliance Management Cell or you can update and send the details of such filing like the Date of filing return, Acknowledgment Number and Circle or Ward and City and send it to the Income Tax Department.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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