Are NRIs required to File Income Tax Returns in India?
Posted on October 01 2020
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Most Non Resident Indians (NRI / PIO / OCI) have NOT been filing their Income Tax Returns in India due to various reasons like ignorance or deliberate tax evasion.
Most Non Resident Indians (NRI / PIO / OCI) live in bliss and assume that they donot require to File their Income Tax Returns in India because they are Non Resident Indians (NRI / PIO / OCI).
Nowhere in the Income Tax Act does it say that a Non Resident Indian (NRI / PIO / OCI) is exempt from Filing Income Tax Returns in India. What the Income Tax Act says for Non Resident Indians (NRI / PIO / OCI) many sources of Income are exempt from Tax. Hence, what this means is that in most cases for Non Resident Indian (NRI / PIO / OCI) may not be liable to pay Income Tax in India, however they may be liable by law to File their Income Tax Returns. We have also seen that most Non Resident Indians (NRI / PIO / OCI) when they actually File their Income Tax Returns in India, get a Income Tax Refund rather than having to pay taxes. However it is advisable to check with a competent and qualified Chartered Accountant on the applicability of laws to yourself as this will differ from person to person.
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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