When does NRI have to file Income Tax Return?
Posted on October 01 2020
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Being an NRI then you are required to file your income tax returns if you are implement either of these condition which falls under Section 115G is given below:
· For the financial year 2014-15, your tax income in India for the basic exemption limit was above Rs 2 lakh.
· You have earned short-term or long-term capital gains which is either less than the basic exemption limit from sale of any investments or assets.
·To claim a refund you are required to file your income tax return. You can also submit Tax Exemption Certificate to all your deductors so that the deduction of the tax can be less or nil, as applicable.
There are two exceptions:
· If your taxable income consisted only of investment income (interest) and/or capital gains income and if tax has been deducted at source from such income, you do not have to file your tax returns.
· Long term capital gain earned from the sale of equity shares or equity mutual funds then you are not liable to pay any tax.
· Both NRIs and Resident Indian has a basic exemption limit. For AY year 2015-16 (FY2014-15) is 2 Lakh. If the NRIs crosses this limit then it is required to file the Income Tax return in India.
· NRIs are taxed as per the tax rate and slabs prescribed for resident Indians below 60 years irrespective of whether he is a senior citizen or not.
·If an NRI earns Rs. 2 Lakh capital gain then he is required to pay tax as per the taxable rate, if they have no other income apart from that. Taxable capital gain cannot be adjusted against the basic exemption limit for the NRIs.
NRIs can claim for tax refund if the deduction done is more than the tax liability.
What is the last date for filing India tax returns for NRI?
The last date to filing the income tax returns is the same for both NRIs and Resident Indian. For the financial year 2014-2015 is July 31st 2015. As Resident Indians, the NRIs can delay in filing his income tax returns.
·You can still file your tax returns the by the 31st March 2017 without any penalty, even if you do not have any tax payable i.e., all the tax has been deducted at source.
· You can still file your income tax returns even if you do not have any tax payable by 31st March 2017, but you will be charged an interest of 1%of delaying in filing your returns by the 31st July 2017 till you file your income tax returns.
TaxAssist 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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