Indian Tax filings
At Clear Tax Filer, we have been dedicated to providing our clients with comprehensive and expert assistance with Indian taxation for a few years. Our team of experienced professionals is well-versed in all aspects of Indian tax laws and regulations, allowing us to assist individuals and businesses of all sizes and types with their tax-related needs. Whether you are an individual needing help with your personal income tax return, or a business looking to navigate complex corporate tax laws, our team can provide the guidance and support you need to stay compliant and minimize your tax liability. We specialize in dealing with a wide variety of taxes, including income tax, GST, TDS and more, to provide a complete solution for our clients.
Should NRIs file income tax return in India?
Non-Resident Indians (NRIs) are required to file an income tax return in India if they have any income that is taxable in India during a financial year. This includes income from sources such as salary, rental income, capital gains, and interest income. If the total taxable income for the financial year exceeds the basic exemption limit, then the NRI must file a tax return in India. It’s important to note that even if the NRI does not have a PAN card, they are still required to file their tax returns by obtaining a PAN card or by applying for a tax deduction account number (TAN). It’s always recommended to consult with a tax expert or professional to understand the tax laws and regulations that apply to you as an NRI, and to ensure that you are meeting your compliance requirements.
When is NRI Income Tax Return NOT Required?
An NRI (Non-Resident Indian) is not required to file an income tax return in India if their total income from all sources in India during the financial year does not exceed the basic exemption limit (which is currently Rs 2.5 lakhs for residents under the age of 60, and Rs 3 lakhs for residents aged 60 or above). Additionally, if the NRI has no income from any source in India, they are not required to file an income tax return. However, even if the NRI’s income is below the exemption limit, they may still choose to file a return in order to claim certain exemptions or carry forward losses.
Due Date for NRI Return Filing
The due date for NRI return filing in India is usually July 31st of the every Financial Year. For example, the due date for return filing for the financial year 2020-2021 would be July 31, 2021. However, it’s important to note that the due date for filing return may be extended by the government due to the COVID-19 pandemic. It’s always a good idea to check with the Income Tax Department for the most up-to-date information on the due date for return filing. Also, NRI’s who are required to file their tax return in India and have any foreign assets or signing authority over any foreign account are required to file additional forms like FBAR, FATCA, etc. The due date for these forms may be different from the regular tax return filing due date.