NRI Taxation efiling of Return

25/02/2016

NRI living in UAE- Tax implications in India- Things to know- www.filingitrs.com

18/02/2016

How NRIs can avoid common tax blunders- Every NRIs working abroad should know that- very important to learn- www.filingitrs.com

13/02/2016

http://www.thenational.ae/uae/indian-expats-in-uae-reminded-that-the-tax-man-back-home-wants-his-due

Some non-resident Indians assume that if they live outside their home country they are not liable to be taxed on investments and income in India.

02/02/2016

If you have moved abroad recently, you may be worried about ensuring your tax compliance in India for financial year 2014-15. Whether an individual has to pay tax and file a return in India depends upon his/her residential status.

Let's first understand how residential status is determined. You need to find out your residential status in financial year 2014-15.

You are a non-resident Indian (NRI) if you have spent less than 60 days in India. If you are an Indian citizen leaving India for a job abroad or as crew on an Indian ship and you have spent less than 182 days in India, you will be considered non-resident. The time limit of 182 days is also allowed to persons of Indian origin (PIO) who come on a visit to India. Let's say you have spent more than 60 days but less than 182 days in India, in such a case if you have spent a total of 365 days in the past 4 years in India, you will be considered a resident.

There is also a third category - a resident but not ordinarily resident, also referred to as RNOR. The tax implications for RNORs and NRIs are largely similar.

31/01/2016

Why Should NRIs File the Income Tax Return?

NRIs are not liable to pay tax on the income, earned outside India. However, they can file a ‘Nil’ return to maintain their credibility with Income Tax Department of India.

If NRIs have income earned in India which exceeds the maximum threshold permissible, it is mandatory to file Income tax return.

Income tax return is a Government record and is required to obtain any loan from Banks/ Financial institution in India.

If a NRI has more than one house property in India whether let out or not, all of them,except one, will be deemed to be let out and it is mandatory to file the return showing the fair return out of that property.

To get the refund on tax deducted at sources (TDS) towards rental income, interest or any other income that accrue and/or arise in India.

To carry forward losses and set off against the income that accrue and arise in the following years, which is chargeable to tax.

NRI has to file return, when he/she has short term or long term capital gains from any investments or assets (even when the gains are less than Rs 2,50,000) to avoid prosecution under sec. 276cc.