An NRI (non-Indian resident) is either an Indian national or is of Indian descent but does not dwell in India. Taxable income in India determines whether or not NRIs are required to file an income tax return.
For tax reasons, a person's physical presence in India determines residency. For tax purposes, NRI residency can be defined in three ways:
The Income Tax authorities determine whether a person is a resident of India for a specific financial year based on the above criteria.
Yes. Non-resident Indians (NRIs) who earn taxable income in India must file an income tax return in India. A good illustration of this would be an NRI who owns a house in India and has a rental income that surpasses the exemption level. NRIs are taxed on the following income streams:
Only after a tax return for the year in which the loss occurred has been submitted are losses from that year allowed to be carried forward and offset against future income. NRIs must therefore file their income tax forms on time. If the return isn't filed within a year of the end of the applicable financial year, a penalty of Rs 5,000 may be assessed. Finally, a penalty interest of 1 per cent per month on the outstanding tax is charged for late Filing.
Only if the specified conditions are met can an NRI be exempt from filing an Indian income tax return. It is determined that the NRI's total income for the year shall only come from investment income. Capital gains held for a long time are not taxed. Income tax should have been deducted at the source in both cases.
The individual must submit NRI income tax returns on or before July 31 after the fiscal year. However, if the NRI is a working partner of a firm whose accounts must be audited, the deadline is September 30. A belated return can be filed by taxpayers who have missed the due date.
Online tax returns for NRIs are simple to complete.
SK Tax Law Firm is a well-known provider of Income Tax Return Filing for NRI or Non Resident Indian. Please make an appointment with one of our specialists to discuss your Nonresident Indian income tax return. GST Registration, GST Return Filing, Income Tax Filing, Trademark Filing, Private Limited Company Registration, and many other services are available. Please get in touch with us for further information on the Filing of income tax return by Nonresident Company. If you have any questions or need to contact us, please email us at info@sktaxlawfirm.com or phone us at +91-9719586772.