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Are you a non-resident Indian who lives outside India and earns an income in India through the sale of property or by any other means? Our team of Chartered Accountants can help you file your tax returns on such income in no time!
Form 16 from your company
Form 26AS Tax Credit Statement
TIS
Bank Statement -NRE/NRO A/C (if any)
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Provide all the required information and relevant documents, as mentioned above.
Consult with our experts to get answers to all your tax-related queries.
Our Chartered Accountants will file your ITR as per the details shared by you.
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Enter the otp and Verify your return
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See if their any notification for you regarding ITR or Doucments verification
Once your filing is complete, you can track the filing status.
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Click on the ITR Return Status
If you've paid a higher income tax than your actual tax liability, you should file income tax returns to claim a refund. After verification, you’ll get the refund directly into your bank account!
Applying for a Visa to visit a foreign country? You'll most likely have to submit your ITR so the embassy can analyse your income and tax status.
Your income stability is critical for the lenders. This is why you’ll have to submit your ITRs of at least 3 consecutive years when applying for loans.
You should file your income tax returns every year before the due date to avoid any penalties or other severe consequences.
The total income of an individual must not exceed Rs.50 lakh. His/her source of income must be:
Salary
One Hopuse Property
Other Sources Of Income, I.E., Interest Income, Dividends, Etc.g
Agricultural Income Up To Rs.5,000 Only.
Individual Must Be Ordinarily Resident In India.
A salaried individual can file his/her tax return using the ITR-2 form if:
Has A Total Annual Income Of More Than Rs. 50 Lakh.
Is A Director Of A Corporation.
Owns Unlisted Equity Shares.
Is Owning Assets Outside Of India Considered Income From Salary, Multiple Homes, Capital Gains, And Other Kinds Of Revenue.
Is A Member Of The Hindu Undivided Family (HUF).
A Resident Or A Non-Resident (Both Ordinarily Or Not Ordinarily).
by an individual or a Hindu Undivided Family having income from the following sources are eligible to file ITR-3:
Pursuing A Profession Or Business.
Invested In Unlisted Equity Shares During The Fiscal Year.
An Individual Director Of A Firm.
The Return Could Include Earnings From Rental Property, Salaries, Pensions, And Other Sources Of Income.
Income Earned As A Partner In The Company.
Individuals, HUFs, and partnership firms having the following total annual income are required to file Form ITR 4:
Business Income As Per Section 44AD Or Section 44AE.
Earnings From A Profession As Determined Under Section 44ADA.
Having A Salary Or Pension That Is Up To Rs. 50 Lakh.
Income From A Single Residential Property Earning Up To Rs. 50 Lakh (Including The Brought Forward Loss Or Loss To Be Carried Forward Cases Under This Head).
Up To Rs. 50 Lakh In Income From Other Sources (Including Winning From The Lottery And Income From Horse Races).
Your residential status plays a significant role in determining your tax liabilities in India. As per the Income Tax Act, you are considered an NRI if you stay in India for less than 182 days in a financial year. Or You resided in India for two months (60 days) the year before and for a full year (365 days) the prior four years.
However, if you are a citizen of India and have left the country for employment or business purposes, your residential status will be determined based on your period of stay in India over the previous four years. You can handle your tax obligations in accordance with your residential status with the assistance of our team of professionals. You can handle your tax obligations in accordance with your residential status with the assistance of our team of professionals.
The Resident but Not-Ordinary Resident (RNOR) status in India is granted to people who meet the residency requirements but haven't lived in the country for at least 730 days in the previous 7 fiscal years or haven't resided there for 2 out of the last 10 fiscal years. This indicates that for taxes reasons, the person is not an ordinary resident of India.
For the purpose of calculating an individual's tax liability in India, RNOR status is important. The tax incentives available to RNORs include lower tax rates on income earned in India and exemption from taxes on international income.
Salary income: Any income earned from a job or employment in India is taxable. This includes salary, bonuses, allowances, and perquisites.
Rental income: The rental income earned by NRIs who own property in India is taxable.
Capital Gains: Foreigners who earn capital gains in India have to pay tax on those gains. This includes gains from the sale of property, shares, mutual funds, and other assets.
Interst income: NRIs are required to pay tax on any interest income earned in India. This includes interest earned on bank deposits, fixed deposits, and other financial instruments.
Business income: NRIs who have a business or profession in India are required to pay tax on the income earned from the business or profession.
Being an NRI, you are obligated to pay tax on income earned in India. This includes income from salary, house property, capital gains, and other sources. However, this is not applicable to the income earned outside India. The tax rate on NRI income is similar to that for resident Indians.
Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts are two types of bank accounts that are available to non-resident Indians (NRIs) for holding their foreign income and earnings in India. Here's how they are relevant in tax filing:
An NRE account is a bank account that can be opened by an NRI to deposit his/her foreign income earned outside India. The income earned in an NRE account is exempt from Indian income tax. Therefore, the interest income earned on an NRE account is not taxable in India and does not need to be included in the NRI's Indian tax return.
NRO account: An NRO account is a bank account that can be opened by an NRI to hold his/her income earned in India, such as rent, dividends, and other income. The income earned in an NRO account is taxable in India. Therefore, the interest income earned on an NRO account is subject to Indian income tax and needs to be included in the NRI's Indian tax return.
ITR-1: For individuals with income up to Rs. 50 lakhs and income from salary, one house property, and other sources.
ITR-2: For individuals with income from salary, multiple house properties, capital gains, and foreign income.
ITR-3: For individuals with income from business or profession.
ITR-4: For individuals with income from a presumptive business.
Popular Blogs of Income Tax Return ( E-Filing)
Frequently Asked Questions
An individual is considered an NRI for tax purposes in India if they stay in India for less than 182 days in a financial year. Additionally, individuals who have resided in India for less than 60 days in the previous year and for less than 365 days in the preceding four years are also categorized as NRIs.
NRIs are required to pay tax on income earned in India, including salary income, rental income, capital gains, interest income, and business income. However, income earned outside India is generally not taxable in India.
RNOR status is relevant for tax purposes in India, and it applies to NRIs who meet specific conditions related to their period of stay in India. RNORs are entitled to certain tax incentives, including lower tax rates on income earned in India and exemption from taxes on international income.
Yes, NRIs are eligible for deductions and exemptions similar to resident taxpayers. They can claim deductions under various sections of the Income Tax Act, such as Section 80C for investments, Section 80D for health insurance premiums, and Section 80E for interest on education loans.
NRIs can hold two types of bank accounts: Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. The income earned in an NRE account is exempt from Indian income tax, while the income earned in an NRO account is taxable in India.
If an NRI's total income in India falls below the basic exemption limit (currently Rs. 2.5 lakhs for individuals below 60 years), and they have no tax liability, they may not be required to file a tax return. However, it is advisable to file a return to stay compliant and to claim any eligible refunds.
NRIs should choose the appropriate ITR form based on their sources of income and residential status. For example, ITR-1 for income up to Rs. 50 lakhs, ITR-2 for foreign income and capital gains, ITR-3 for business or profession, and ITR-4 for presumptive income.
Yes, NRIs can file their tax returns online through the official Income Tax Department website (www.incometaxindiaefiling.gov.in). They can select the appropriate ITR form, fill in their income and deductions details, and submit the form electronically.
NRIs need to have their PAN card, Form 16 (if applicable), bank statements, TDS certificates, investment statements, property documents (if applicable), and foreign income documents, such as Form 16A or foreign tax credit certificate.
The deadline for NRI tax filing in India is the same as for resident taxpayers. The due date is July 31st but it may be extended to a later date by the government.
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