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After the end of each financial year, the taxable NRI individuals are required to file their ITR with the Income Tax Department. The tax department has specified a due date up to which an NRI can file the ITR. The concept of due date was introduced to ensure timely filing of returns.
Income Tax return is a form for submitting data on income from multiple sources and paying taxes to the Income Tax Department. The return consists of the details of the income and saving investments made by an individual during a financial year.
The taxes collected from the citizens of India are the foundation of the Indian Economy. Under the Indian Income Tax Act 1961, NRI taxation applies to those earning outside the home country. The rules and perks allowed to the NRIs are quite different from those applicable to Indian residents and in this article we will discusshow to file ITR for an NRI in India.
An NRI can be considered as a resident of India for a financial year if they meet the below conditions:
The NRIs should file the ITR online in India if they have a taxable income in India and the tax is applicable to NRIs under the following circumstances of income generation:
Moreover, the losses incurred in the particular year can be carried forward for being set-off against the income of the future year only under one condition, which is when the return of the income for the year of loss has been accordingly filed.
The delayed filing of the return attracts the penalties that can be levied up to Rs. 10,000. So, it is suggested that the NRIs should file the ITR promptly.
The tax liability of an NRI in India depends upon his residential status for the year as per the income tax rule. If the individuals status is resident then his global income is taxable in India, but if the individuals status is NRI then his income earned or accrued in India is taxable in India.
If you are an NRI then study the below steps to get a clear view of what type of income is taxable in India:
Income which is earned outside the geographical boundaries of India is not taxable in India.
Its important that one should file his or her ITR as the due date is approaching. If you are looking forward to experience a seamless process and accuracy with complete confidentiality while filing your ITR, then let Alankit help you in Dubai. We are a team of experience and skilled tax professionals who assures to help you in filing your ITR in an efficient and time saving manner.