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It is the digital era today and the world is fast treading on the path of complete digital transformation. Completing tasks online has now become a lot simpler and transparent today. Alankit Management Consultancy rightfully employs the skills of its experts who cater to the needs of NRIs thus making online filing of income tax returns of the taxpayers easy. It makes it much simpler and efficient for the citizens, while rendering the best professional advisory services as required.

Be it an NRI or a Local Resident, any Individual with an Income that exceeds INR 250,000/- during last Financial Year is required to file an Income Tax Return in India.

Why to file return?

NRIs must file their income tax returns when they:

  • Want to claim a refund
  • Have a loss that they want to carry forward
  • Want to submit any authority or financial institution
  • To avoid any penalty from income tax department and compliance with tax authorities

Even in case when an individual’s income level is not eligible to be liable for the compulsory filing of ITR, it is still preferable to be wise enough and do so on your own in order to keep all your past records in place as well. There can be many benefits of having your ITR in place such as for showing as proof of income at the time of taking a loan or when applying for a visa at the time travelling to an international destination.

Advantages of filing ITR

  1. Ensuring compliance is taken care off with Income Tax Authorities by filing returns on time thus making oneself Genuine, Responsible, Proud Citizen of India
  2. Enhances the chances of getting a Loan, especially Home Loan / Personal Loan
  3. Reduces the chances of getting Legal Notices if one is filing Returns every year
  4. No need to worry especially when you are NRI returning back to India for good after retirement

Who is responsible for filing ITR?

For the following category of people, it is mandatory to file their returns before the latest stipulated timeline, as defined by the Govt.

  • Individuals having a gross total income more than basic exemption limit in financial year.
  • All NRIs with the exception of those covered under the section 115AC having taxable income
  • People having suffered any loss from a business or profession or a capital loss
  • Any resident having signing authority in an account which is located outside India
  • Any individuals, HUF, AOP, BOI, having taxable income or with taxable income before making the deduction under the section 10A or 10B or under the chapter VIA when surpassing the limit of exemption
  • Anyone claiming relief under the sections 90 or 90A or deduction under the section 91
  • Anyone who does not have taxable income and deposited TDS or any kind of advance tax payment should file their ITR to get a refund.

What information needs to be provided in the tax returns?

General Information

  • PAN Number
  • Passport Number
  • Aadhaar Number, only if Resident
  • E-mail Address & Mobile no.
  • Residential Address in India / Abroad

Details of income received or earned in India

Interest Income

  • Interest from Bank Accounts – NRO / NRE Bank Account Statement, TDS Certificate (Form 16 A) & Interest Certificate from the Bank
  • Interest from Fixed Deposits – FD Advice, TDS Certificate (Form 16 A) if NRO FD, Interest Certificate or FD Statement from the Bank
  • Interest on Securities – Interest Certificate & Bank Statement or Supporting Interest Statement from Broker

Rental Income

  • Actual Rent Received – Rental Agreement with the details of the Tenant and the amount of rent every month.
  • Municipal Taxes Paid by the Owner – Receipt/ Bill Copy.
  • TDS Certificate – in case of getting rent from the company.
  • In case the property is co-owned – Co-owner’s name, Percentage of the Ownership & the Agreement of Purchase, indicating the details of the co-owner.
  • Loan Certificate – In case the loan is taken against the property then the interest certificate issued from the bank, reflecting the Schedule of Repayment with the Principal & Interest Amount to claim deduction.
  • Particulars of Any Other Property Owned– Complete knowledge about the Property, in case its vacant and the expected rent for showing DLOP, in case its not self-occupied.

Capital Gains

1. Capital Gains from Sale of Immovable Property

  • Sale Agreement
  • Purchase Agreement / Allotment letter
  • TDS Certificate (Form 16B) from the Buyer
  • Supporting of the Capital Expenditure incurred for transfer of property such as Stamp Duty, Brokerage, & Cost of Improvements, if any.

2. Sale of Securities

  • Contract Notes
  • Capital Gain / Loss Statement
  • Transaction Statement

Income from Other Sources – Interest Income from PF / PPF Savings Account, Interest Income other than securities, Dividend Income from Indian Companies, Gift received, Royalties Received, Surrender Amount / Maturity Proceeds received from ULIP, etc.

Details of payments made to be claimed under sec 80C/80G/80CCD

To claim deduction from gross total income below details must be required:

  • Payment of life Insurance Premium, PF, NPS, Housing Loan, etc.
  • Donations as per section 80 G
  • Other relevant deduction under section series 80CCC / 80CCD

Other specialized services Alankit provides to NRIS in U.A.E.

15CA / 15CB Certificate

15CB is a CA Certificate for people who wish to repatriate money/ funds from their exclusive NRO Account to NRE Account net of Taxes, if any, and also, to repatriate any amount from India to any of the foreign countries. While the 15CA Form is a declaration of the remitter (Client) in question and then, both of these certificates are handed over to the Bank’s RM so as to complete the Funds Transfer.

TDS on Sale of Property

From June 01, 2013 onwards, whenever any buyer purchases an immobile property (for instance, a building or a particular part of a building or any other land except for agricultural land) that costs over INR 50 lakhs, then, he is required to deduct 1% TDS at the time of paying the seller. This has been clearly mentioned in the Section 194-IA of the Income Tax Act.

Income Tax Advisory

Income Tax Advisory is a premium service which Alankit provides to NRIs living in U.A.E. for the special transactions like Tax Planning, Returning Indian, Estate Planning, Wills / POA Attestation, etc. We have a team of CAs & Tax Experts who will advise you & make sure the necessary compliance is fulfilled.

TRC/ Tax Domicile Certificate

As per the income tax laws in our country, if person is residing outside India for over 182 days in a particular financial year, then he/she is labeled as an NRI. In order to prove that an individual is a non-resident in the country, one ought to get a relevant valid Certificate from the country’s tax authorities/ Finance Ministry of the particular country, wherein one has a permanent residence.

As both UAE and India have now arrived into the Double Taxation Avoidance Agreement (DTAA), in case a person has his/her residence Visa in the UAE, then, he/she is allowed to apply for the Tax Resident Certificate/Tax Domicile Certificate in the U.A.E.

Our competent team at Alankit helps you to apply for the TRC from U.A.E. Tax Authority (Ministry of Finance) at ease.

Information required for applying TRC

For Individuals, below documents are required:

  • Information for the year for which TRC is required
  • Tenancy Contract with Ejari
  • Passport copy along with the VISA page
  • Valid Emirates ID
  • Bank Statements for the last 6 months, duly stamped by the bank official
  • Stay Report from the UAE immigration

For Corporates / Companies, below documents are required:

  • Last year Audit Report
  • Legal Documents such as MOA / AOA
  • Valid Trade License
  • Copy of the Valid Emirates ID & Passport with valid visa of the owners
  • Bank Statements for the last 6 months, duly stamped by the bank official
  • Tenancy Contract with Ejari
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