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Zack Andrew
Joined: May 16, 2014
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Balley Price Holdings:Tips for NRIs for filing tax returns│BP Holdings Tax Management
May 16, 2014
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The income earned by non-resident Indians abroad is not subject to tax in India. However, if their
income in the country crosses the basic exemption limit of Rs 2 lakh, they are required to file
their returns. This income could be in the form of interest on deposits, rental income on property
in India, etc.
Also, if NRIs carry out transactions in securities like shares and mutual funds, the capital gains
are liable to tax and, hence, the return must be filed. The due date for filing returns by NRIs is
31 July.
When to file
The returns have to be filed if the income exceeds the taxable limit, or to claim refund if the tax
deducted at source is more than the tax payable, or to claim the amount set off against capital
losses.
Documents
The documents to be submitted include the passport to show the number of days spent outside India to
qualify as an NRI. Besides this, the NRIs need to provide the statements for the demat accounts, for
the transactions and bank accounts held in India, as well as the TDS certificates received from
other parties.
Exemptions
The NRIs can also claim exemptions available to individuals under the Income Tax Act (unless
specifically not applicable to NRIs), such as Section 80C, with respect to certain investments,
payment of principal on housing loan, etc. The taxable income can be reduced by availing of these
exemptions.
Filing alternatives
The NRIs can file their tax returns online on the Income Tax Department e-filing portal.
Alternatively, they can use other private, paid e-filing portals to do so, or even take the help of
tax advisers.
Points to note
It is not necessary for an NRI to file tax returns if the total income during the relevant financial
year consists only of investment income or long-term capital gains, or both, and the tax has been
deducted at source from such income.
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