NRI Income tax return
NRI Income tax return / NRI Taxation Consultant in India services Starting from ₹ 4000/-
- For NRI
- Filing of Income Tax Return
- Expert’s Consultancy
- Documents reviewed by experts
- Comprehensive information
- Simple and Secure online process
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Introduction
Many citizens from India have settled abroad. shifting to other country does not necessarily mean Good-Bye to the Home Country India. Many NRIs have invested in India in the form of Purchase of ancestral land/property Mutual Funds, Shares, Securities, Life Insurance Policies, Unit Linked Insurance Plans (ULIPs), FCNR Fixed Deposit, holding of NRO & NRE Accounts etc. Thus, Non-Resident Indians may still have Incomes in India and need to get PAN card & accordingly file Income Tax Return in India. Non filing of Income Tax Return in India may bring penal consequences in the form of Interest, late fees, penalties, prosecution & attachment of Invested Assets.
Advantages
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Advantage Of NRI Income Tax Return In India
Documents
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Documents For Filing ITR 1
- PAN Card
- Aadhaar Card, if any
- Passport Details
- Form 16 Received By Employer
- Bank Account Details [Copy of Cancelled Cheque]
- User ID and Password of Income Tax Website ( if you don’t have then we will make it for you )
Process
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Procedure Of Filing NRI Income Tax Return In India
1. Complete the Questionnaire
We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of ITR of NRI.
Step 01
2. Review of the documents
All the documents provided to us and the questionnaire will help us to process further for preparation of return of NRI
Step 02
3. Filing of Income Tax Return
We will file further send you the computation for your review and will file your income tax return before the due date and protect you from any penalty
Step 03
4. Acknowledgement
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
Step 04
Information
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Additional Information Of NRI Income Tax Return In India
Income from Salary
Income from salary will be considered to arise in India if you are an employee and render services in India. So even though you may be an NRI, but if you are earning salary in India towards services provided by you in India, it shall be taxed in India immaterial of where you are receiving the income. In case your employer is Government of India and you are the citizen of India, the income from salary, will be taxable even if you rendered services outside the India is also charge to taxable in India.
Rental Payments to an NRI
A tenant who pays rent to an NRI owner must remember to deduct TDS at rate of 30%. The rental income can be received to an account in India or the NRI’s account in the country he is currently residing. If amount is to be sent out of India then tenant must fill-in Form 15CA and submit it online to the income tax department.
Special Provision Related to Investment Income
When an NRI invests in certain Indian assets, he is taxed at the rate of 20%. If the special investment income is the only income that NRI has received during the financial year, and TDS has been deducted on such amount, then there is no need to file an income tax return by the NRI.
Income from Business and Profession
Any income earned by an NRI from a business or profession controlled or set up in India is taxable in India to the NRI.
Income from House Property
Income from a property which is situated in India is taxable for an NRI as per Indian taxability provision. The calculation of such income shall be in the same manner as for a resident of India. The property may be rented out or lying vacant. An NRI is allowed to claim a standard deduction of 30%, deduct property taxes, and takes benefit of an interest deduction if there is a home loan taken by the NRI. The NRI is also allowed a standard deduction for principal repayment under Section 80C of the Act. Further deduction can also be claimed for Stamp duty and registration charges paid on the purchase of a property under Section 80C. Income from house property is taxed at slab rates as per the applicable provisions. Taxability provision for an NRI is in same way as of resident of India.
Income from Capital Gains
Capital gain on transfer or sale of capital asset which is situated in India shall be taxable in India. Capital gains on any investments made in India in shares, securities shall also be taxable in India. If you sell a house property and have a long-term capital gain, then the buyer of such asset has to deduct TDS at rate of 20%. However, you are allowed to claim capital gains exemption by investing in a house property as per Section 54 or investing in capital gain bonds as per Section 54EC.
Income from Other Sources
Interest income from fixed deposits and savings accounts held in Indian bank by the NRI accounts is taxable in India. Interest on NRE and FCNR account is tax-free but interest on NRO account is fully taxable.
Faq's
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FAQs On NRI Income Tax Return
Do NRIs Have to Pay Advance Tax?
If your tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. If you don’t pay your advance tax interest under Section 234B and Section 234C is applicable.
Should NRI file ITR?
NRI is not required to file Income tax return in India if he has no income arising in India. ITR filing is required by NRI if person has earning taxable income in India exceeding the basic exemption limit in India.
Is it mandatory to file Income Tax Return for NRI?
NRI with gross total income exceeding Rs 2,50,000/-, has to file the respective Income Tax Return.
Do I need to file tax in India if I work overseas?
If you are working in a country that has a tax treaty (DTAA) with Indian government, then you will definitely get benefit on Tax liability. If your status is resident then income you earn abroad will be taxable in India. However, if your residential status is NRI, then the income earned or accrued in India by you is only chargeable to tax in India.
Which ITR form is filed for income from rental property for NRI?
NRIs can use ITR-2 form to report rental income earned from Indian property
Can an NRI file ITR 1?
NRI cannot file return of income in Form ITR-1. If an NRI is earning income from business or profession then return is required to be filed in Form ITR-3. And in all other cases, ITR-2 required to file.
What are the criteria for NRI status?
‘Non-resident Indian’ is an individual who is a citizen of India or a person of Indian origin and who is not a resident of India. An NRI status resident can be attained by staying overseas for more than 182 days. A person is said to a resident if he has been in India for more than 60 days in the year in India and 365 days during the four years prior to that year.
Can NRI claim TDS refund?
Yes, if you are an NRI, and your tax liability is less than the TDS deducted from your income, you can file an income tax return to claim a refund.