Tuesday, 6 September 2016

Why NRIs have to file tax return in India?


·         If an NRI has to claim a refund, then he or she must have to file a return. This may happen where the tax deducted at source is more than the actual tax liability e.g. a bank may deduct the tax on an NRO fixed deposit at 30.9% but as per Double Taxation Avoidance Agreement (DTAA) this income may be taxed at lower rate, or say if income for the year was below the exemption limits but the bank deducted tax at source on interest amount, a refund can be claimed by filing a tax return. Prior to your move, you spent a few months in India and earned salary in India, your employer has provided you a Form 16 and all taxes are duly deducted by your employer. For an NRI, it is must to file a tax return in India, if his or her gross income from this employer and including all your incomes in India for the entire financial year exceed Rs 2, 50,000. Business registration in gurgaon


If you have a house property in India you might need to file a return. "You own two or more than two house properties in India, though none of these is let out. There is no rental income. In such a case - as per Income Tax Act - only one house property shall be considered to be self-occupied and its income shall be considered nil and all others will be considered deemed to be let out properties and therefore you will have resulting Income from House Property and you will be required to file a return in India." 

For more information: http://bit.ly/1Mduzbi

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