Tax Filing in Kolkata for NRI
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If you are a non-resident Indian who has lost contact with your birthplace but still receives money from your land or property back home, you must file an income tax return in conjunction with your visits back home. Revenue earned and received in a foreign nation, as well as money remitted back, cannot be taxed if you are a non-resident Indian. However, if your profits in India (in the form of interest from savings accounts, fixed deposits, or leasing income) exceed Rs. 2,50,000, you must file your taxes online. NRI tax filing in India is crucial since it establishes your residency status and determines whether you are required to file an income tax return in India. As a result, your residential status is determined by the number of days you spent in India within a given financial year. All of your questions have been answered to the best of our ability. Learn everything you need to know about NRI tax filing in India. Important Details And Clauses About Tax Filing Does an NRI need to file income tax returns in India? NRI or not, any person whose earnings exceed Rs.2, 50,000 is obliged to file an income tax return in India. However, make a note that NRIs are only taxable for revenues collected in India. Is the income earned abroad taxable? In India, an NRI's income tax is determined by his residency status for the year. If you have an 'NRI' status, all of your income generated or accumulated in India is taxed in India. Revenue earned or accumulated in India includes income acquired in India or earnings for services rendered in India, revenue from a property located in India, capital gains on the sale of an asset based in India, interest on a savings bank account, and earnings from fixed deposits. For an NRI, these profits are taxable. Earnings earned outside of India or in another country are not taxable in India. The interest earned on an NRE or FCNR account is tax-free. NRO, on the other hand, has a high rate of interest. When is an NRI supposed to file his return of income in India? Similar to any other individual taxpayer, an NRI should file his return of income in India if his total gross income received in India goes beyond Rs 2.5 Lakhs for any financial year. Moreover, the due date for filing income tax return for an NRI is 31 July of the assessment year.
As an NRI (Non-Resident Indian), if you have earned income in India, you may be required to file an income tax return in India. The process for filing tax returns from Kolkata is similar to other parts of India. Here are the steps you need to follow:
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Determine your residential status: The first step is to determine your residential status as per the Indian Income Tax Act. As an NRI, you are considered a resident of India if you have spent 182 days or more in India during the financial year. If you have spent less than 182 days in India, you are considered a non-resident.
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Gather your documents: Collect all the relevant documents related to your income, such as salary slips, bank statements, rent receipts, and any other income sources.
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File your tax return: You can file your tax return online through the income tax department's website or through a chartered accountant. If you choose to file online, you will need to register on the income tax department's website and provide your PAN (Permanent Account Number) and other personal details. Once registered, you can file your tax return online by uploading your Form 16 or other income documents.
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Pay your taxes: If you owe any taxes, you can pay them online through the income tax department's website or through a bank. You will need to provide your PAN and the assessment year for which you are paying taxes.
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Verify your tax return: After filing your tax return, you need to verify it either electronically or by sending a signed copy to the income tax department. You can verify your return electronically through Aadhaar OTP, net banking, or through a registered mobile number and email.
It's essential to file your tax returns on time to avoid any penalties and to stay compliant with Indian tax laws.
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