Tax Filing in India for NRI

Overview 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 exceeds 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 a '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.     Are taxes supposed to be deducted whenever payments are made to NRIs? NRIs are only taxed on incomes earned in India. As a result, you will have to pay taxes on profits produced in India as well as earnings accumulated through FDs or savings accounts while making payments to NRIs. What are essential Income - Tax Exemptions and deductions NRIs can avail of in India? NRIs can benefit from the similar tax deductions under section 80C that are accessible to resident Indians. For example, you can assert deductions on premiums paid on term deposits, for life insurance, pension schemes, and the like. I am an NRI and I obtain a rental fee from a flat that I own in India. I am employed in the US, and I receive a salary income in the US. What income should I offer in India? Leasing revenue from property in India is defined as income earned and assessable in India, regardless of whether or not the tenant is a resident. This lease income is subject to taxation. However, you are not legally accountable for paying tax on it if your total taxable income does not reach the maximum amount (not due to tax). You are not totally responsible for the gross rental fee received. A variety of deductions are available when assessing the assessable value of leasing income. Is an NRI assessable to the tax on the income he obtains in India, in his country of residence? What is the role of the Double Taxation Avoidance Agreements (DTAA) here? The Double Tax Avoidance Agreement allows NRIs to avoid paying double tax. Non-resident Indians who live outside of the country yet make money in India are a common occurrence. In such cases, it is likely that the money earned in India will be taxed both in India and in the nation where the NRI resides. This would imply that they would have to pay tax twice on the same earnings. NRIs, on the other hand, can take advantage of a mechanism called the Double Tax Avoidance Agreement (DTAA) to avoid doing so. I am an NRI aged 65 years. Do I have to file a return even if my total gross income is Rs 2.8 Lakhs during a year from India? Of course, if they have chargeable earnings in India, NRIs are required to file an income tax return. However, while having income in India, an NRI is only required to file an income tax return if the previous year's total revenues consist only of income from long-term capital gains, investment income, or both, and income tax has been deducted at the source.    Documents Required ? The income tax return you file is an ‘annexure less’ return, i.e. no documents or proofs are required to be attached with the returns. The Income Tax Act specifies obtaining certificates and proofs to claim deductions, which makes it ambiguous for the taxpayers as to whom they must hand over those certificates and proofs.  ? The taxpayers must preserve those certificates and receipts for future references and need not attach or send them to anyone. In case an assessing officer (AO) sends a notice asking for documents or clarification about the transactions mentioned in the returns, the taxpayer will have to submit the proofs to the AO.  Steps For Registration 1. Place your order through the NRIWAY website, as directed on the portal 2. Your documents would be tracked and uploaded on the portal 3. The Verification for documents would be conducted and a quotation would be raised accordingly 4. An interim or advance payemnt would be raised  5. When the payment is made, the order starts getting processed  6. Final payment and unmaksed copy uploadIing is processed 7. Shipping charges raised for international order (domestic order shipments are free)  8. Order is dispatched    Procedure   Tax Filing in India for NRIs can be done online with no trouble. In addition to e-filing, they can also register through the following ways: ? Furnishing the income tax return in a paper form ? Furnishing the income tax return by electronic means using the digital signature ? Transmitting the income tax data in return by electronic means by making use of an electronic verification code ? Sending the data in return by electronic means and from then on submitting the verification of the income tax return in Return Form ITR-V   Benefits of registering with us  ? The services at NRIWAY are rendered by  professionals in the required sector who have developed knowledge and skills through fieldwork to its customers. ? Agents' processes are thorough and accurate, ensuring that the final customer receives the finest possible result.  ? NRIWAY offers a cost-effective solution to the customer's various paperwork requirements for attestation of marriage certificates. ? All customers' service prices are the same at NRIWAY. As a result, there is no room for deception or prejudice in terms of services or costs.  ? Through two-way communication, NRIWAY focuses on developing strong and healthy relationships with its clients. Another advantage of using this platform is NRIWAY's customer assistance function, which is available through the forum.   Please note that: ? Client shall be accountable to provide all necessary credentials to us while we will help the customer in obtaining the educational documents and certificates. ? Depending on the complication of the job, our fees may show a discrepancy. ? Any extra costs incurred would be borne by the customer. ? NRIWAY cannot be held accountable for any technical delays or postponement due to inadequate or delayed information or certification provided by the customer. ? Additional documents may be required depending upon the customer’s location.   

Testimonials

NRIWAY did a thorough and professional job with helping me procure my birth certificate. The process was very smooth. A special thank you to Suraj for answering questions and providing guidance. The process to upload documen... Read More

Deepa Shenoy

Birth Certificate

NRIWAY helped me get my single status certificate. I am so grateful for the efforts of Mr. Rizwan. My single status certificate was not easy not get as I was NRI my whole life; however Mr. Rizwan was able to get it for me fo... Read More

Hagid Chida

Single Status Certificate

I greatly appreciate and very thankful for this service. I was in US and in a condition were I couldn't come to India and go around the Universities to get my transcripts and couldn't request any friends to get this work don... Read More

John Gantela

University Transcript

×

Testimonial

NRIWAY did a thorough and professional job with helping me procure my birth certificate. The process was very smooth. A special thank you to Suraj for answering questions and providing guidance. The process to upload documents is also very efficient. I would highly recommend NRIWAY.

×

Testimonial

NRIWAY helped me get my single status certificate. I am so grateful for the efforts of Mr. Rizwan. My single status certificate was not easy not get as I was NRI my whole life; however Mr. Rizwan was able to get it for me for a very reasonable price. I recommend their services, very reliable.

×

Testimonial

I greatly appreciate and very thankful for this service. I was in US and in a condition were I couldn't come to India and go around the Universities to get my transcripts and couldn't request any friends to get this work done.

FAQs