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NRI Income Tax Return Filing in Jaipur FAQs on NRI Taxation in Jaipur

NRI Taxation

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Introduction of NRI Taxation

A Non-Resident Indian (NRI) is a citizen of India or a person of Indian descent who is not a resident of India. Residency for the tax is determined based on physical presence in India. Three factors can determine an NRI stay for tax purposes:

First, when a person's stay in India is less than 60 days in a particular financial year

Second, when the stay is more than 60 days but less than 182 days and the total stay in the four years preceding the year in question is less than 365

Finally, when a person leaves India to start work outside India and the stay time is less than 182 days in the departure year.

Return filing by NRI

NRIs should file a tax return in India if they have a taxable income in India. For example, an NRI with real estate in India, earning rent will be required to file a tax return, if the rent exceeds the exemption amount. Taxes apply to NRIs for the following types of income:

Any revenue accruing or coming from India

Income is considered to be increasing or coming from India

Any income earned in India

Income is considered to be derived from India

The losses for a particular financial year are allowed to continue to reduce the revenue for the next financial year only when the return for the loss for the current financial year has been properly adjusted. Finally, delayed reimbursement deducts penalty interest by 1% per month on the tax balance paid. In addition, a fine of Rs 5,000 may be levied if the refund is not lodged within one year from the end of the current financial year. Therefore, NRIs need to complete income tax returns as soon as possible.

Procedure for return filing

NRIs can easily file their tax returns online. In addition to filling out the email, they can file in the following ways:

Providing compensation electronically using a DSC.

Transferring income tax return electronically under the electronic verification code.

Transferring data for electronic return and subsequently submitting the return confirmation via ITR-V Recovery Form.

If the taxpayer uses the ITR-V Form, the inspector must print a copy of the form. A copy, duly signed by the inspector, must be mailed to the Electronic Data Processing Center in Bangalore.

Providing a return in paper form (manual submission of income tax return)

Taxpayers should be aware that manual submission of Income Tax refunds is only allowed for assessee over the age of eighty years. For the testing year 2020-2021, assesses completing ITR 1 and ITR 4 are allowed to complete the return in manual mode.

NRI Taxation Consultant in Jaipur

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FAQs on NRI Taxation

An NRI is not required to file a tax return in India while having an income in India, only if the stated condition is met. The condition stated that the total NRI revenue for the financial year should only include investment revenue. Alternatively, NRI revenues may come from long-term tax-free benefits. However, in any case, income tax had to be deducted from the source income.

NRI or not, anyone with a salary of more than Rs 2,50,000 000 is required to complete a tax return in India.

NRI Income tax return must be submitted on or before 31 July following each financial year. However, the deadline is considered September 30 if the NRI is the active partner of the company whose accounts are required for auditing. However, if the taxpayer misses a deadline, the taxpayer may file a late refund.

Income earned in India is not limited to revenue generated within local borders or national borders. Some income is also considered to have been earned in India although it may have been earned abroad.

No. The dividends announced by Indian companies are tax-free at the hands of shareholders because the distributed dividend tax has already been paid by the company.

Taxes can be reduced by investing in accredited programs and by donating to accredited charities.

You can authorize anyone through the Power of Attorney to complete your return. A copy of the Power of Attorney must be attached along with the refund.

NRIs are required to file an income tax return if they have taxable income in India.
  • If the total income before approving any deductions under section 80 is more than Rs.2, 50,000.
  • In refund case from the department.
  • If you want to make a profit to advance the loss.

Yes, as an NRI you can save taxes by investing in joint ventures. Investing in an equity-linked saving scheme (ELSS) can help you save taxes by providing you with tax exemption benefits under section 80C of the Income Tax Act 1961.

No. However it is useful if you want to get a loan.