Income tax Return

  NRI Tax Return Determination of Taxable Income for filing NRI Tax Return in India   The Financial Year 2021-22 is coming to an end and every individual assessee has to prepare and file their Income Tax return in India   on or before the specified due date i.e. 31 st July 2022 unless and until again the pandemic broke out and results in delay in all compliances including Income Tax Return Filing in India. In this writeup, we would be discussing about types of income of NRI which are taxable in India. This would be helpful in filing NRI Tax return in India. In case of NRIs, following income which is earned in India or received in India or accrue or arise in India would be taxable in India namely, 1)       Salary Income Earned in India:   ·          In case NRI has rendered any service in India, it would be taxable in India as it will be considered as income arises in India. Th...

  NRI Tax Return Filing   Whether obligation of Income Tax Return Filing is only on the Residents or whether Nonresidents are also required to their tax return in India? This is a question which comes in the mind of many individuals.   As per the provisions of the Income Tax Act, 1961 ( the Act) every person having taxable income in excess of prescribed amount is required to prepare and file his or her income tax return on or before the due dates prescribed under the act.   Therefore, the obligation of tax return filing is on both the residents as well as non residents. In this write up, we would be discussing about NRI Tax Return filing in India.   Following points shall be kept in mind before filing income tax returns in case of NRIs:   a)      Determination of Residential status   Unlike residents, whose income earned in India as well as outside India is taxable in India, in case of nonresidents, only i...

  Form 15CA and 15CB   NRI Tax Return Like any Resident individuals, sale of property in India by NRIs are subject to capital gain tax on any appreciation made on such property. However, such capital gain tax may be avoided if such capital gain proceeds are invested in the manner prescribed under the Income Tax Act. Further, NRIs can also repatriate the sale proceeds of property outside India after payment of appropriate taxes and filing of form 15CA and 15CB . Such sale of property and relevant capital gain tax on same need to be reported while filing NRI Tax return in India. Similarly, any income earned by NRIs by giving Indian property on rent would also be subject to tax in India after statutory deduction and such income will also form part of NRI Tax return in India. It may be noted that all the transactions in India of NRIs relating to immovable property is governed by the guidelines issued under FEMA and RBI regulations. Any person, not being Indian citizens and...