Non-resident Indians or NRIs are required to settle taxes for their incomes earned or accrued in the country according to the Section NRI Taxation under the Indian Income Tax Act, 1961. The taxation rules and benefits allowed to the NRIs are different from those entitled to resident Indians. The last date to file income tax return in India is July 31st of the assessment year for NRIs.
There are several criteria and procedures applicable to file for income tax returns for NRIs such as –
Documents needed for the application of Import Export Code Registration:
It is important that NRIs declare absolved revenues such as long-term capital benefits on catalogued guarantees, dividends on FCNR/NRE investments, gains on duty-free bonds and interests, qualified allowances collected, etc. Also, NRIs who don’t have an Indian bank account are required to provide details of their foreign bank account when applying for a refund or compensation while filing income tax returns. NRIs who have a total income of Rs. 50 lakhs and above are obligated to provide the details of their movable and immovable assets situated in India and the equivalent liabilities according to Schedule of Assets & Liabilities (Schedule AL) while filing ITR.
How Eaccountspro can help you?
Our tax experts and advisors will help set up a seamless process for data collection to prepare your return as required. Whether you are an Indian resident living in a foreign country, a resident individual who has recently moved abroad, a resident individual on a temporary foreign job or assignment, an NRI who has recently moved back to India, or an Indian resident with global income, we can help you file accurate income tax returns. At Eaccountspro, you can also take the assistance of our consultation service to address all your doubts and queries regarding NRI taxation.