NRI Tax Compliances

      Non Resident Indians are subjected to pay tax only on income earned or accrued within India, any income earned or accrued in any foreign country is generally exempt. Depending on your selected Tax regime mandator tax return filling is required if total Indian income exceeds the basic exemption limit, typically 2.5 lakh rupees or 3 lakh rupees.

        Your Tax liability depends on your physical stay in India during the financial year. You qualify as an NRI if you are outside India for 182 days or more, or if you are in India for the less than 60 days in a given year.

Your Tax Liability in India as Indian sourced income are as follows Rental Income, Capital Gain and Bank Interest. 

• Key Compliance that the NRI should follow while filling Income Tax Return is he must file on the standard due date 31st July of the assessment year.
• NRI should also keep in mind which form should be used while filling Income Tax Return.
• NRI should pay Advance Tax if his Indian Tax Liability exceeds Rupees 10000 in the financial year.
• NRI Tax payers are required to deduct TDS on Rent, Property, sales or NRO Interest. If TDS exceeds your actual tax liability, he must file an Income Tax Return to claim refund.
• NRI can also claim relief under Double Taxation Avoidance agreement if he pays tax in both the countries that India and resident country.