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If you are a NRI having taxable income in India exceeding Rs. 5,00,000/- in the financial year 2012-13, you have to file your tax returns through e-filing. As a NRI, you have to file your tax go back if your income was above the basic exemption limit. July is the time for filing income returns in India. The income tax department has introduced two changes this year which you should know. These changes are applicable to residents as well as non residents. The first change: E-filing mandatory if income exceeds Rs. 5, 00,000/- Till last year in case of tax returns up to the financial year 2011-2012, e-filing of returns where the taxable income exceeded Rs. 10, 00,000/- was mandatory. But from this year, the limit has been decreased. In case you have taxable income in India exceeding Rs. 5, 00,000/- in the financial year 2012-13, you have to e-file your excise returns. The Central Board of Direct Taxes (CBDT) has issued a notification making it mandatory for the tax payers. You can do it on your own using the system of online e-filing or take the help of professional tax preparers. The income tax department has given a free method to file your income due returned online. If you want a user friendly method, e-filing system is a good choice. Many of the professional tax preparers offer special packages for the NRIs. If you are uncomfortable with filing your return by yourself, you have the option to seek for professional assistance. You can go for their advice together with help in e-filing your tax return. The second change: Matching tax credits – From this year, the Department has provided a new system through which one can match his or her income tax credits with the actual tax return. The tax credit statement can be availed through Form 26AS which provides the details of the deducted taxes on your behalf or those taxes which you have paid during the year. Your tax return file should match exactly with the details provided in the Form 26AS. If it does not match, you will receive a notice to show cause from the Department asking for clarification. There can be two reasons of the mismatch. Firstly, there might be an error on the part of the tax deductor. There can be a wrong quoting of the PAN number or a delayed deposit of the tax deducted. In such cases, you should contact the tax deductor and ask him to correct the mistake. The other reason might be entering wrong details at the time of filing your tariff return. You can correct this error by matching it with the Form 26AS which is generated through the Permanent Account Number (PAN). The Form 26AS can be accessed in many ways. One can easily view the form on the website of the Income Tax Department. One must always keep in mind that the income tax return form is such a declaration which is legally binding upon him and any kind of ignorance or casual mistake is similar to “concealment of income”. ITR Today is growing as a leading website to provide updates on filing taxes online, income tax rules for NRI and tax liabilities NRI. Get your tax related queries answered by our income tax consultants.
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