Amazines Free Article Archive
www.amazines.com - Monday, January 30, 2023
Read about the most recent changes and happenings at Amazines.com
Log into your account or register as a new author. Start submitting your articles right now!
Search our database for articles.
Subscribe to receive articles emailed straight to your email account. You may choose multiple categories.
View our newest articles submitted by our authors.
View our most top rated articles rated by our visitors.
* Please note that this is NOT the ARTICLE manager
Add a new EZINE, or manage your EZINE submission.
Add fresh, free web content to your site such as newest articles, web tools, and quotes with a single piece of code!
Home What's New? Submit/Manage Articles Latest Posts Top Rated Article Search
Google
Subscriptions Manage Ezines
CATEGORIES
 Article Archive
 Advertising (133540)
 Advice (161598)
 Affiliate Programs (34788)
 Art and Culture (73848)
 Automotive (145696)
 Blogs (75515)
 Boating (9851)
 Books (17221)
 Buddhism (4129)
 Business (1330356)
 Business News (426439)
 Business Opportunities (366506)
 Camping (10971)
 Career (72792)
 Christianity (15846)
 Collecting (11639)
 Communication (115086)
 Computers (241941)
 Construction (38959)
 Consumer (49950)
 Cooking (17081)
 Copywriting (6732)
 Crafts (18205)
 Cuisine (7549)
 Current Affairs (20309)
 Dating (45905)
 EBooks (19703)
 E-Commerce (48251)
 Education (185486)
 Electronics (83521)
 Email (6439)
 Entertainment (159838)
 Environment (28934)
 Ezine (3040)
 Ezine Publishing (5452)
 Ezine Sites (1550)
 Family & Parenting (110993)
 Fashion & Cosmetics (196572)
 Female Entrepreneurs (11852)
 Feng Shui (133)
 Finance & Investment (310587)
 Fitness (106445)
 Food & Beverages (63023)
 Free Web Resources (7939)
 Gambling (30227)
 Gardening (25194)
 Government (10514)
 Health (630002)
 Hinduism (2206)
 Hobbies (44080)
 Home Business (91594)
 Home Improvement (251177)
 Home Repair (46227)
 Humor (4719)
 Import - Export (5456)
 Insurance (45104)
 Interior Design (29606)
 International Property (3488)
 Internet (191022)
 Internet Marketing (146682)
 Investment (22860)
 Islam (1161)
 Judaism (1352)
 Law (80476)
 Link Popularity (4596)
 Manufacturing (20905)
 Marketing (99291)
 MLM (14140)
 Motivation (18233)
 Music (26999)
 New to the Internet (9497)
 Non-Profit Organizations (4048)
 Online Shopping (129731)
 Organizing (7810)
 Party Ideas (11855)
 Pets (38150)
 Poetry (2229)
 Press Release (12687)
 Public Speaking (5641)
 Publishing (7565)
 Quotes (2407)
 Real Estate (126632)
 Recreation & Leisure (95470)
 Relationships (87657)
 Research (16181)
 Sales (80347)
 Science & Technology (110283)
 Search Engines (23510)
 Self Improvement (153286)
 Seniors (6218)
 Sexuality (35999)
 Small Business (49298)
 Software (83021)
 Spiritual (23501)
 Sports (116153)
 Tax (7662)
 Telecommuting (34073)
 Travel & Tourism (308215)
 UK Property Investment (3122)
 Video Games (13382)
 Web Traffic (11780)
 Website Design (56913)
 Website Promotion (36652)
 World News (1000+)
 Writing (35843)
Author Spotlight
NOEL IRELAND

You will feel a different sort of happiness as you associate yourself with any animal, you will be a...more
M HALL

M is an audio designer, photographer, jack-of-all-trades who's decided to add 'freelance writer' to ...more
NATASHA SEAN

Connect with Ask Assignment Help for urgent assignment help, online exam help, a href="https://www....more
ALEX ZWIGGELAAR

A.Zwiggelaar is always interested to improve his life, especially his health, to live a life without...more
AVINASH KUMAR

Avinash Kumar is an Freelance eMarketing enthusiast who loves to help people in developing effective...more


5 Things NRIs need to know when filing Income Tax Returns in India by Ramalingam K





Article Author Biography
5 Things NRIs need to know when filing Income Tax Returns in India by
Article Posted: 01/10/2016
Article Views: 397
Articles Written: 101
Word Count: 687
Article Votes: 0
AddThis Social Bookmark Button

5 Things NRIs need to know when filing Income Tax Returns in India


 
Finance & Investment
The income that NRI earn abroad is not taxable in India. Nevertheless, some NRIs also have an earning in their aborigine country, India in the form of interest from deposits, property rent, etc. This income has a basic limit of exemption, which is Rs2 lakhs. If the NRI earnings from such native sources cross the fixed limit of two lakh, then they should file their tax return.

In addition to the income sources mentioned above, if these NRIs carry out transactions in shares, mutual funds and/or similar securities, the monetary gains from the same are also tax accountable, for which they are supposed to file returns. The due date for this, only in case of NRIs, is July 31.

However, there are certain things that NRIs filing returns must take into consideration. By considering the following practical scenarios, one can ease out his/her tax-return filing process in India.

When should an NRI file for the return?

There are three major criteria for filing the return. These include if their income from the country exceeds the maximum limit permissible as basic exemption, or it can be filed to claim a return if the deducted tax is more than what was payable. To settle the claims for the amount set off as capital losses, one should file his returns.

What all documents do you need as a non-resident Indian?

The documents that one should submit include their passport of the residence country. This shows the total number of days spent outside India for them to qualify as a non-resident Indian. Apart from this, they should provide their de-mat account statements, and the TDS certificates they received from other parties. The statements for de-mat accounts are required for the knowledge of their bank accounts and transactions held in India.

What are the exemptions and the deductions for which you are eligible?

There are certain exemptions in India by which an individual can reduce his/her taxable income. These include certain investments, payment of the principal amount of the housing loan, etc. These exemptions are applicable to NRIs as well. Therefore, for those exemptions that are applicable, the NRIs can claim the same under the Income Tax, such as Section 80C.

There are certain deductions that are specifically not applicable to NRIs. Firstly, NRIs do not benefit from differential exemption limits, based on age and gender, and applicable to resident Indians. Secondly, an NRI’s short-term or long-term capital gains from their investment sale in India, is also not included under tax exemption.

What should you do to claim a refund?

To expect a refund from your filed tax return, you should ensure to put the exact bank details, which includes your account number and the branch MICR code. In case of an online filing of returns, the processing of your refund happens electronically. Therefore, precise bank account details are always helpful.

What are the alternatives available to file returns?

The NRIs can file their return online via the Income Tax Department’s e-filing portal. Alternative to this, they may also use other ways to do the same. This includes taking the help of tax advisors, or by using other private and paid e-filing portals for getting their purpose served.

Some more points to remember

A point to remember is that an NRI, whose total income during the concerned financial year comprises only of investment earnings and/or long-term capital gains, should not necessarily file the returns. Apart from this, if the tax deduction has already taken place at the income source, then too the non-resident Indian may not file the tax return.

With the help of above-mentioned tips, NRIs can simplify the whole process of filing their tax returns in their motherland, India. To have a tax plan and investment plan completely in alignment with your financial goals, you should have a well thought out financial plan.

The author is Ramalingam.K an MBA (Finance) and certified financial planner. He is the Director & Cheif Financial Planner of holistic investment planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He Can be reached at ramalingam@holisticinvestment.in

Related Articles - 5, Things, NRIs, need, to, know, when, filing, Income, Tax, Returns, in, India,

Email this Article to a Friend!

Receive Articles like this one direct to your email box!
Subscribe for free today!

 Rate This Article  
Completely useless, should be removed from directory.
Minimal useful information.
Decent and informative.
Great article, very informative and helpful.
A 'Must Read'.

 

Do you Agree or Disagree? Have a Comment? POST IT!

 Reader Opinions 
Submit your comments and they will be posted here.
Make this comment or to the Author only:
Name:
Email:
*Your email will NOT be posted. This is for administrative purposes only.
Comments: *Your Comments WILL be posted to the AUTHOR ONLY if you select PRIVATE and to this PUBLIC PAGE if you select PUBLIC, so write accordingly.
 
Please enter the code in the image:



 Author Login 
LOGIN
Register for Author Account

 

Advertiser Login

 

ADVERTISE HERE NOW!
   Limited Time $60 Offer!
   90  Days-1.5 Million Views  

 

Great Paranormal Romance


STEPHEN BYE

Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
TIM FAY

After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
LAURA JEEVES

At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
GENE MYERS

Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
LINDA DECANN

Linda DeCann is US based pursuing her career as brand ambassador. Previously she has helped hundreds...more
MAX LIEW

I have a passion for graphics, photography, and website design. I worked as a graphic designer for a...more
DUNG NGUYEN MANH

AloTrip International Limited the field of travel services. We provide travelers all necessary infor...more
ALEX BELSEY

I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
STEVERT MCKENZIE

Stevert Mckenzie, Travel Enthusiast. ...more
WILLIAM BUCHANAN

William Buchanan has worked in the fields of marketing, advertising, and marketing research for almo...more

HomeLinksAbout UsContact UsTerms of UsePrivacy PolicyFAQResources
Copyright © 2023, All rights reserved.
Some pages may contain portions of text relating to certain topics obtained from wikipedia.org under the GNU FDL license