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5 Tips for NRIs While Filing Income Tax Returns in India

By SiliconIndia   |   Friday, June 29, 2012   |    2 Comments
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Bangalore: The Non Resident Indians gear up to get their paper work done as the last date for filing tax returns in India approaches. For an NRI to file the income tax returns they must fulfill either of the following conditions. One is that the individuals’ taxable income in India for the year 2011-2012 should be above the basic exemption limit of Rs.1.8 lakh. The other condition is that the person has earned a short term or long term capital gains from sale of some investments and assets, even if the profit is less than the basic exemption limit.

VaibhavSankla, Director, H and R Block India, explains in an interview with The Economic Times, the above conditions and says, “What this means is that firstly, NRIs do not get the benefit of differential exemption limits on basis of age or gender that is available to Resident Indians. Secondly, for NRIs, certain short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15 percent and long term capital gains on securities and assets where tax rate is either 20 percent or 10 percent without indexation.”

There are some exceptions wherein the NRI would not have to file a tax returns and that is, if his taxable income comprises of only investment income or capital gains income and if tax has been deducted at the source of that income. Depending upon all the above conditions and exceptions, here is the list of 5 tips for NRIs for filing income tax returns in India.


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Reader's comments(2)
1: imported
Posted by:abhaya - 01 Jul, 2012
2: when you say 5tip, make sure you have given 5tips in your article
Posted by:poorsiliconreader - 29 Jun, 2012
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