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Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India

[Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds]

As stated earlier, no income tax return is to be filed by a non-resident Indian in circumstances. Similarly, where a non-resident Indian has in India, a total income below the taxable limit of  `. 2,50,000 for the financial year 2014-2015, he is not required voluntarily to file an income tax return. However, an NRI may, of his own will and choice file an I.T. Return, even where the total income in India does not exceed `. 2,50,000. In other cases, namely, where a nonresident Indian has income exceeding the exemption limit and is not governed by the special procedure of assessment of income tax at the uniform rate of 20% he would be required to file an income tax return voluntarily. Under Section 139(1) a non-resident Indian, like any other tax payer, is required to voluntarily file his income tax return in Form No. I or 2 or Form No. 3, or Form No. 4, as the case may be, on or before 31St July of the assessment year concerned if he has a taxable Indian income. If the NRI is subject to tax audit, the last date for filing of I.T. Return is 30th September. For example, if a non-resident Indian has earned some business income in India for the financial year ending 31 March 2015 he can voluntarily file his return in Form No. 2 on or before 31 July 2015. Self-assessment tax under the provisions of Section 140A must be paid before filing the return of income and a copy of the challan for the self-assessment tax must be enclosed with the return. All necessary statements, challans, certificates, etc. regarding the details of the income of the non-resident must be filed along with the return of income. In case of belated return, penal interest at 1% p.m. is payable.
Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
1. Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India
2. The Assessing Officer Can Also Require The Non-Resident To File Income Tax Return
3. NRls Can Apply For Refund Of Income Tax By Filing Income Tax Return
4. Income Of Nris Is Generally Accepted Without Scrutiny
5. Regular Assessment After Personal Hearing, And Examination Of Papers, Etc. By The Assessing Officer
6. Ex Parte Assessment By The Assessing Officer
7. Re-Assessment Or Additional Assessment In Case Of Income Escaping Assessment
8. Completion Of Assessment And Payment Of Tax
9.Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax
10. Deduction Of Tax At Source And Payment Of Advance Tax By NRIs
11. Remedies By Way Of Appeal, Etc. Available To A Non-Resident Indian
12. Other Provisions For Rectification And Settlement Of Cases
13. Who can be an Agent of a Non-Resident Indian?
14. Procedure for getting a Permanent A/c Number (PAN)
15. Double Taxation Relief
16. Assessment Procedure for Wealth Tax

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Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs
2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children
3. The Incomes of an NRI completely Exempt from Income Tax
4. Capital Gain of an NRI could be Completely Exempt from Income Tax
5. Items completely Exempt from Wealth Tax for an NRI
6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax
10. FEMA and NRIs Preliminary Aspects Analysed
11. Acquisition and Transfer of Immovable Property in India by NRIs and FEMA
12. Permissible and Prohibited Current Account Transactions in Case of NRI
13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India
14. Deposits in India by an NRI
15. RFC account of a Returning NRI and Investment Abroad
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