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Completion Of Assessment And Payment Of Tax in case of NRI

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

The time limit of an assessment under Section 143(1) is a period of one year from 1 June, 2001, as per the Finance Act, 2001, and for a regular assessment under Section 143/144 it is 2 years (reduced to 21 months from the A.Y. 2004-05 by the Finance Act, 2006) from the end of the assessment year in which the income was first assessable. For example, for the assessment year 2014-2015, the Assessing Officer must complete the assessment on or before 31 December 2015. Income tax and other dues, if any, as per the notice of demand, must be paid within the time mentioned in the demand notice. Normally, a period of 30 days is allowed to an assessee for making the payment of income tax and other dues as mentioned in the notice of demand. Where it is not possible for the non-resident Indian to pay the entire tax at one time, he may make an application to the Assessing Officer to permit him to make payment of the tax in suitable instalments. Interest at 1% per month is normally required to be paid for the period of belated tax payment.

 
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

More... Topics !..

 

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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