ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim a refund from the income tax department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
When Non-Resident is Required to File Income Tax Return in India?
- Every person including Non-resident, if his total income during the previous year exceeds the maximum amount which is not chargeable to tax i.e. Rs.2,50,000/-, required to file Income Tax Return in India.
- If non-residents Total Income does not exceed the maximum amount which is not chargeable to tax, due to claim of benefit of Tax Treaty, then filing of Income Tax becomes mandatory.
- If Non-Resident has Long term Capital Gain or Short-Term Capital Gain on Sale of Immovable Property or Investments (Shares, Mutual Funds, etc)
- If NRI has an amount of TDS Deducted or Taxes Withheld in India, Such Taxes Withheld is more than his Indian Income Tax Liability, then he can claim the excess amount as Refund by filing Income Tax Returns
- If Non-Resident has losses to be carried forwarded (Loss may be due to Sale of assets, Investments, etc)
Our Team Consisting of Chartered Accountant and Professionals will assist in Filing Income Tax Returns.