Overview
What is an Income Tax Return?
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 claiming a refund from the income tax department. Different forms of returns of income are prescribed for filing of returns for different statuses and nature of income.
When NRI must file
When a Non-Resident is required to file Income Tax Return in India
- Every person including a Non-Resident, if their total income during the previous year exceeds the maximum amount which is not chargeable to tax, i.e. Rs. 2,50,000/-, is required to file an Income Tax Return in India.
- If the Non-Resident’s total income does not exceed the maximum amount which is not chargeable to tax, but the benefit of a Tax Treaty (DTAA) is being claimed, then filing of Income Tax Return becomes mandatory.
- If the Non-Resident has Long-Term Capital Gain or Short-Term Capital Gain on sale of immovable property or investments (shares, mutual funds, etc.).
- If the NRI has TDS deducted or taxes withheld in India, and such taxes withheld are more than the Indian Income Tax liability, then the excess amount can be claimed as a refund by filing the Income Tax Return.
- If the Non-Resident has losses to be carried forward (loss may be due to sale of assets, investments, etc.).
Our team, consisting of Chartered Accountants and professionals, will assist in filing Income Tax Returns.
Ready when you are
Talk to a partner.
A 30-minute call with a partner — no deck, no follow-up email blasts. Just a read on whether we’re the right team to file your NRI Income Tax Return.