Is 2012-2013 tax filing required for non-residents if income

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CA Sanjay Baheti (Querist)
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28 August 2012 One of Client being NRI having income from India is interest from savings bank accounts, fixed deposits, dividends from
equity mutual funds. All of these are around 1.8 Lacs.

1. Since He is working overseas, He did have bank accounts in that country. Are these(bank accounts) considered foreign assets due to which I have to mandatory file income tax?

2. Does the mandatory filing rule for income over 10 lacs/year apply to non-residents like my client?

3. He realize if He is getting any refunds like tax deducted from non-resident ordinary accounts or if He wish
to avail indexation benefits, a tax return is required for him to get those, but it is not necessary as per the Income tax law to file tax returns. Is his understanding correct?

Thanks

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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29 August 2012 1.No, the condition for mandatory filing of income tax return for holding Foreign Assets is for RESIDENT only.

2. Seems yes.

3. It is very basic law that for availing refund you need to file the income tax return.

Anuj
femaquery@gmail.com

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