Nil income of nri - it return to be filed?
This query is : Resolved
10 February 2019
I am NRI, now USA national. I earn not even Rs hundred interest on minimum balance required in NRO a/c. Bank deducts about Rs 50 TDS. Shall I write to IT that henceforth I will not file return due to non-taxable income? Will my application absolve me from any punitive action by IT authorities? Or, shall not file returns & keep quiet? I thought that giving letter in writing to this effect will be better. Please advise. I do not want to apply for refund of tds.
10 February 2019
If you are USA national, then you can be NR(Non Resident) and not NRI(Non Resident Indian). Of course I understand that that is not the issue.
You need not file the income tax return.
By the way, do you have Indian PAN (Permanent Account Number)?
If yes, then please me know the name of your bank which is deducting TDS to the tune of INR50 when you have interest income not even INR100.
You need not file the income tax return.
By the way, do you have Indian PAN (Permanent Account Number)?
If yes, then please me know the name of your bank which is deducting TDS to the tune of INR50 when you have interest income not even INR100.
10 February 2019
Yes. I have PAN No. My banker deducts 30% of saving a/c interest (Rs 34 on Rs 109 gross). Is it better to send letter to IT authorities that I will not be filing returns due to non-taxable income?
10 February 2019
NRO accounts are subject to deduction of tax at source, and there is no minimum threshold below which the tax shall not be deducted.
If your income does not exceed the maximum amount not chargeable to tax, then you do not need to file the return.
If your income does not exceed the maximum amount not chargeable to tax, then you do not need to file the return.
11 February 2019
01. if you are interested in getting the refund of TDS, then do file the return. Else just keep quiet. No need to file the return.
02. If you want to keep your Indian PAN active, you need to file the return.
Please let me know your views.
02. If you want to keep your Indian PAN active, you need to file the return.
Please let me know your views.
Message likes :
1 times
11 February 2019
Thanks a lot Mr. Joglekar. I do not want TDS refund. PAN will have to be kept for any future remittance. I do not wish to surrender PAN card at present. My main point is that is it better to write to IT Officer (copy to be endorsed) that henceforth, I will not file returns due non taxable income? If I will keep quite then sometimes in future they might keep raking up the non-filing issue again and again.
11 February 2019
In order to keep your PAN under "ACTIVE" status in income tax database, you do file the income tax return, even though the income is well below the taxable limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Specified Profession
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
