Nri tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 A person became NRI for year 2010-11 and was employed out of India. Does he need to file income tax return for 2010-11.? If yes which form he needs to fill?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 September 2011 If the taxable income would be less than the exemption limit then there is no need to file income tax return

CMA Gul S

CMA Gul S (Expert)
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14 September 2011 It shall not be necessary for a Non-Resident Indian to furnish a return of income if –

a)

his total income in respect of which he is assessable under this Act during the relevant financial year consisted only of investment income** or income by way of long –term capital gains **or both; and

b)

the tax deductible at source has been deducted from such income.

**
“investment income” means any income derived [other than dividends from Domestic Company] from a foreign exchange asset;

“Long –term capital gains” means income chargeable under the head “Capital gains” relating to capital asset, being a foreign exchange asset which is not a short - term capital asset;

“Foreign exchange asset” means any specified asset which the assessee has acquired or purchased with or subscribed to in, convertible foreign exchange;

Thus, if you don’t have any income which is chargeable to tax, you are not required to file return of income.

Also, if you have only Investment Income or Income from Long Term capital gains or both (as explained above) and the tax has also been deducted at source from such income, then you are not required to file Return of income.

However if you have short term capital gains on equity shares or units of equity oriented mutual fund (even if less than Rs.1,50,000/-i.e. the basic exemption limit )yet you are liable to file ROI.

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