Tax filing for NRI

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Anil (Querist)
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03 September 2010
My status is NRI
I have never filed an Income tax Return.

I am keen on filing the same now. Can someone pls. guide me how to go about it.

I have a pan card, and for the last 2 years trading in the Stock market and holding Mutual Funds. All my taxes are deducted at source.
I also have an NRO a/c, where the tax on interest accrued is also deducted at source.

Any insights appreciated.

thanks
Anil

Arun

Arun (Expert)
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03 September 2010 If the following Conditions are satisfied then need not to file return,

Under Chapter XII A (Sec 115C to 115I)

Specified asset should have purchased out of convertible forex. The Specified assets are

1. Shares of Indian concern (Public or Private)

2. Debentures of Public Company

3. Deposits of Public Company

4. securities issued by Central Government

5. Notified Security by CG from time to time

The Income chargeable to tax only

a) Investment income out of Specified Asset

b) Long term capital gain on Specified Asset

The income derived from the Specified Asset Should been suffer at Tax rate of 20% and deducted at source

If Long term capital gain then suffered tax at 10% , tax should be deducted at source.

Should not be any other income which is chargeable to tax.

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Anil

Anil (Querist)
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04 September 2010 However the intention of filing the return is to offset certain short term losses in some stock against short term gains in others.

Also pardon my ignorance, if my income from shares and bank interest is less than the exempted limit (160000~170000) for individual under the Income tax act.

Can i claim a refund of the tax deducted.

Thanks and appreciate your replies

CA. Bikash Bogi

CA. Bikash Bogi (Expert)
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07 September 2010 Yes , you can certainly claim the refund of TDS if your total taxable income is upto exemption limit.

Anil

Anil (Querist)
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07 September 2010 However my core query still stays.

how do i go about filing the returns.

Asha Kanta Sharma online

Asha Kanta Sharma online

(Expert)
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26 July 2025 Hey! Here’s a clear guide for you as an NRI wanting to file your Income Tax Return (ITR) in India:

### 1. **Do you need to file an ITR?**

* Even if your income is below the exemption limit (₹1,60,000 for general category), if tax has been deducted at source (TDS), you can file a return to claim a refund.
* Also, filing return lets you **set off losses from short-term capital gains** against short-term capital gains from stocks.

### 2. **Which ITR form to file?**

* For income from salary, interest, and capital gains (like stocks/mutual funds), use **ITR-2** (for NRIs).
* Since you are dealing with stock trading and mutual funds, ITR-2 is appropriate.

### 3. **Documents needed:**

* PAN card (which you already have)
* Form 26AS (tax credit statement showing TDS deducted)
* Statements showing your short-term and long-term capital gains/losses
* Bank statements (especially NRO account interest)
* Details of mutual funds purchased/redeemed

### 4. **How to file?**

* You can file online on the **Income Tax e-filing portal**: [https://www.incometax.gov.in/iec/foportal/](https://www.incometax.gov.in/iec/foportal/)
* Register/login using your PAN.
* Fill in the details, upload necessary documents if needed.
* Calculate tax liability and pay any balance tax if applicable.
* Submit and verify your return (via Aadhaar OTP, net banking, or by sending signed ITR-V to CPC Bangalore).

### 5. **Claiming refund:**

* If your TDS exceeds your actual tax liability (or your income is below exemption limit), filing return helps claim the excess TDS as refund.
* Make sure your bank account details are correctly mentioned in the return for direct credit of refund.

### 6. **Special NRI points:**

* Income earned in India is taxable in India.
* Income earned abroad is generally not taxable in India if you are an NRI.
* If you have incurred losses in stock trading, you can carry forward short-term capital losses for up to 8 years by filing return on time.

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