NRI tax returns

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3 Points Posted on 21 November 2022

I have some NRE FD's and NRO FD's exceeding well above 10L , though there is some tax refund for NRO deposit, but every year its troublesome to check and prepare the ITR.

Now In 26AS I have SFT-005 Transaction added for the same. 

Questions:

1. If I don't have any tax liability and I do not want refund is it still mandatory to fill returns ?

2. for nre-deposit renew do I need to report SFT transactions in ITR ?

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On 21 November 2022 at 18:44 Report
Replies (3)
Quick Summary
This discussion addresses common queries from NRIs regarding tax return filing, particularly concerning NRE and NRO Fixed Deposits exceeding 10 lakhs. It clarifies whether filing is mandatory even without tax liability, especially when SFT-005 transactions appear on Form 26AS. The advice leans towards filing returns due to increased information reporting by the Income Tax Department, even if income is non-taxable or below the basic exemption limit, particularly if capital gains are involved.

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SEO Sai Gr. Hosp.
212453 Points Posted on 21 November 2022

1. Yes when your taxable income  is above basic exemption limit.

2. You need not report, it is done by Bank...

1 Reply
On 21 November 2022 at 23:03
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Hello Mr. Rambhia,

Although the total taxable income is less than basic exemption limit but the NRI has some capital gains from shares sale/purchase on BSE/NSE, then does he have to submit the ITR?

 

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On 28 December 2022 at 16:10
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SEO Sai Gr. Hosp.
212453 Points Posted on 28 December 2022

Now a days, due to reporting, ITD has more information than your thought. So, it is advisable to file return, may the income be non-taxable. 

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On 28 December 2022 at 17:20

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