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 ?
1. Yes when your taxable income is above basic exemption limit.
2. You need not report, it is done by Bank...
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
