NRI tax returns

535 views 3 replies

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 ?

Replies (3)

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

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

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?

 

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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