Query

ITR 504 views 10 replies

DEAR FRNZ

I WANT TO KNOW THAT IF A PERSON IS GETTING SALARY FROM US AND HAS MADE FEW INVESTMENT OUT OF SUCH INCOME IN INDIA LIKE FLAT PURCHASE FIXED DEPOSIT ETC.THEN WHETHER HE IS REQUIRED TO FILE THE RETURN OR NOT.AS NRI IS NOT REQUIRED TO FILE RETURN.TDS HAVE BEEN DEDUCTED IN HIS INTEREST INCOME ON FD??

Replies (10)
Income accrue or arise in India is always taxable. In this case he is receiving income in India and will be taxable and thus he needs to file relevant ITR.

HE IS NRI.INCOME FROM SALARY IS ACCRUED AND EARN OUTSIDE INDIA BT WAT ABT HIS TDS ON FD WHICH IS MADE OUT OF HIS EXEMPT INCOME

His Salary Income is exempt as it is his Foreign income but his Indian income  is taxable i.e. income arising as Interest on FD's made in India is taxable.

The interest which he is earning is accrued in india. So he has to file income tax return if his income in India is more than 250000

He can file his return of Income by showing Interest income only and claim refund of tds if his total income is below the exemption limit. (salary is exempt)

Depends, if you are getting salary for work done in india then salary will be taxable, else exempt..assuming salary is exempt if interest income exceeds 250000/-, then u have to file return mandatorily. However if tds has been deducted, it is always better to file return irrespective of interest amount .
NRI or not, any individual whose income exceeds Rs.2,50,000 (for FY ending 31st March 2015 or Rs.2,00,000 for FY ending 31st March 2014) is required to file an income tax return in India.
Income Tax Return must be compulsorily filed in the following cases: NRI has short term or long term capital gains from any investments or assets (even when gains are less than Rs 2,50,000). To get a tax refund To carry forward losses so they can be adjusted later A return need not be filed if income from short term or long term capital gains is the only income the NRI has and TDS has been deducted on it.

FLAT PURCHASED AND IS GIVEN ON RENT THEN RENT INCOME IS TAXABLE UNDER INCOME FROM HOUSE PROPERTY UNTIL AND UNLESS IT IS SELF OCCUPIED..INCOME FROM OTHER SOURCES.i.e TDS INTEREST IF IT MORE THAN RS.250000 THEN HE HAS TO FILE.

THANKS EVERYONE FOR YOUR REPLY !!! :)


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