NRI Tax Return Filing in India
Financial Year 2021-22 has ended and now, the annual Income Tax Return filing in India season will start from early May 2022.
In this write up, we would be discussing about what information is required for NRI Tax Return filing in India.
NRI Taxation- List of Information Required
Following preliminary information is required before preparation and filing of NRI Tax return in India:
For filing Income Tax Return in India, it is very important to determine the residential status of any person. This is because in case of Residents, His income earned in India as well as outside India is taxable in India. However, in case of NRI, His income accrued or earned in India is taxable and income earned outside India is not taxable in India.
As per the act, any person who is not resident in India is considered as Nonresident. Further, residency status in India depends upon number of days of stay in India during previous year as well as last 4 years. Further, finance act 2020 has also introduced the concept of deemed residency in India.
All the aforesaid factors shall be kept in mind for the purpose of NRI Tax return filing in India.
Following types of incomes of NRI are normally shown as taxable while filing NRI Tax return in India:
Interest earned on FCNR or NRE account is exempt and not taxable in India
Above are the list of some of the preliminary information required for the purpose of filing NRI Tax return in India.
In case you require any information or clarification, you may contact EzyBiz India at www.ezybizindia.in or call at +919899217778