If you are wondering do NRI need to file ITR, yes they do have to file ITR. You may already know that the basis of the Indian economy is the taxes that are collected from its residents. So, for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) who generate money outside of their nation of residence, the Indian Income Tax Act, of 1961 applies to them. So, they are advised to file an Income Tax Return (ITR).
Is NRI Required to File ITR?
Yes. NRIs are required to file an ITR in India under the Income Tax Act, 1961, only if;
Their total yearly income in India is above ₹2.5 lakh under the existing tax regime or
Their total yearly income in India is above ₹3 lakh according to the new tax regime
When Do NRI Need to File ITR?
The entire income, as previously described, is the income before taking into account the following if you choose to stick with the existing regime:
Deductions for things like tuition for life insurance policies, investments made under Section 80C in the Equity Linked Savings Scheme (ELSS), mediclaim payments made under Section 80D, and gifts made under Section 80G.
Specific exemptions include reinvested long-term capital gains from assets like newly constructed homes and investments in designated bonds, among others.
NRIs also must submit an income tax return as an NRI even if your income falls below the specified income threshold within a given Financial Year (April–March) if you have:
Deposited over ₹50 lakh to an Indian savings bank account.
Deposited over ₹1 crore in an Indian bank or cooperative society's current account.
TDS/TCS exceeding ₹25,000.
Incurred more than ₹2 lakh in travel-related expenses from India for you or any additional travellers to a foreign nation.
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Do NRI Need to File ITR?
Deepali
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March 21, 2024
2024-03-21T13:41:02+00:00 2024-03-21T13:41:02+00:00Comment
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