Browsing: NRI Income Tax Returns

As the Indian financial year concludes on March 31, it’s crucial for Non-Resident Indians (NRIs) to address specific financial responsibilities. Proper planning ensures compliance with Indian regulations and optimizes financial benefits. Here’s a detailed guide to the top five actions every NRI should undertake before the fiscal year ends. 1. File Your Income Tax Return and Reconcile Tax Deductions NRIs earning any income in India are required to file an Income Tax Return (ITR) if the taxable income exceeds ₹2.5 lakh. Common sources of income include rent from property, capital gains, dividends, and interest from NRO accounts. Filing returns also…

For Non-Resident Indians (NRIs) living in the US or Canada, understanding and filing Indian income tax returns can seem daunting. However, the Indian Income Tax Department has made significant strides in digitalizing the process, making it easier for NRIs to stay compliant—even from across the globe. Here’s a complete step-by-step guide tailored for NRIs residing in the US and Canada, helping you navigate the filing process, eligibility criteria, and the potential benefits of submitting your ITR (Income Tax Return) in India. Step 1: Determine Your Residential Status Your tax obligations in India depend heavily on your residential status, as per…