A Few Important things an NRI should know before filing IT returns in India:
Normally a non–resident Indian’s income, earned abroad, is not subject to income tax in India. But, if an NRI has some income source in India (which is his/her aboriginal country) and this income crosses the basic limit of exemption that is Rs.2 lakh, then the NRI needs to file income tax return in India.
Normally a non–resident Indian’s income, earned abroad, is not subject to income tax in India. But, if an NRI has some income source in India (which is his/her aboriginal country) and this income crosses the basic limit of exemption that is Rs.2 lakh, then the NRI needs to file income tax return in India.
This income may come from different sources such as income from house rent or interest on fixed deposits. Apart from the aforesaid income sources, if an NRI transacts in shares or mutual funds in India, the profit that he/she receives from such transactions is also subject to income tax in India. Every year, 31st July is the date by which NRIs have to file income tax returns in India.
