Important information for NRI related to tax

Whether you are eligible to pay the tax depends on your residential status and the budget. These things are crucial to know and if you are a non residential Indian, then there are few things you need to know.

If you are a citizen of India who is settles outside India and your stay in India was under 181 days during this financial year, this information may be important to you. There are changes proposed by the budget in the residency rules. It means that if your stay is 120 or more in this financial year of total 365 days, then you are eligible to become a resident of India.

For people who are not the not ordinarily residents, thins will get changed. These will be considered as NOR if they are a non resident who have stayed 7 years out of 10 years in different country.

You must file a return of income if your income exceeds INR 25,000. however, if the investment income or long term capital gains are from foreign exchange, then it will be prescribed for NRI and the taxes will be due and you will get an option to not file the return of income.

If you still have not filed the tax return of previous year 2018-19,. then the last date of do that is March 31, 2020. if you are not able to make it this time, you will not be able to file this return ever. It is important to file the return before the date otherwise you will miss it totally.

Also, if you are looking to make any advance payment of tax of the financial year, 2019-2020, then the last date is 5th April to do so.

Leave a Comment