Nri Taxation: Things To Remember

The Efiling of Income Tax Returns in India has certainly helped achieve a lot more convenience when it comes to filing of Tax Returns

. The entire population of Assessees have heaved a sigh of relief ever since the process of filing tax returns online has been introduced and as time goes by the entire procedure is being further streamlined so as to enable a smoother course. From the large number of Assessees who are taking their Tax work online, the section that seems to be making the most of this is the Non Resident Indian population. The NRI Taxation process has certainly become a lot smoother ever since Electronic Filing of tax returns has been introduced. Yet, in spite of a relatively simple process, there are quite a few important points that one needs to remember when dealing with the process of filing an NRIs Income Tax Returns with the Income Tax Department of India.

The first step that one needs to consider is whether the Assessee comes under the category of an NRI or not. Though most Assessees are well aware of their Resident status, there are some who are somewhat confused about which category they come under. This could be possible is the person has spent a few days in India and then gone abroad and isnt sure which category he should count himself under, a resident Indian or a Non Resident Indian. Determining the resident status is extremely important as the entire calculation of taxes for a Non Resident Indian is different from a resident one, though the process of filing Tax Returns itself is the same.

Next in line is the step of choosing the correct form. An NRI needs to consider the sources of Income that he has had access to during the financial year for which he is filing his returns. NRI Taxation depends on the sources of income and if the NRI has had a specified amount of Income coming in from sources in the Indian Territory he is liable to fulfill his tax duties by filing the Income Tax Returns with the Indian Government.

The process of filing taxes thus begins. Thanks to the introduction of the Electronic filing of taxes, NRIs can now gain access to the Income Tax Departments website no matter where in the world they are. This means that no longer have to depend upon their relatives, friends, or costly Tax Management firms. Online too, they have the option of either going through the entire process themselves or hiring one of the taxation services to take care of the process at nominal rates. NRI Taxation has therefore come a long way from the daunting task that it was before.

by: Aarya Kamble

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