Note on filing of income tax return by NRIs

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September 7, 2016
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Note on filing of income tax return by NRIs

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1. Is it mandatory to file income tax return for NRIs?
Yes, if
 a.Interest on NRO / Resident A/c., Rent or other income exceed Rs.2.50
    lakhs in a year (April to March).
 b.Gains in excess of Rs. 1 from shares, mutual fund or property / capital
    assets which is tax (TDS) at 10 / 15 / 20%
2. Benefits of filing return of income.
 a.Claim Refund of excess TDS
 b.To carry forward loss which can be adjusted against income of future years.
 c.To avoid Compliances/ Non filing notices from the income tax
    department.
 d.It is standard proof of income in India and establishes a clear record
    with income tax department.
3. What are the consequences of non-filing of income tax return?
 a.If not filed within due date, benefit of carrying forward losses is not available.
 b.Non filling attract penalty of Rs.5,000/- for each year
 c.Late/non filing attract penal interest of 1% every month on amount of tax payable.
 d.Non filing may result into concealment of income which attract penalty of 100% to 300% of tax evaded.
4. What are the due dates for filling of return of Income?
Income for the year ending on Due date for filing of return of income Last date of filing of return of income with penal provision
31st March 2015 31st July 2015 31st March 2017
31st March 2016 31st July 2016 31st March 2018
5. Why to choose JAS for filing your tax returns in India?
 a.Professional and conservative approach,
 b.Quick and quality service with thorough knowledge of subject and
 c.Direct attention of qualified chartered accountant at reasonable fees.

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