Income Tax return has to be filed by any Firm or Company irrespective of. Do I need to file an income tax return if there is no. Income Tax in India 2016. If you are Sole Proprietor and worried about to file the income tax return then here you can learn about Sole Proprietorship Firm Income Tax Return. Who needs to mandatorily file Income tax Return Is efiling ITR mandatory Why people with any income should file their ITR Whats the deadline for filing ITR Salaried employees earning up to Rs 5 lakh a year need not file income tax returns from this year, the finance ministry said today. Know How to file income tax return online in India, Who can file ITR, ways to file ITR online, benefits benefits of online income tax filing. IDSERP,5281. 1When does an NRI needs to file income tax return in India. The obligation to file income tax return in India is dependent on the residential status of the person. So, if you fall in the NRI category. Who needs to file Income tax return If you are an NRI, you would have to file your income tax returns if you fulfill. Why do I have to files tax return in IndiaNRI Tax Filing Income Tax Return For NRIs. Who is Non Resident Indian Non Resident Indian NRI is an Indian living outside India. The Term NRI, generally, means a non resident who is either an Indian Citizen residing outside India and includes foreign citizen of Indian origin residing outside India. Which NRI income is Taxable in India Income accrued or to be accrued in India. Income-Tax-return-mgzzpnvua4chjcpftlr8lv0vpf4o58hoalc4mjn0nk.jpg' alt='Who Needs To File Income Tax Return India' title='Who Needs To File Income Tax Return India' />Income sourced from India. Income received or to be received in India. Note Double Taxation Avoidance Agreement works well in favor of NRIs. It is a contract made between India and a number of foreign countries by way of which an NRI can be saved from being taxed in the country of their residence. As an NRI, they are liable to pay taxes if your earnings in India have been more than the exemption limit. You are exempt from filing income tax returns if your income is churned out by long term investments. Who needs to file Income tax return If you are an NRI, you would have to file your income tax returns if you fulfill either of these conditions Your taxable income in India during the year was above the basic exemption limit. Rs. 2. 5. 0 lacsORYou have earned short term or long term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit. You may also file a tax return if you have to claim a refund. Summary Now you have a basic idea of when an NRI needs to file income tax return in India and when he is not required to file income tax return. Determine if youre required to file a federal tax return or if you should file to receive a refund. This may happen where the tax deducted at source is more than the actual tax liability. For Instance, suppose your taxable income for the year was below the exemption limits but the bank deducted tax at source on your interest amount, you can claim a refund by filing your tax return. Another instance is when you have a capital loss that can be set off against capital gains. Tax may have been deducted at source on the capital gains, but you can set off or carry forward capital loss against the gain and lower your actual tax liability. Required To File Income TaxIn such cases, you would need to file a tax return. Note The enhanced exemption limit for senior citizens and women is applicable only to residents and not to non residents. There are two exceptions also If your taxable income consisted only of investment income interest andor capital gains income and if tax has been deducted at source from such income, you do not have to file your tax returns. If you earned long term capital gains from the sale of equity shares or equity mutual funds, you do not have to pay any tax and therefore you do not have to include that in your tax return. What is the exemption limit for filing India tax return The basic exemption limit for financial year 2. Gender, Age Residential Status. Basic Exemption Limit. Resident Female Others. Rs. 2,5. 0,0. 00. Resident Senior CitizenAge 6. March of financial yearRs. Resident Super Senior CitizenAge 8. March of financial yearRs. You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN. Who can file an Income Tax Return Any Individual having the following types of income can opt for filing return. Income from salary. Income from house property. Income from sale of investments shares, mutual fund units, bonds or property. Income by way of interest, dividend, gifts, family pension, agricultural income. Brought forward losses except loss from activity of owning and maintaining race horsesClubbing of income. What is the last day of filing the tax return The due date of filing income tax return for the financial year 2. July 2. 01. 6. What if I do not file taxes on time If an NRI fails to file its income tax return on time, they can still file their return with the following consequences If you do not have any tax payable that is all your tax has been deducted at source, you can still file your tax return by 3. March 2. 01. 7 without any penalties. March 2. 01. 7 if you have already paid the required taxes without any penaltyIf you do have tax payable, you can still file your returns by 3. March 2. 01. 7 but you will be charged an interest of 1 per month for every month of delay starting from 3. July 2. 01. 7 till the time you file your tax returns. If you do not file your tax returns even by the 3. March 2. 01. 7, you may be charged a penalty of Rs 5,0. March 2. 01. 7. Also, one may be subject to the prosecution us 2. Why do I have to files tax return in IndiaThe updated tax informationrecords help NRI to comply with the procedural documentation for repatriation of income assets from India. It also helps him to have ready records as when he returns to India. Thus, non filing of income tax returns will result in interest and penalty. In case there are any losses to be carried forward, the returns need to be filed. Without filing the returns, the losses cannot be carried forward for set off against subsequent years incomes. Can you help us in filing taxes in India Yes. We can help you to file taxes in India. Download Internet Cafe Management Software. Please fill up the attached form and email it to us at indiainfoworkmytaxes. We just need your personal details as well as income details to file income tax return in India. We offer excellent tax support in addition to filing of return of income and comprehensive tax planning. After which we take care of online tax return filing in most hassle free manner, making online income tax filing an excellent experience. Student Visa F1 and Non Resident Alien in USAWhat If I am a student in USA on F1 visa, and have some income and do not have any income in IndiaIf you are on F1 visaOPT in USA, then you are Non resident in USA. In that case for tax purpose you tax home is India. So you need to file USA as well as India taxes. But whatever taxes you paid in USA, you get tax credit for it in India to avoid double taxation. What If I was on work visa in USA and stayed less than 1. In this situation, your tax home will be India as a resident of India and you need to file taxes In India as well. But whatever taxes you paid in USA, you get tax credit for it in India to avoid double taxation. Tax Deducted at Source. How do I know that some Tax is deducted at source from Income in India or what are my tax credits for filing taxes in India You can do it by downloading form 2. AS from the tax return. Form 2. 6AS contains Details of tax deducted on behalf of the taxpayer by deductors, Details of tax collected on behalf of the taxpayer by collectors, advance taxself assessment taxregular assessment tax, etc. Details of the high value transactions in respect of shares, mutual fund etc. How can I download the 2. AS form Is it available online You can access your Form 2. AS in several ways. You can view the form on the Income Tax website. You must register at the portal and click on View Tax Credit Statement From 2. AS in My Account. The facility is available free of cost. Alternately, you can view the form through your bank using net banking facility. The Income Tax department has authorized some banks for this purpose. You can find a list here. The facility is available for free of cost. You can also access the form through the TRACES website.