Monday, 1 September 2014

NRI TAX




Filing Return of Income in India

Who Should file Return of Income?
You are liable to file Return of Income only if your taxable income* in India in the relevant Financial Year (April –March) exceeds the basic exemption limit (i.e. Rs.1,50,000/- for F.Y.2008-09)

*-Non Resident Indian (NRI) earning below mentioned income shall be liable to file returns in India, irrespective of their Total Income being less than the Basic Exemption limit.
• Income from Short Term Capital Gains on equity shares or units of equity oriented mutual fund.
• Income from Long Term Capital Gains, which are chargeable to tax.

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