General Knowledge on Taxation
Income Taxable in India:
A person who is Non Resident under the Provisions of The Income Tax Act, 1961 is charged to tax on the following Incomes:
a. Income earned from any source in India e.g. Interest from investments in India, capital gains from investments and immovable property in India etc.
b. Any other Income earned or received in India.
c. Income other than the above is not taxable in India.
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Due Dates for Filing Return of Income:
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|Before the Prescribed Date||After the Due Date, But before the Extended Date||After the Extended Date|
|Every person who is not carrying on business is required to submit return of income by 31st July every year for the income earned during the prior year ending 31st March provided his income exceeds the maximum amount not chargeable to tax i.e.1,50,000/-.||If a NRI do not file the ROI by the prescribed date,|
- He can file the ROI within subsequent 20 months
- He is liable to pay interest at 1 % p.m. on the tax payable.
|If the Tax is deducted at source from your Income in the Past years and you have not filed the Return of Income within the prescribed time, you may apply to Income Tax Department to condone the delay and accept delayed return and thus claim Refund of Tax.|
|Income for the year ending||Actual Income Earned||File the ROI by||File the ROI by Extended date|
|31st March 2005||More than Rs 50,000||31st July 2005||31st March 2007|
|31st March 2006||More than Rs 1,00,000||31st July 2006||31st March 2008|
|31st March 2007||More than Rs 1,00,000||31st July 2007||31st March 2009|
|31st March 2008||More than Rs 1,10,000||31st July 2008||31st March 2010|
|31st March 2009||More than Rs 1,50,000||31st July 2009||31st March 2011|
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