NRI TAX

Posted by Unknown on 05:44 in General Knowledge on Taxation Income tax | Comments : 0

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.