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May 12, 2014, 08.00AM IST
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May 12, 2014, 08.00AM IST
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May 12, 2014, 08.00AM IST
Tags:
Shares|settlement option|NRI|mutual funds|Insurability|Income Tax|Girija Gadre|E
T Wealth:|Centre for Investment Education and Learning|Arti Bhargava
(If NRIs carry out transactions )
The income earned by non-resident Indians abroad is not subject to tax in India.
However, if their income in the country crosses the basic exemption limit of Rs
2 lakh, they are required to file their returns. This income could be in the fo
rm of interest on deposits, rental income on property in India, etc.

Also, if NRIs carry out transactions in securities like shares and mutual funds,
the capital gains are liable to tax and, hence, the return must be filed. The d
ue date for filing returns by NRIs is 31 July.
When to file
The returns have to be filed if the income exceeds the taxable limit, or to clai
m refund if the tax deducted at source is more than the tax payable, or to claim
the amount set off against capital losses.
Documents
The documents to be submitted include the passport to show the number of days sp
ent outside India to qualify as an NRI. Besides this, the NRIs need to provide t
he statements for the demat accounts, for the transactions and bank accounts hel
d in India, as well as the TDS certificates received from other parties.
Exemptions
The NRIs can also claim exemptions available to individuals under the Income Tax
Act (unless specifically not applicable to NRIs), such as Section 80C, with res
pect to certain investments, payment of principal on housing loan, etc. The taxa
ble income can be reduced by availing of these exemptions.
Filing alternatives
The NRIs can file their tax returns online on the Income Tax Department e-filing
portal. Alternatively, they can use other private, paid e-filing portals to do
so, or even take the help of tax advisers.
Points to note

It is not necessary for an NRI to file tax returns if the total income during th
e relevant financial year consists only of investment income or long-term capita
l gains, or both, and the tax has been deducted at source from such income.
(The content on this page is courtesy Centre for Investment Education and Learni
ng (CIEL). Contributions by Girija Gadre and Arti Bhargava).
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