Income Tax Return for Non Resident Individuals
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Deliverables
ITR Copy
Income Tax Acknowledgment
ITR Computation
copy of challan if any payment is made
Timeline
5 Days
(from receipt of all documents)
Income Tax Return Form for NRI
When filing Non Resident Indian income tax returns, selecting the correct Income Tax Return (ITR) form for NRI is crucial for ensuring compliance with NRI taxation. Here’s a detailed look at the income tax return form for NRI taxation: Until Assessment Year (AY) 2017-18, NRIs were eligible to file ITR 1 for their income earned or accrued in India. ITR 1, also known as Sahaj, was a simpler form primarily designed for residents earning income from salary, one house property, and other sources like interest income. From the Financial Years (FY) 2018-19 and 2019-20 onwards, amendments were made to the eligibility criteria for ITR 1. The form is now restricted to Resident Individuals only and is not available for Non-Residents or non-ordinary residents. This change means NRIs must choose alternative forms for filing their returns.
Let's look at the forms required for ITR filing for NRI,
ITR 2
ITR 2 is the appropriate income tax return form for NRI who have income other than income from business or profession. This includes:
1. Income from House Property: If you earn rent from properties located in India.
2. Interest Income: Interest earned from savings accounts, fixed deposits, or other investments in India.
3. Capital Gains: Profits from the sale of assets like shares, bonds, or property located in India.
ITR 3 for NRI Tax Return
If you, as an NRI, are involved in business or professional activities in India, you need to file ITR 3. This income tax return form as per NRI taxation is designed for individuals who:
1. Carry on a Business or Profession: Income derived from business operations or professional services in India.
2. Income from House Property: Similar to ITR 2, but combined with business income.
3. Capital Gains and Other Income: If applicable.
Due Date for Filing Income Tax Return for NRI
The deadline to file income tax returns for NRI for the Financial Year (FY) 2024-25 and Assessment Year (AY) 2025-26 is July 31, 2025.
Is it compulsory to file Income Tax Return for NRI?
Yes, it is compulsory to file an NRI tax in India if your income exceeds the basic exemption limit or if you have tax liabilities as per the Non resident indian taxation. Unlike resident individuals, the Non Resident Indians income tax slab rates are not classified by age. All NRIs, regardless of age, are taxed uniformly as per NRI taxation in India.
Documents Required for Filing Indian Income Tax Return Form for NRI
When filing your Income Tax Return (ITR) in India as an NRI, it’s crucial to have all necessary documents at hand to ensure accurate and efficient processing. Here’s a list of essential documents you’ll need:
1. PAN Card
2. Passport
3. Form 16(if employed in India)
4. Bank Account Details
5. Property Documents(if owning in India)
6. Rent Receipts(if renting out property)
7. Investment Statements
8. Foreign Income Details
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NRIs (Non-Resident Indians) may also need to obtain a TIN (Taxpayer Identification Number) in India if they have taxable income or engage in taxable activities within the country. This number is crucial for filing your tax returns and ensuring accurate tax calculations and deductions.
