Being an NRI or Non Resident of India, you have to be aware of the reserved rights of NRIs, your services, related laws & amendments in them. The most worrisome is Tax that can snatch your sound sleep at night. Even, you can be gripped in nightmare of those taxes. And who knows, the very next day may be your day in jail for not paying tax!
What legal NRI services state if you earn more than the tax free income, then you are legally bound to pay it. Migrated Indians tend to go for NRI investment in real estates while making retirement plans. Before rushing for such payment, let I acknowledge you who is considered as an NRI because then only, you can decide whether to pay it or not as per Income Tax Act (for NRIs).
Identify, if you are an NRI:
According to Income Tax Act, an NRI is one who –
- Stays for 182 days in India
- Stays for less than 182 days but more than 60 days in India. Plus, 365 or more days were spent in previous four years.
- Any Indian who spent 182 days in India although doing job abroad, Or, one of the crew on an Indian ship, Or, the visitor of India.
Having learnt aforementioned facts, if you conclude yourself as an NRI, you have to disclose your income, assets and investment first. This is mandatory under Foreign Income and Schedule FA of India’s income tax act. Such income will be mentioned in your income tax return. If it seems puzzling, you can take help of NRI services.
Who qualifies for not, compulsorily, disclosing his/her foreign income & earnings?
- Any migrant or expatriate who comes to India on business, employment or student visa to India.
- Any migrant Indian whose foreign assets failed to generate income in the financial year 2014-15.
Which forms can be filled for filing return who need not disclose their foreign income & assets?
These two forms for filing tax return play elemental role in Schedule FA.
- ITR-2 Or,
- ITR-4
You cannot file it through ITR-1, ITR-2A & ITR-4S forms.
