The income earned by Non-Resident Indians (NRIs) abroad is not subject to tax in India. However, if your income in India from any source crosses the basic exemption limit of Rs. 2.5 lakh, you are required to file your Income Tax Return. If your income is above the threshold limit and there has been TDS deducted, then you are obligated by law to file your tax return even if there is no further tax liability. In fact many a times it is possible to claim back refund of the TDS, which has been deducted by filing the Income Tax Return.
We make your life hassle free by helping you file in the correct head, we also assist in availing of tax exemptions applicable to you and then helping you get refund of excess tax deducted by way of TDS (if applicable).
If you are a NRI, earning income from any source, such as, interest income, rental income, income from dividends or any other source and are looking for an expert to get started, we would love to assist you.
Who Should file Return of Income?
The first step is to find out your residential status for the financial year. If you are a NRI, and earn income from House property situated in India, or you have earned capital gains on transfer of an asset in India, earned or received a salary during the financial year in India; you have to mandatory file your tax returns in India. Where gross total income (before deduction) exceeds INR 250000, you must file a return in India. If you are seeking a refund of taxes or want to carry forward losses a return must be filed.
Impact of non-filing of Return of Income:
It may result in to penalty of Rs.5000/– for each year. Also, one may be subject to prosecution u/s 276CC.
However, a person shall not be preceded for penalty or prosecution for failure to furnish Return of Income, if-
The return is furnished by him before the expiry of the assessment year or
The tax payable by him on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source (TDS), does not exceed three thousand rupees.i.e. his balance tax liability after considering TDS and Advance Tax does not exceed three thousand rupees.
At GPK, we take great pride in offering a host of services to make tax issues less “Taxing”. Our exclusive client services include:
NRI Tax filing – We majorly file taxes for individuals including non-residents and expatriates.
Tax Consultation– Already filed your return but still have pending tax questions? Visit or call our offices year round, we would be happy to assist you.
Other tax services– Along with post tax filing support we also offer other tax related services like PAN application, refund assistance, TDS returns, liaising with IT dept, etc.
From convenient and expert tax filing solutions to post filing assistance such as scrutiny and year round tax consultation support, GPK is the answer for all your tax needs.