Should NRI file Income Tax returns in India ?
If you are an NRI, are wondering whether you need to file Income Tax returns in India, this post will help you . Any Income which accrue or arise in India, wil be taxable in India. For e.g common income which are taxable in India are - Bank Interest, Fixed deposit Interest, Profilt / Loss from Shares, Mutual Funds, Bonds, Rental Income, Profit / Loss from Sale of Property in India etc.
When an NRI should File IT Returns in India?
As an NRI, you should file your income tax returns in India, if you meet any of the following criteria –
1) Your taxable income in India during the year was above the basic exemption limit of Rs 2 lakh OR
2) You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit....