NRI Tax Filing Last Date 31.07.2024 . Should You File Tax Returns Or Not ? CA Sanketh Nayak

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[@kannadiga6776]

Thank you so much

[@Super_Cool_Guy]

*Dr Bhat, can you make a video on how NRI living outside India can use trading platforms like, zerodha ,prostock,groww ....etc...explain how they operate* 😊👍

[@AnoosView]

Which ITR form ( 2 or 3 )should an OCI cardholder file ?

[@donnysingh6389]

How will the new budget affect the NRI long term capital gain tax on property ?

[@RameshPatel-ph3ie]

Thank you for your excellent tips😊

[@vishwasnagaraju8260]

Thank you for a nice and a very informative video Sir!

[@Super_Cool_Guy]

*DO NON-RESIDENT NRI WITH NRE AND NRO BANK ACCOUNTS IN INDIA HAVE FILE TAXES IN INDIA ?*

[@cashardagaikwad]

If you have Income in india more than threshold limit...you should mandatorily file your ITR

[@nancherla]

Are the UN employees who are working outside India to file tax in India?

[@padmanabhshenoy3924]

Very relevant coverage, very informative.

[@chandramouliramachandran4217]

How about money transferred from one NRE account in India to another NRE account? To be precise from son to father's NRE account? Is it an income in India for the receiver?

[@anilgupta-fk4ow]

My son is an NRI. There is TDS of Rs 1400 on account of FDs. CA's fee for filing return is Rs 2500. If does not file ITR at all and foregoes TDS refund, will that be in order? Please advise.

[@maxiemonteiro3199]

Well elaborated.

[@bhanunuthakki6934]

I am USA salaried NRI.My TDS from NRO account in India is ₹174.Am I required to file IT returns?

[@cashardagaikwad]

You are only need to file ITR only your total income from India is more than 2.5 lakh

[@athishkirthik2440]

Hello Sir, Thank you for such a great video, You mentioned that the money as foriegn currency deposited in Indian NRE account may be taxable, I have a question on that, I am NRI working in UAE and I receive my salary in my UAE bank account but I am using money exchange companies to transfer money to my Indian NRE account as it is faster and good exchange rate over the bank by providing my UAE VISA as a proof, is it still taxable? and Is transferring my our UAE bank account is better that transferring money through exchange?

[@RameshPatel-ph3ie]

What happens if pension and rental income from abroad credited to Indian ac by NRI couple is it taxable if they live for more then 180 days

[@independentobserver4554]

When tax slabs are getting more liberal year by year why a 30%plus TDS is deducted even in interest on SB and interest on refund amount.

[@ShilpS07]

Thank you very much, Sir, for the video and for addressing the queries of seafarers. It would be greatly appreciated if you could consider creating a comprehensive video specifically on Indian citizen NRI seafarers, covering topics such as tax residence jurisdiction as they are not resident in any country as they work in multiple countries for short periods and disclosure of income earned outside India from foreign employers in the ITR etc.

[@jagannathshetty6196]

@ShilpS07, For Seafarer's just keep things simple. Ensure your stay in India does not exceed 181 Days for any FY during your Employment abroad on Ship. In ITR for Jurisdiction of Residence Select Code 9999-OTHERS since you are not Resident in any Country, For Tax Identification Number put Passport Number, Unlike other NRI's for a Seafarer your Company can credit your Salary Remittances directly into you NRE Account in India without any Tax liability for you as long as your stay in India for that FY is less than 181 Days.(Circular No 13 of 2017 from Ministry of Finance gives this clarification of no liability to pay Income Tax on Salary credited into NRE Account of Seafarer held in India). ITR is only for showing your Income earned in India and thus your Salary Income earned on Ship while working abroad is not to be shown ITR. Indian Incomes that a Seafarer generally will have would be Rent Income, NRE Savings Account Interest, NRE FD Interest, FCNR Interest, Dividend Income earned from Stocks through your NRE PIS Account, etc. NRE Savings Account Interest, NRE FD Interest Income, FCNR Interest Income should be shown in the Exempt Income section of ITR. These basic things can help you to file your ITR as a Seafarer and you can file your ITR yourself like what I have been doing for the last many Years. Yet if you have doubts or find it complicated then approach a CA who is familiar in dealing with NRE Seafarer's Income Taxation matters in your own Home Town. Cheers & All the best

[@ShilpS07]

Thank you for your response. I need clarification on how to disclose foreign income in the Income Tax Return (ITR), as this information is often required when applying for bank loans or visas, where income is considered based on the ITR filed. Additionally, seafarers may be considered residents in one year and non-residents in another, depending on their employment status. How should they manage their compliance requirements if their residential status remains uncertain until the end of the previous year?

[@jagannathshetty6196]

@@ShilpS07 Please read each and every sentence of my above message. ITR is for declaring your Income earned in India and not your Salary earned on your Ship. Assume all your Salary is credited into your NRE Savings Account in India. Out of the Money credited into your NRE Account suppose you book some NRE FD's. So in that case for the FY say 2023-24, download your Interest Certificate for your NRE Savings Account, download your Interest Certificate for your NRE FD's. In case your have FCNR Deposits also get the Interest Certificate for that. Add all these Interest generated for the relevant FY and show this Income in EI(Exempt Income Section) of ITR-2(This will be applicable to you). Similarly Interest generated on your NRO Account, download Interest Certificate for that and show it in OS(Other Sources Section) of ITR. Like wise if you have Dividend Income show it in the relevant Section, Rent Income show that in the relevant Section and so on. Important criteria is to maintain your NRE Status every Year. If you have NRE status for a relevant Year, you file your ITR showing status as NRE. If for any reason you could not join Ship and could not complete NRE for the relevant Year, file ITR as Resident Indian, in which case you cannot show any of your your NRE Savings Account Interest, NRE FD Interest or FCNR Interest in EI(Exempt Income Section) of ITR but will have to show in OS(Other Sources Section). Also for this case when you are not an NRE for a relevant FY, in this case even your Salary earned for say the few Months you worked on Ship will be added to Taxable Income. All this adding to substantial Income Tax outflow.

[@syamalasampathkumar8394]

I am a naturalized citizen of USA I have a flat in Chennai and I have been renting it out and received rental income and also till this July I have been filing tax returns too. Now I am selling my flat I do have NRO /NRE a/c When is the best time to repatriate the amount which would be less than 1C I am 77 years and could I get any rebate in tax when I sell the flat

[@cashardagaikwad]

Sir, long term capital gain tax is applicable on sale of property which is 12.5% now

[@Samu-gz3qj]

Taxation means frightening exercise, even today!