NRIs Not Filing Tax Returns Know Your Consequences

#nri #nrimoneyclinic #financialplanning
You can reach to us by sending a message on WhatsApp
WhatsApp Number: 00971 551124596
Or click on the link below
wa.link/2jh25k
Services offered by NRI Money Clinic
* Life & Critical Illness Insurance.
* Child education
* Emergency Funds
* Retirement Plan
* Health Insurance
* Wealth Building
* Tax planning ( investments to minimise tax impact)
* Dollar investment ( Only for NRIs in Middle East and Africa )
* Mutual Funds ( NRIs other than in US & Canada)
* PMS ( Portfolio Management Service)
* Fractional Real Estate
* Cash flow planning (Pension, Guaranteed Return plan , Fractional real estate)
* Tax filing and chartered accountant services. (Outsourced services)
* Wills and inheritance planning. (Outsourced services)
* Property record legal verification (Outsourced service)
* Real Estate in Dubai (Outsourced service)
* Real Estate in Mumbai and Goa (Outsourced service)
In case you are interested in using our services you can send a message on Watsapp:00971 551124596 or click on the link below
wa.link/2jh25k
To know more about our business and our business model please watch the below video
lnkd.in/g7cj2rgJ
Our Website: www.nrimoneyclinic.com
LinkedIn: / nrimoneyclinic
Facebook: / nrimoneyclinicofficial
Instagram: nrimoneyclinico...
Whatsapp: [phone]
Or click on the link below
wa.link/2jh25k

[@karmakarma4992]

Much required awareness for NRIs. Thank you,

[@ShovonM]

Thanks! Very informative.

[@paulprinceyb]

Sir, thanks for your useful information

[@AshokKumar-2113]

Thanks very good information

[@Arjun-tg1go]

Thank you for this video..

[@msam9583]

Very nice in depth information. It indeed is very helpful

[@prakashraaj6153]

Very good 👍 informative

[@lakshmanprasad2798]

Thank you. Quite informative.

[@coffeeaffairs5643]

You are the vardaan for NEIS

[@theblueplanet3576]

Thanks for sharing this Dr. Very insightful answers by sriram 👍🏼

[@roychungath]

Thanks

[@kingqueen100]

Excellent blog

[@jayan166]

Excellent informative video. ❤❤

[@sameerthorappa3356]

Very informative 👍👍👍

[@rajagopalanjayakumaran7110]

Very good coverage of the subject. Can u pl clarify who is accountable for LTCG tax if OCI card holder (non tax filer) has earlier made a Settlement Deed with his blood relative for a flat in India and the receiver of the Deed sells the flat later and makes capital Gain? Giver or Receiver of the Gift for the LTCG tax especially the giver is a non-tax Return filer?

[@MrKamalsaran]

Summary by AI - This video is about the tax filing requirements for NRIs (Non-Resident Indians). In the video, a chartered accountant, Mr. Shamra, answers questions about when NRIs need to file tax returns in India and what the consequences of not filing are. Here are the key points from the video: NRIs are required to file tax returns in India if their taxable income in India exceeds the basic exemption limit, which is ₹3 lakh for the financial year 2023-24. NRIs are also required to file tax returns if they have certain other types of income in India, even if their taxable income does not exceed the basic exemption limit. These other types of income include: Income from capital gains which are chargeable to tax at a special rate (e.g., 10%, 15%, or 20%) Dividend income Interest income on NRE accounts (if the NRI is a resident of a country that has a tax treaty with India) Income from any other source in India NRIs who do not file tax returns in India may be subject to penalties and interest charges. They may also be prevented from leaving India until they have filed their tax returns. The video also includes some tips for NRIs on how to stay compliant with Indian tax laws. These tips include: Maintaining records of all bank transactions Keeping copies of all income tax documents Filing tax returns on time, even if there is no tax liability Overall, the video provides helpful information for NRIs about their tax filing obligations in India.

[@jaharmukherjee6778]

These are. applicable to those who are citizen of other country viz US.,but have some transactions in India, because of Parents & old investment in Mf & maturing LIC POLICY.

[@krishnateja2834]

Sir, can you please provide your analysis on investment in "Physical Silver". Is it worth investing for long term point of you say 20 to 25 years down the line. Rate of silver is being manipulated over many past decades. So considering silver usage as an industrial metal over the past, and expecting more demand in the future considering EV growth, Solar usage, can we expect "Silver" to shine in the coming decades. Your insights in this topic is highly appreciated. Thank you.

[@rakeshrajan753]

Very informative video. Thank you very much, Chandrakanth sir and Sriram

[@sureshkumarb1149]

Really very informative video and your voice and words Dr Bhat is really reassuring.

[@jsebastians]

Thank you for the informative video. I have a concern regarding the taxation on returning NRIs. In a situation where an NRI returns home permanently at the start of a tax year and sends home the retirement benefits from abroad, how is this tax treated? Technically, the individual becomes a resident for that tax year (not residing outside India for more than 182 days), yet there is a significant amount of foreign inward remittance during that tax year. My query is more specific to ME residents where there is no taxation and thus DTAA is not directly concerned with the salaried.

[@akhere4279]

How to transfer money from savings account (nro if converted) to NRE account?

[@suriyaa1]

Great video for Nri's..❤

[@srinivas1483]

Does incometax slabs applicable for NRIs? TDS already deducted for capital gains , do we still need to pay more because of the tax slabs ?

[@nitinpatni5505]

Is it mandatory to report exempted income in India (like interest on NRE deposits) in Indian ITR ?

[@Super_Cool_Guy]

A great video Dr Bhat ...but is it possible to get this valuable information pointers in a digital form like a PDF file ?

[@NRIMoneyClinic]

Your feedback is appreciated

[@mahaleem7415]

Is there any limit for transffering amount to NRE account from country of residence.

[@muraligutta432]

I heard that the IT dept. gets our immigration details as well. Is that true?

[@sudhirshinde4506]

As being NRI , Suppose I paid 60L to builder from NRO account for property and if that deal not completed and I got money back from builder in my NRO account. As there is not tax involved. Do I need show this in tax return in ITR2 if so where should I show this.

[@VikrantKumarTomar]

Thanks for making such useful videos for NRI. Can you please suggest any good contacts number of CA(who is having exposure to file NRIs ITR). So, I can approach him to file my ITR to leverage his NRI expertise in filing ITR

[@dilipdhanjani4531]

Any fresh C A can file the ITR

[@sathyaprabajayaprakash7153]

What about PF withdrawn in India Sir? Is it taxable in USA?

[@ShyamSingh-qw9io]

Thanks you so much for the valuable information. I have one question for the guys who work on Oil Field and come to India on vacation after every 28 days, should they count India arrival and departure date in India or out of India to fulfil 183 days out of India rule..

[@aseemsharma2157]

Count the arrival and departure date in India.

[@preetindersalooja7616]

What about if some one receive funds more than 50 lacs in his/her NRO a/c as a nominee on death of their parents. If this is income for tax purpose

[@korathmathew]

Militant tax rules. India is basically business unfriendly except for cronies. All HNIs are wise enough to move out. Holding companies should also shift out. The tax laws only favour the rich. Though 90% of wealth is with 1% of the population, they pay less than 10% of income tax. Only the middle class is looted. The tax laws are not getting simplified , rather it is made for generating work for CAs. Income Tax should be completely abolished and replaced by a transaction tax. This will ensure that black money transactions are also caught and rich do not get away by fooling the system.

[@rajeevramakamath]

🎉🎉🎉 Very Useful 🎉🎉🎉

[@shrinivaswaishampayan7566]

I find most videos focus on young NRIs. But now the seniors are required to move to USA in advanced age though they may have investments and pension in India to support them financially. I would appreciate if you can produce a video on financial decisions to be taken on getting green card and it’s implications who have no intensional to work in USA

[@settpatt618]

You can apply for an EB5 visa by paying 1 million dollars to US government and you can move to USA, they will provide you with Green card. There is no age limit for this.

[@pauld5105]

When the fixed deposit ends and it's newed, bank cut the taxes automatically. Is it right thing to do?

[@KanwalMadahar]

I am a US Citizen, residing in India for the last 10 years. I receive social security benefits from the US Govt, and a pension from State of California. My research has shown me that Social Security Benefits, and Pension from any US Federalnor State government entities is not taxable in India. Please clarify.

[@cornerstonechemical656]

As per Income tax DDTA law which country I have to file tax return both or any one. I am NRI I earned the income from shares If I will pay the tax in India, can I get refund in my country ? what happen in case I have loss last year in my country ( Not in India) oversea can I can get refund which is I paid in Indian tax department?

[@ganeshramcheersagarmurahar7190]

Sir I am Singapore PR filing tax returns both in Singapore & India as per the income earned in the respective countries … Now after COVID I have based more time in India. Instead of Singapore … Now that I have crossed 182 days and also 2 years under FEMA is my rental income in Singapore so I need to declare in India Gross or Net Rental income again in India to pay tax … Please need your guidance or contact detail to call upon

[@bjss12000]

Form 26AS is in Traces portal and it is not directly accessible outside India, may need some VPN or some other means to access it, but AIS is accessible outside India. Please advice.

[@RKK1965]

There is traces portal for NRI accessible from outside india. I download 26AS using same. nriservices.tdscpc.gov.in/nriapp/login.xhtml

[@hemendramshah]

Sir …How about NRIs with OCI ?

[@sumantaroy6301]

Can NRIs in USA have domestic month savings accounts in India?

[@CricketinRomania]

Hi, I am an NRI living in Europe, I dont have any income in India but i send regularly some amount on my NRE account, do I need to file the ITR?

[@iyapaa]

Not required. But If you have NRO account or earning some amount even 1 Rs, then Filing ITR is mandatory.

[@rajeshbhatia540]

Is NRI who are receiving dividend on Shares in india(Shares acquired(prior to being NRI) during resident Indian status say dividend Credited in saving bank account amounted 5400/ afted deduction of TDS @ 10% on gross amount of dividend Rs6000/) & Saving bank interest earned Rs 500/. Is filing the ITR is compulsory in india?

[@iyapaa]

@@rajeshbhatia540 yes

[@nareshbhatia7311]

When banks give interest then they deduct about 31% as TDS. You need fle tax to claim refund. This lecture should be refined

[@4spc]

There is TDS, so unless we need refund, what is point filing ITR since we already paid

[@venunairpn1700]

Is this applicable to OCI card holders also.?. Your reply is highly appreciated.

[@NRIMoneyClinic]

NRIs and OCIs have same rules

[@KanwalMadahar]

Definition of NRI is different under FEMA and Income Tax Code. Is it true that under Fema, I can maintain an NRE Account, even though I am now an Indian resident, with an OCI card? Please help me understand. Unfortunayely, my CA does not know anything and I have to do all the research for him. Please help.

[@bharath2508]

What do NRI get in return for the tax paid?

[@santoshkandpal2506]

Very Informative. Thanks. Can a returning NRE maintain his overseas account after becoming resident?

[@NRIMoneyClinic]

Yes , they can

[@0804alladin]

Sir,what if the rent is received from a property jointly owned by four persons. Each person will need to file return if the share of rental income exceeds Rs 2.5 lacs Income

[@atambirsokhi8085]

How can I get in touch with you.. for advise on filling IT returns..I am an NRI

[@pradippatil3150]

Hi do I need to Aadhar card as foreigner

[@nrisavior]

This is a great information. Keep spreading valuable information..

[@pauld5105]

If the NRI is not living in India, then what he would do?

[@DHIRAJGUPTA2007]

Can aomeone throw somw light on DTAA between UAE and India , whats the process to obtain UAE tax residenfy Certificate ? Would be beneficial for capital gains in India .

[@Saiz5599]

There is a form to be filled with details of your residence like rent agreement and proof of stay of minimum 180 days

[@DHIRAJGUPTA2007]

@@Saiz5599 Did you fill the form ? Can you guide me ?

[@has4896]

RESPECT "N R I" BAN ANY FORM OF TAX ,,,,,,,,,,TAX OFFICER WILL CHEAT INNOCENT WORKER'S 😢N R I's

[@inderpalsingh3566]

Sir i am oci card holder and now i am staying in india only for next 4 to 5 years i have pan card .Is it mandtory to change pan card status?

[@avidreader100]

There are some queries from old friends I see in social media from time to time. They have taken citizenship of another country decades ago. But got some ancestral property recently on the demise of a resident elder. Now hey are totally lost because of the identity, aadhaar, PAN, bank account, address proof, the whole works. Generally the get stalled for want of some initial identity to start. Usually they want to see such a property and repatraite to their (current citienship)Country. Do you have any advice for them?

[@dharmindergenda4285]

I have a question for the viewers. Has any NRI filed Indian income tax by being physically present in a foreign country ? If yes, then please share your methods because I think this is a complex topic and working out the details with your CA who is based in India is very difficult remotely. I think it would be best if NRIs collaborate with their CA IN PERSON but that would require going to India once a year. Any tips anyone ? Thanks in advance.

[@harishpatel929]

If NRI is 77 years of age or more , does the same act will be applicable???

[@MaliniSeshadri]

Q for Mr Sriram Rao please, tax filing mandatory if TCS/TDS more than 25,000 or 25 lakhs? You said Rs, 25, 000 but the text in the video read Rs 25 lakhs Please could you clarify? Thanls

[@harshitguptaofficial]

SIr I m living in japan and receiving salary in japan salary account and i transfer amount in my indian saving account and then upi from my indain saving bank to family but I did not opened nre account and also invest in mutual fund through linked indian saving account. Am I violating any condition or any rules which should be follow by me in future transaction

[@RKK1965]

Open NRE account and remit money to that account. NRE account saving account interest or fixed deposit is not taxable whereas resident account interest and FD interest is taxable. You will save lot of money. NRI cannot have resident account(FEMA violation) you can get that converted to NRO account which can be used to put any money earned in india like rental income.

[@philipsamuel6634]

Are OCI s included among NRIs... Or rather ur opinions apply to OCIs too?

[@NRIMoneyClinic]

Same law applies to NRIs and OCI s

[@snarayan21286]

Does NRI need to file taxes if he has no income in India ?

[@hemantrooneykapoor2]

Yes

[@rajeshnaidu2527]

Hello sir, We sold inherited land in rural village and I got a part of it as 30 lakh which was deposited in bank in 2023, I got the IT notice to file taxes for 2023, I did responded to them telling that the amount is not taxable which came from the rural land sold. Here is my question, do I need to still go ahead and submit the taxes for 2023 when I did not get response back from IT regarding to the response I sent, please give me a response ASAP you can.

[@rajeshsoman6422]

Better file the return, I have seen people getting notices despite selling rural land, cases are still going to Income tax apellate tribunal and commissioner to solve this, avoid all this hassle and file returns

[@rajeshnaidu2527]

@@rajeshsoman6422 Thank you sir, I'll start my returns, probably I'll try to do myself online, and do we need to submit the paper work as a proof of rural land sale.

[@iyapaa]

CA SriRam fees is too much compare to other CA. Kindly request him to reduce little. I would like to inform, India income tax website is not accessible from Germany,

[@NRIMoneyClinic]

Quality commands premium . To best of my knowledge, he follows rules laid out by the institute of chartered accountants .. he is an ethical practitioner

[@jcnair3277]

O​@@NRIMoneyClinic

[@abhishek0kb]

No wonder people want to leave this country.

[@chandrashekarga]

Hello Sir, I am an NRI and I'm transferring money to my normal savings account to pay my home loan and some investment in shares and mutual funds and I dont have any income in India. Entire year i transferred < 50 lakhs. In this case also, do i need to file tax returuns? If i open NRI account and transferring money to that account is their any taxes for that amount?

[@syedsulthanahamed4905]

Pls open an nro account to manage ur indian expenses. As per law nri is not supposed to use existing savings account.

[@chandrashekarga]

@@syedsulthanahamed4905 thank you sir for your response, Can I transfer money to NRO account using Remtly? To manage expenses

[@Sachinrenjal]

Similarly sir i would like to bring to NRI's consideration that, The dividends from indian companies are taxable at flat rate of 20%+ cess irrespective of their incomes, thus becoming liable to pay taxes on such income As some taxes are payable they shall be liable to file returns mandatorily

[@BobPatel-uc9yk]

We need to report to usa all interest. We make in India We still need to report tax return in India

[@Professor2098]

I am working in Africa and i receive my salary in normal Indian saving account. And I am using UPI to transfer my money in my different accounts and family members accounts. I do investment in direct stocks and mutual funds and FDs as well. Do i need to open nro/nre account or can I continue with normal savings account. Someone Please reply hand help . Thanks

[@NRIMoneyClinic]

You are violating FEMA law by maintaining SB account . You must convert these accounts to NRO and also open NRE account

[@akufunkidstv330]

Here in same situation I send money from nre to my wife SB account and she investing in stokes…. Is it required pay tax?????

[@pradeeshma]

Hello Sir, Very informative. Im an NRI and planning to invest good amount of money in Mutual Funds. Should i be thinking about the taxes right now or only when it comes to liquidating the Mutual funds ? Please clarify

[@ks4912]

You need to think about whether you are going to invest in MFs from NRO or NRE account. This will force you to think about taxation implication, forex rates, liquidation in USD vs INR etc. The bottom line is you need to plan your investments wisely.

[@RKK1965]

When liquidating MF, capital gain tax will be cut and deposited in govt account by Fund House. Till then no worry. In fact applicable tax is automatically paid. However, it is mandated to file return (ITR-2) if there is capital gain where further details needs to be provided.

[@ronakvithlani1452]

Sir, Being an NRI, I have short-term and long-term capital gain tax for this year. Can I claim a deduction on NPS investment of Rs.50000 while filing income tax? Are there any other deduction i can claim to offset capital gain tax?

[@vishal7wastik]

No

[@Saiz5599]

Capital gain taxes are not deductible from the slab . But it can be offset in two ways 1- tax certificate from the country you live in 2- buying a home for yourself (maximum 2 houses or apartments) can offset your capital gain taxes

[@techypost428]

Can NRI hold resident demat account mapped with his NRO bank account?

[@NRIMoneyClinic]

No

[@TubSuper]

All NRI should file income return if there is TDS in their any accounts, I do and have refund in most occasions.

[@cbharathan1976]

Agreed 👍

[@blues_fan]

If the TDS is already deducted, and it’s not high amount, then also tax return needs to be filed?

[@cbharathan1976]

​@@blues_fan yes sir. Immaterial of the TDS deducted or not, NRIs should file tax returns. The main purpose of tax returns is to declare all income sources. Even if we there is zero income, we need to explicitly declare it out.

[@sunnyvk]

Even if the Dividend income is less than 25,000.- Do NRI need to file taxes ?

[@cbharathan1976]

@@sunnyvk Yes sir, need to file returns.

[@WarriorClass007]

NRI does not need to file tax returns. They already pay 50 % income and State taxes.

[@niceguy3099]

Dont send money or Invest in India, sale everything settle in any good country

[@has4896]

WHY SHOULD "NRI" PAY TAX FOR INDIA ,WHY WHAT IS INCOME TAX RULES TELL 50YEARS AGO, NOW WHO HAS CHANGED IT FOR THE GOVERNMENT SAKE," N R I " IS A FOREIGN EXCHANGE EARNERS 😊THEY ARE THE ONLY PEOPLE ELIGIBLE TO BRING THEIR SALARIES FOR ANY OTHER COUNTRY THEY WORK AND MAKE OUR INDIA 🇮🇳 RICH,WEALTHY HOW CAN WE PAY TAX AGAIN FOR WHICH I HAVE ALREADY PAID TAX TO THAT COUNTRY I WORKED FOR 😊"N R I" MUST BE HIGHLY RESPECTED, THEY WORK IN SOME ROTTEN COUNTRY AND SEND MONEY FOR OLD FATHER OLD MOTHERS, WIDOWS SISTER, WIFE, KIDS😢

[@CheckMater007]

With many countries India has signed DTAA (Double Taxation Avoidance Agreement), NRIs can file tax return even if they don't need to pay...

[@now2307]

There are many (millions) NRIs who have deposits in NRE accounts and so do not have taxable income. Some of them are harassed by babus in Income tax department, asking them to prove NRI status, source of income etc. etc. On the other hand, deposits in foreign banks are earning good returns without the risk of losing value. Rupees will continue the downward trend despite of all the theories. So NRIs are discouraged to invest in India. Government should streamline the process. A NRI department should maintain database and coordinate with IT dept., banks etc. Instead of harassing NRIs, help them to file zero tax returns. These measures benefit the country in a long run.

[@AS-uq3yf]

The best thing is not to keep any money in India. Corruption and beurocracy will drive you crazy. Just go to India as a happy tourist.

[@keyurpatel8486]

Nice and knowledgeable

[@chandramouliramachandran4217]

What about OCI holders regarding filing of IT returns?

[@NRIMoneyClinic]

Same rules

[@MyGod-1]

All indians should file tax returns in uSA and share their income and all property in india too