28 August 2012
One of Client being NRI having income from India is interest from savings bank accounts, fixed deposits, dividends from equity mutual funds. All of these are around 1.8 Lacs.
1. Since He is working overseas, He did have bank accounts in that country. Are these(bank accounts) considered foreign assets due to which I have to mandatory file income tax?
2. Does the mandatory filing rule for income over 10 lacs/year apply to non-residents like my client?
3. He realize if He is getting any refunds like tax deducted from non-resident ordinary accounts or if He wish to avail indexation benefits, a tax return is required for him to get those, but it is not necessary as per the Income tax law to file tax returns. Is his understanding correct?
CAclubindia
