Tax filing for NRI

This query is : Open

Anil (Querist)
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03 September 2010
My status is NRI
I have never filed an Income tax Return.

I am keen on filing the same now. Can someone pls. guide me how to go about it.

I have a pan card, and for the last 2 years trading in the Stock market and holding Mutual Funds. All my taxes are deducted at source.
I also have an NRO a/c, where the tax on interest accrued is also deducted at source.

Any insights appreciated.

thanks
Anil

Arun

Arun (Expert)
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03 September 2010 If the following Conditions are satisfied then need not to file return,

Under Chapter XII A (Sec 115C to 115I)

Specified asset should have purchased out of convertible forex. The Specified assets are

1. Shares of Indian concern (Public or Private)

2. Debentures of Public Company

3. Deposits of Public Company

4. securities issued by Central Government

5. Notified Security by CG from time to time

The Income chargeable to tax only

a) Investment income out of Specified Asset

b) Long term capital gain on Specified Asset

The income derived from the Specified Asset Should been suffer at Tax rate of 20% and deducted at source

If Long term capital gain then suffered tax at 10% , tax should be deducted at source.

Should not be any other income which is chargeable to tax.

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Anil

Anil (Querist)
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04 September 2010 However the intention of filing the return is to offset certain short term losses in some stock against short term gains in others.

Also pardon my ignorance, if my income from shares and bank interest is less than the exempted limit (160000~170000) for individual under the Income tax act.

Can i claim a refund of the tax deducted.

Thanks and appreciate your replies

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