Hello all, I have one query. If an individual is not a resident in india for last financial year. The total income (Interest on savings and FD) in this FY marginally exceeds the basic exemption limit of Rs 3 lacs under new regime. The tax is not payable as It will be net refund case due to TDS amount. Is it mandatory to file the ITR, even if the individual is ok to not claim the refund amount?
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ITR filing for non resident in one FY
Replies (3)
Quick Summary
Income earned in India or outside India
Yes, it is mandatory; or else you may get notice for non filing of return.
What an NRI must file:
• A non-resident is taxed only on income received or accrued in India (Sec 5(2)). Foreign income isn't taxable in India.
• ITR filing is required if Indian income exceeds the basic exemption limit (Rs 2.5 lakh old / Rs 3 lakh new regime; no 87A rebate for NRIs), or if there are capital gains, a refund to claim, or other conditions under Sec 139(1).
• Use ITR-2 (salary, house property, capital gains, other sources) or ITR-3 (business). ITR-1 isn't available to NRIs.
• NRE interest is exempt. NRO interest, rent and capital gains are taxable (with TDS under 195).
• Schedule FA isn't required for non-residents.
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