Prabhat Jain (3 Points)
21 November 2022I have some NRE FD's and NRO FD's exceeding well above 10L , though there is some tax refund for NRO deposit, but every year its troublesome to check and prepare the ITR.
Now In 26AS I have SFT-005 Transaction added for the same.
Questions:
1. If I don't have any tax liability and I do not want refund is it still mandatory to fill returns ?
2. for nre-deposit renew do I need to report SFT transactions in ITR ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179903 Points)
Replied 21 November 2022
1. Yes when your taxable income is above basic exemption limit.
2. You need not report, it is done by Bank...
ARJUN MALVIYA
(Service)
(54 Points)
Replied 28 December 2022
Hello Mr. Rambhia,
Although the total taxable income is less than basic exemption limit but the NRI has some capital gains from shares sale/purchase on BSE/NSE, then does he have to submit the ITR?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179903 Points)
Replied 28 December 2022
Now a days, due to reporting, ITD has more information than your thought. So, it is advisable to file return, may the income be non-taxable.
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