NRI Tax Return Plans
Plan your tax obligations & business in India
What is an NRI Tax Return Plan?
Customised based on an NRIs common sources of income in India, our NRI Tax Return Plans are designed to help an NRI choose the type of assistance he requires to file a tax return in India. The type of plan selected by you also helps us consult you better by understanding the nature of your income in India. In case you have more than one source of income, you may choose your income sources from under our “Customised Plan”.
Benefits of Tax plans?
All NRIs purchasing our Tax Return Plan are assured to receive the following services from PravasiTax:
Who will be handling my Tax Return
On purchase of your required Plan, a dedicated Tax Advisor will be assigned to you. The Tax Advisor will be a qualified Chartered Accountant who will be available on-call or through email as per your convenience at your convenient time. Your Tax Advisor will be with you throughout your return filing journey, clarifying your doubts and consulting you on your tax returns.
Frequently Asked Questions
Do NRIs need to file tax returns in India?
While filing tax returns in India is not mandatory for an NRI unless their income in India exceeds INR 2.5 lakhs, filing a tax return comes with a lot of benefits such as claiming a refund of TDS, carry forward losses to set off against future incomes to save tax, proof of residential status, etc. Please refer to our article Is it mandatory for NRIs to file income tax return in India? for more details.
How can I file an NRI return in India?
An NRI can directly file his income tax return in India by visiting the website of the Income Tax Department at www.incometax.gov.in. From under the Downloads Section, NRI can download the utility corresponding to his return form, fill up personal and income details by following the steps provided in the utility and proceed to submit the tax return.
Alternatively, an NRI can approach a Chartered Accountant or e-return intermediaries for assisted e-filing services.
Does NRI pay income tax?
An NRI is not required to pay tax in India on their foreign income, however, their Indian source incomes are taxable in India. A few common examples of Indian source incomes are interest earned on bank accounts in India, rental income from property in India, sale of property in India, share trading, etc. An NRI will need to pay tax to India if income from all these sources in a year exceeds INR 2.5 lakhs.
What is a Basic Tax Plan?
If you are an NRI earning only interest income in India and wish to file returns in India, our Basic Plan is just what you are looking for. You can also opt for our Basic Plan if you wish to file a Nil return in India. Please refer to our article for benefits of filing tax returns in India.
Which tax return form should an NRI use?
An NRI is mandatorily required to file tax returns in ITR-2 or ITR-3 only. ITR-2 can be filed by all NRIs who do not have a business income in India. NRI having business income in India is required to file ITR-3.