Yes, If your total income exceeds Rs.2.5 Lakhs Yearly then you have file income Tax Return in India. Moreover, If You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit, then also you have to file Income Tax Return in India.
July 31st is the last date for filing your Indian income tax returns for the financial year 2018-19.
Failing to which its attracts heavy penalty under Income tax Provisions.
As per the provisions of the Income Tax Act, you must pay advance tax in three installments during the year in case the tax payable, after adjusting TDS is likely to be Rs 10,000 or more. If advance tax payments are missed in a year than interest need to be paid for that as mentioned under Section 234B and Section 234C.
Our Tax team at Applylegal.com will guide you through the entire process.
Any NRI who earn more than INR 2,50,000 in a Financial Year is liable to e-file income tax return in India.
- To carry forward a loss.
The only income earned from selling an asset in a financial year where TDS has beendeducted are not required to e-file income tax return for that year.
To claim a refund.
Income generated from house property that is situated in India is taxable here. The income tax calculation rule will be followed as same as a resident’s. Whether the property is vacant or rented out, it is liable to pay income tax on that. An NRI is also entitled to claim 30% standard deduction on house property against home loan interest payment. Also, NRI’s can claim a deduction against principal repayments under section 80C which includes Stamp duty, registration charges paid to purchase a property.
- Deposits with Indian bank.
Debentures issued by a publicly-listed Indian company (not private).
Shares in a public or private Indian organization.
Any security of the Central Government.
Other assets of the Central Government as specified for this purpose in the official gazette.
Deductions under Section 80 is not allowed while calculating such investment income.