Despite Coronavirus providing extension to the residing taxpayers of India, the Non-Resident Indians have not enjoyed similar privilege. In a surprising step, NRIs were not offered any grace period with regard to their Income Tax return filing date. Hence, no relaxation has been given for NRIs in the income tax filing date.
Last day for NRIs to file Income Tax
For NRIs, it’s generally July 31st, after the conclusion of the last fiscal year. Finding out that the date provides sufficient enough relaxation for the Non resident Indians, it is easy to understand why no relaxation was offered to NRIs.
Is it common for NRIs to file Income Tax Returns?
Most people are in doubt regarding NRIs filing Income Tax returns. Well, their doubt is justifiable, as there are only real conditions under which an NRI is needed to file Income tax returns. The Income Tax conditions for an NRI are:
- In case the net (taxable) income of the NRI is over INR 2.5 lakhs, then the NRI is legally bound to file the Income tax return.
- In case the NRI has put a sum that happens to be over INR 1 Crore in one or more accounts with a bank or cooperative bank of India during the fiscal year, then the NRI in question needs to file the Income tax return.
- In case the NRI has coughed up personally or with someone, an amount of over INR 2 lakh for traveling overseas, then the person is legally bound to file Income tax returns.
- In case the NRI has consumed over INR 1 lakh via electricity utilization, then during that financial year, the concerned NRI needs to file an Income tax return.
Concluding Thoughts
If you happen to be an NRI (Non-resident Indian) who comes under the categories mentioned above then you don’t have to panic. The income tax filing experts at our disposal will assist you in filing your ITR returns in the prescribed time limit. In case you require any other help, then reach out to our team at any given time without any hesitation.