RAJESH DHRUVA
RAJKOT, India: For the financial that ended March 31, 2019, a few important changes have been made as regards filing of tax returns by NRIs as well as Indian citizens residing abroad.
These changes are :
1. If NRIs have business income in India, then they are required to file ITR-3 and otherwise they are required to file ITR -2 provided they do not have income from capital gain.
2. NRIs are also required to provide information about their physical stay in India showing details of the date of arrival into India and date of departure out of India for the current year as also previous four years.
3. Moreover, NRIs are required to mention their tax identification number of the home country where they are permanently residing. So in the case of NRIs in the US, this will be the social security number whereas, in the case of NRIs in the UK, it will be the national insurance number.
4. The due date for filing of tax return, which was July 31, has now been extended to August 31, 2019, without penalty. However one can file a return with a penalty of Rs 5,000 to Rs 10,000 depending upon taxable income.
Further, tax returns cannot be filed voluntarily after March 31, 2020.
For more information, contact Rajesh Dhruva at femaonline.com or call 0091 98240 49944 or email to rajesh@femaonline.com or keynote@nribanks.com.
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