Income Tax compliances in India

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Income Tax compliances in India

The Tax Law of India makes it mandatory for every NRI to file annual tax return in India if their total income during the year exceeds the basic exemption limit defined by the government in the union budget.

The scope of income liable to tax in India is linked to the residential status held by every individual and hence it is very crucial to first identify the residential status. Non Residents are generally liable to tax in India on all the income that is earned in India.

Hence, if your income exceeds the prescribed limit you need ensure following -

  1. prepare computation of your total income and ascertain the tax liability
  2. pay the tax so ascertained
  3. file an annual tax return in the prescribed form before the due date

The due date to file tax return for NRIs is on or before 31st July following the financial year. To know more, write to us at tax@kdpaccountants.com

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