Sir wonderful video and thank you for sharing all the information. I know you have answered most of the questions but I just want to confirm again . 1) What if you have no income in either country like india or US as OCI , do you still have to file return ? 2) And if you have less than 40K rupees in NRI or NRO. Account then do you have to file return ? 3) And while sending money from US do you have to file return on it ? If yes then how much is limit where you don’t have to file return ? Thank you in advance
1. If you have no income in either country, there is no need to file an ITR. 2. If you have less than 40K rupees in NRE or NRO accounts, there is no need to file an ITR, but we still recommend filing an ITR for safety. For the 3rd question, we need to do some calculations, and you have to specify how much money you are going to send. For more information, we recommend consulting with CA Arun Tiwari. Contact the NRI desk at 8080088288 or email us at cs@aktassociates.com
Thank you! So if USA based OCI NRI has invested in etf and stock in NRE DEMAT pins and or non PINS account do we need to file tax in India even if we don’t sell them in that year? Are dividends from etf or mutual funds taxable even if you reinvest them every year?
Sir,information is really useful and eye opener.I have one question.We jointly own a property (4 family holders) and receiving rent not exceeding 6 lacs.Do we need to file the return individually?I declare the rental Income in my UK tax return and pay appropriate tax.Do we still need to pay tax in India again?
What if an OCI card order stayed in India more than 190 days and never had any income from India source but gained income outside india and taxed by source country. Should he still need to file tax in India on his global income which was already taxed by the source country.
We need to check the residential status, and if the income exceeds the basic limit, then he needs to file a return. For more information, please contact our support team at 8080088288 or email us at cs@aktassociates.com.
Thanks Arun.Right now I have a holiday house in my name and not rented out as parents still live there from time to time so I guess I dont have to file return since no income from the house?
If you have no income from India, filing a return may not be necessary. if you have any query. You can contact our client support @ 8080088288 or mail us on cs@aktassociates.com
dear sir my query is my friend is oci card holder and he has a NRO ACCOUNT in India and has business income on this particular account and have a pan card also how and in which itr form he should file his return.can i file his return throught clear tax.
you should file his return using ITR-3, the form for individuals and HUFs with income from business or profession. We do file NRI Income Tax Return, for more details contact 8080088288 or email us at cs@aktassociates.com
Thankks your time sir... I have question... मै India मैं ७-८ साल से हू, मेरे पास OCI है, अब तक जो मेरे Indiaमे account से है वो मे as it is use कर रही हू। लेकिनtax file हर साल करती हू income 5 lakh के अंतर है। तो क्या मुझे मेरे account NRE मां covert करने चीहीए।
आपको अपने खातों को NRE में बदलने की आवश्यकता नहीं है, क्योंकि आपकी इनकम 5 लाख से कम है। अधिक जानकारी के लिए, हमसे 8080088288 पर संपर्क करें या हमें cs@aktassociates.com पर mail करें।
If you have resided in India for more than 182 days, you are typically considered a resident for tax purposes. Therefore, you may not need to register as a non-resident for OCI while filing taxes. You can contact our client support team at @8080088288 or mail us at cs@aktassociates.com to know more
Yes, they need to file ITR if their income exceeds the taxable threshold. Feel free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Sir, OCI, But living in India since childhood with Indian parents, educated in India, received stipend, TDS deducted, file return and claim it back As per your definition, he is Resident Indian, which IT form to be selected.. And it should be shown as Resident OCI Only correct?
I have income in India less than 1 lakh per year from dividends and NRO account interests Should I file ITR - I have not filed it since last 3 years Should I just go back and fike returns for last 3 years
Once you file a return, you will have to file return for all future years , even though it's NIL tax return , because you will be getting sms / email from tax department to file return, as you are already registered in tax department department computer system .
Dear Sir, your videos are really helpful. I am trying to figure out if a OCI who is filing taxes as a resident Indian can I start a sole proprietorship or should I go with Single Person Company since I am a OCI holder. Can you please help me understand this.
As an OCI filing taxes as a resident Indian, you can start a sole proprietorship or opt for a Single Person Company (SPC). Both options are available to you, but consider factors like liability, scalability, and compliance requirements when making your decision. for more information Consult with CA Arun Tiwari. You can contact our client support team at @8080088288 or mail us at cs@aktassociates.com
Do OCI holders with no income in India stay in India for 180 days every financial year for an indefinite number of consecutive financial years (4+ years) without being considered residents of India for tax purposes?
