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I'm an NRI living in Canada and have been working there for the past four years. I haven't had any salary income in India since moving abroad, but I still have a savings account, a small fixed deposit, and a flat in Pune that earns rental income.
Recently, one of my friends told me that every NRI must file an Income Tax Return (ITR) in India, while another person said it's only required if your income in India crosses a certain limit. Now I'm confused about which one is correct.
Last financial year, I received rental income from my apartment and some interest from my bank deposits. Tax was deducted from a few payments, but I'm not sure whether that means I still need to file an ITR or if the TDS is enough.
Has anyone been in a similar situation? How did you determine whether you needed to file an Income Tax Return in India as an NRI? Did you file just to claim a refund, or was it legally required in your case?
I understand every financial situation is different, but I'd appreciate hearing about real experiences before I speak with a tax professional.
My situation is a little different. I'm an NRI in Australia with only NRO account interest in India. Some years my Indian income has been below the applicable filing threshold, while in other years I had capital gains from selling mutual funds, so I filed an ITR.
From my experience, it's not accurate to say every NRI must file every year. It really depends on the type and amount of income earned in India and the applicable tax rules for that financial year.
I live in the UK and still own property in India. Even though my salary is earned entirely in the UK, I file an Indian ITR every year because I receive rental income and bank interest in India.
In one financial year, the tenant's TDS exceeded my final tax liability, so filing the return helped me claim a refund. I initially thought TDS meant I didn't have to file, but my accountant explained that it depends on your total taxable income and other factors.
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I moved to the US several years ago and continue filing an Indian ITR because I have dividend income and a few investments in India.
Even when I wasn't expecting to pay additional tax, filing helped maintain proper records and made it easier when applying for a home loan later. I would also suggest checking your Form 26AS and Annual Information Statement (AIS) before deciding, since they show the tax deducted and many of the financial transactions reported against your PAN.
Since tax rules can change, I usually verify the latest requirements before filing.