Income Tax Payment On NRI – Quick Question Answer Session

If you are NRI then you can give the income tax payment with some certain condition and can file your income tax return under the income tax act. Being an NRI (non-resident Indian) you can not only pay your taxes but also can able to tell your income and expenses in front of government of India under some law and sections. They can pay the taxes on the income which they generated in India to the Indian government.

Today we have some very close information about the income tax payment in India for the NRI which will be very helpful for you to get to know whether your income is taxable in India or not and how much tax you have to pay in India as NRI. Let’s get to know.

1. The main factor which is levied on the NRI is that they have to pay the income tax only on that income which they earned due to India and in India. It always include any type of income like income from house property, capital gain, business or any other.

You can get to know this by an example that if you have an house property in India and if it is rented then rent coming from this house property will be taxable. You can claim 30% deduction for the maintenance and repair of the property as the expenses but the rest amount will be taxable. You can also claim house loan and interest with it too.

After this you are liable to file the income tax return in India if your income is more than exemption limit.

2. If you have any income on which your TDS is deducted but your income was not taxable according to slab rate then you can also claim that as Indian law never discriminate with any person. If you want to claim your income tax refund then you can claim it by filing your income tax till due date.

You have to give all the correct information about why you claiming your income tax refund and what are your income. Then they can refund your tax in your account.

3. We always provide all the useful articles and information in our website and try to help you in every aspect. We made Bestquotesnwishes.com only for those people who are in need and want to file their income tax return and get to know how to file them and which information is needed to file them.

We always try to give you all the information in this regard whether you are business or professional person, salary class or any NRI then you can get some help from us and with them you can comment us too which will be answered to you by our experts at very quick basis. You can also take any help from us if you need it by calling on our phone number if you want to file your return too.

4. Some people asked me about the rules of short term and long term capital gains if they are getting in as they are NRI.

Let’s come to know the condition of short term and long term capital gain if you are NRI as per India. If you are NRI and you are getting any long term or short benefit or income from any shares, mutual fund and any other things then you will not get the benefit of exemption according to age and gender which generally provided to resident Indian.  In the case of NRI 15% rate is applied for the short term capital gain and 10 or 20% for the long term capital gain which is without the indexation.

5. Some people asked me which income is exempt in the case of NRI which is also exempt for resident Indian.

There are some incomes which you find exempt too in the case of NRI which is generally exempt for Indian resident too.

1. Equality and Mutual fund dividend is exempt which short term capital gain in India is only.
2. If any amount of interest is received in some account like FCNR account or NRE account.
3. Equity and mutual fund dividend which is long term but you have to the STT at the purchase time.
4. Income of NSC interest and notified bonds purchased.

You will be noticed here at -:

• Latest Good Night Quotes And Wishes
• Know And Check For Pan Number For Free

It is that income which is taxable in India and exempt in India by which you able to know about the Income Tax Efiling return online in India.

What is LIC, Life Insurance Premium For Saving Income Tax

In income tax, Life Insurance perform a major role as now a day you can claim a major insurance claim on your life insurance policy through the income tax act section 80C. This is performing a major role while you want to save your income tax. Let’s come to know some information about the LIC life insurance policies and its premium in India. you need the exact amount of the life insurance policy when you are going for income tax efiling.

Life Insurance Premium -:

LIC premium or you can say Life Insurance premium is that amount which you pay for policy of your life insurance. This is the annual or semi-annual premium which you pay for you, your spouse and children. Life insurance premium secure their life and give a full exemption from your income tax under section 80C up to the limit of 1.5 Lakh as per latest amendment. This is the limit till which you can deduct from your income tax and rest the amount you can pay as your income tax. You have to remember some point while getting the exemption of under section 80C.

1. The premium paid for spouse whether she/ he is dependent or independent allowed in this section.
2. This section 80C is allowed for all type of children whether dependent or Independent and whether married or bachelor.
3. All type of life insurance policy is covered under this section whether they are purchased from any private company or Life insurance corporation (LIC)
4. As per last amended, you can claim insurance policy or the paid amount under 80C whichever is less in both of them.
5. If you have taken more than one insurance policy which is coving the life of you then the entire premium can be combined and can be claimed in the 80C section. But they can claim only up to the maximum limit.
6. In this insurance policy of life insurance premium which is paid by you can only include children and spouse and it will not cover your parents (Father, Mother or both) or your spouse’s parents because they are not getting any eligibility from the 80C section.

You will find lots of insurance policies which you can take for you and your family as they are not too much big which you can’t claim in your income tax return. There are some Life Insurance Policies which you will find good for your securing your life.

1. LIC Jeevan Anand – Best LIC Plan
2. LIC Jeevan Saral – High Return LIC Plan
3. LIC Jeevan Nidhi – Best LIC Pension Plan
4. LIC Jeevan Ankur – Best LIC Child Plan

See more here at -:

• Check Status Of Income Tax Refund
• Happy Birthday Messages And Sms For Best Friends

You can also consider these policies if you want to take some policy then you can choose some of the policy which are so much popular and give full security to your family. In this field, you can also consider some of the policies which is launched by our PM modi. You will also love to take some of the insurance policy or Bima yojnaa.

1. Pradhan Mantri Suraksha Bima Yojana – PMSBY
2. Pradhan Mantri Jeevan Jyoti Bima Yojana – PMJJBY
3. Sukanya Samridhi Yojna
4. Atal Pension Yojana

How To Do Income Tax Efiling Return Online For Free

Today we are going to learn some about the income tax efiling returns online which is absolutely free. Today we will get to learn how to do income tax efiling return online for free via very simple step by step guide.

There are two ways by which you can easily file your income tax return efiling online.

1. By Downloading or offline -: in this method, you have to download Java utility form or the ITR excel file. Now as the downloading is finished, you have to fill it with all the correct information of your client and then have to just generate the XML file of this file and upload it at the official website of the income tax department.
2. Without Downloading –: this is the complete online method by which you have to just fill the all details over the website directly without downloading anything. But make sure that you have filled all the information correctly and you have to double check it.

You have these two process by which you can file your income tax return in first method is partial online and second method is fully online. But both the methods are authorized by the Income tax department of India. Income tax department is also always gives an updated software by which you can just simply download and after filing the detail you can upload it. You will also be given a utility software in the form of excel file and java updated software.

Java utility is much-much easy then filing return with excel because it made more confortable then filing return with the excel file because it give direct excess of uploading the file. You don’t need to generate the xml file in it and one more quality you will see that it able to fetch some of the details automatically too.

Let’s see how to do income tax return efiling online by the method of downloading the java utility program -:

1. First you have to make your own personal account with your PAN card number and mobile number verification on the official website of the income tax department. For uploading your annual income tax return you need it at a very first level. You need to create it once ever in your whole life. If you have created it once in any years previously then you need not to create new.
2. Now login to your account which you have created last year or newly created and select the type of income you earning and download according to form which is applicable for you for filing the income tax return. You have to login in the previous created account only because every PAN card can have a single account and if you forget the password of your previous created account then you can apply for the new password which can be sended to your registered mail id which you filled at that time.
3. Download the ITR java or excel file of the income tax return because they provide you all tax form and furnish the details in the form with all the details and provide all the correct details in that. You have to fill all the details which is mentioned in your forms like 16A Form, Form 16, Form 16B and Form 26AS.
4. After filing all the details in the downloaded form of return, validate it with validator and after validation in the excel file you will see a button of generate XML file which you can generate and then you can upload it in the uploading section of your account on the website.
5. This is the process which is used which is signed by digital signature and if you don’t have digital signature then you have to take the print out of the acknowledgement. Acknowledgement generation is the last process of the filing the return. You have to sign that acknowledgement for the completion of the acknowledgement and then send it to the registered office of the income tax department.
6. If you have digital sign then you can directly sign that acknowledgement while the process and then you need not send it to the office of the income tax department.

Note: – A wonderful option also added from the financial year 2014-2015 in which you just have to link your aadhar card with your ITR Form. If you have linked your aadhar card then you need not to worry about sending your acknowledgement to the registered office of the income tax return department.

Now let’s take a look of the second process which we have told you if you don’t want to download your income tax return from the website. Now you will understand how to do income tax efiling online without downloading the return form. In this process you need not to download your income tax form or any software and you just need to fill all the required details correctly on the online form. You just need to login on his account on the official website of income tax department and after going on e-file – income tax return-prepare and just fill the information and submit it online.

Now let’s see the step by step guide by which you can get to know how to do income tax efiling India online without downloading the return form.

1. You have to open your account over the https://www.incometaxindiaefiling.gov.in which is the official website of the income tax department. There you will see a tab of e-file income tax return click on it.
2. It will allow you to fill the all information and after filling all the information correctly, you will able to generate the acknowledgement where you can digitally signed that with linking of aadhar card. Then you need not send it to the office of the income tax department.

If you don’t have aadhar card then you must take a print out of the acknowledgement and after signing manually you must send it to the registered office of the income tax department. This is the acknowledgement which is known with the name of ITV-V which is generated and duly sign send to the main office of the department which is situated at the Bengaluru. You will see the address over the footer of the acknowledgement too which is “Income Tax Department – CPC, Post Box No – 1, Electronic City Post Office, Bangaluru -560100, Karnataka”. You have to send this duly signed acknowledgement within the 120 days of the efiling the income tax return online.  120 days will be counted from the day you filled the return till you send the return. It will not be counted from the date which they received.

Note -: You must take care of some points which you have to remember which are as follows

1. There are hundreads of software which are also available in the market which provide you to make your return and file it to the department of income tax efiling.
2. When you are going to filing the income tax return then you should make sure that you have already paid all of your Self-Assessment Tax (if you eligible to pay advance tex then that must be deducted) which you have computed from applying your Income tax slabs. You can also deduct your TDS from it.
3. It is also possible that you can file a belated or late income tax return after passing the due date of the return filing. This is the return which is named by the late income tax return or belated income tax return.
4. If you have paid the advance tax or self-assessment tax or both and it is more than actual tax then you can claim it in your income tax efiling online return. You can claim all the excess tax after discloser of all the facts in the income tax return. You have to take care all the process of the income tax refund.
5. The due date and last date as per the income tax department of the income tax return efiling of a financial year is the 31^st July (subject to last minute changes by the concern authority ) of the individual person or any proprietary firm. If you come under audit then you have to do with the tax audit which has a last date on 30^th
6. You can also file your income tax return again if you found any error in your income tax return which you filled earlier which is known as a revised return which can be filled under 139(5) but it have certain criteria which you have to fulfil for filing the return.

Related Article -:

• Top Sweet Happy Friendship Day Wishes Msgs
• 50 Cent Annual Salary

Now we are wrapping it up here as I am thinking that I have shared enough things from my side which I am learning in day to day life as a CA.  You can also send me some of your queries if you have any in your mind or which is not covered yet in this article. I will surely answer you or I will update my article too if I think that I have not given the answer of that question about the income tax efiling india online return.