I am NRI staying abroad and have following questions 1. Is it mandatory to file ITR even if total income in India (thru interest, MF etc) is below Rs 150000? 2.Which ITR form is relevant to NRIs considering no salary income in India? 3.What is correct time to file ITR?
1 Answers
- If income is only from interest or mutual fund dividends then its not mandatory to file income tax return if total income in India is below Rs 2 lakhs. But if you have income from capital gains (by redeeming mutual fund units), then its mandatory to file returns, even if income is less than 2 lakhs.
- Which ITR file to use depends on income sources. If you have capital gains then ITR-2 would be used, if there is only bank interest, then ITR-1 can be used.
- The last date to file income tax returns for the financial year 2013-2014 is 31st July, 2014. However, If you don't have any tax payable you can file returns by 31st March 2015.
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