Step by Step Guide for Income Tax Fillings for NRI

1. Check for your Income Limits  if the same exceeds Rs.2.5 Lacks filling of Income Tax Return is Mandatory
2. Determine the residential status in India to know more on the same you can refer to our Blog
3. Reconciliation of Income and Taxes paid and TDS deducted 26AS & AIS: AIS statement would provide you with the details of transaction reported do make a reconciliation of the same before filling of your income tax return.
4. Ascertain taxable income and determine your tax liability
5. Check for relied under double taxation treaty.
6. Select ITR based on type of Income, Form ITR-1 is not applicable to NRI, Applicability of ITR is based on Income received.
7. Don’t forget to disclose the exempt income if any this becomes even more important in case the foreign income is remitted to India.
8. Disclosure details of Bank Accounts
9. Provide assets and liabilities details in ITR if your income exceeds Rs.50 Lacks in Schedule AL of the Income Tax Return.

10.  Verify your ITR withing 30 days of Filling ITR else the same would be defective and you may have to file fresh.

11.  Compare your 143(1) intimation with tax payable as per ITR and in case of any anomaly take corrective actions.