How long NRO account can be maintained after returning to India?

Since you have been abroad for 31 years, you need to check out these criteria to understand how long you can hold the RNOR Status: If the NRI has been outside of India for 9 out of last 10 years, he/she can be an RNOR for 1 year.

How many days NRI can stay outside India?

In other words if you take up a job outside India,the 60 days minimum period will be increased to 182 days. In you are an India citizen or a person of Indian Origin , and you live outside India the 60 days minimum period mentioned above will be increased to 182 days for you.

How is NRI status calculated for days?

Previous Year is period of 12 months from 1st April to 31st March. Number of days stay in India is to be counted during this period. Both the Day of Arrival into India and the Day of Departure from India are counted as the days of stay in India (i.e. 2 days stay in India).

When should NRIs file India tax returns?

31st July
NRI Income tax return must be filed on or before 31st July following the financial year by an individual. However, the due date is considered as September 30 if the NRI is a working partner of a firm whose accounts are necessary to be audited.

Is NRI liable to file income tax return?

An NRI, like any other individual taxpayer, must file his return of income in India if his gross total income received in India exceeds Rs 2.5 lakh for any given financial year. Further, the due date for filing a return for an NRI is also 31 July of the assessment year or extended by the government.

What will happen if income tax return not filed in India?

The penalty A late filing fee will be levied if you file a belated tax return, i.e., after the deadline. Until assessment year (AY) 2017-18, there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19.

What are the tax liabilities of a NRI returning to India?

Tax liabilities of a NRI returning to India. For income received or deemed to be received or accrues or arises in India during the previous year, both ROR and NOR/ NRI are fully taxable. For income which accrues or arises outside India and received outside India in the previous year from any other source, for ROR is fully taxable,…

How long can an NRI stay in India as a rnor?

In extreme cases, if you are returning after being NRI for 5 years or more (and didn’t visit India during those years) and return to India after April 2, you can be RNOR for maximum three years.

What are the new rules for NRIs in India?

New rules to determine residential status of NRIs; Till end of FY 2019-20, NRIs (covers Indian citizens and Persons of Indian Origin) included those individuals who visited India for less than 182 days in a financial year. In February 2020, the Budget 2020 proposed to reduce this period to 120 days for all NRIs.

How long can income taxable in India stay in India?

This is because once income taxable in India or taxable Indian income exceeds Rs 15 lakh, then provisions related to stay exceeding 120 days, as mentioned above will be applicable. It may be noted that dividends distributed by Indian companies would be taxable in the hands of the shareholders and as such, would form part of the taxable income.