No. As per IT Act, 1961, NRI or not, any individual whose income exceeds Rs.2,50,000 is required to file an income tax return in India. Thus, it is not mandatory for you to file ITR. However, if your TDS has been deducted, you can claim refund of it by filing ITR.
ITR filing mandatory for TDS deductions and SFT?
I'm an NRI and have income in India from house rent, interest income from the bank and interest income from other sources. My total taxable income in India is much below 2.5 lakhs. I have the following questions: 1) Is it mandatory for me to file an ITR in India, if I have the following appearing/reported in my Form 26AS?:- a) TDS deductions (from NRO account and other sources) and b) SFT-005 Time deposit (due to fixed deposits in bank). 2) Is it mandatory for me to file an ITR in India, if I only have TDS deductions (from NRO account and other sources) appearing in my Form 26AS?
Asked 3 years ago in Income Tax
As your total income is less than Rs. 2.50 lacs, you are not liable to file ITR. It is advisable to file ITR when TDS is deducted or transactions are reported through SFT to avoid e-campaign notice through compliance portal.
Dear Sir,
Hope you are doing well !!
It is not mandatory to file the return as your taxable income is below exemption limit.
However, it is advisable to file the same to avoid future compliances.
Hello,
Though it is not mandatory for your to file your income tax return since your total income is below Rs. 2.5 Lakhs.
However, It would be advisable for you to file the return since there is a TDS deduction and reporting under SFT.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
If you have TDS you should file ITR as you can get refund because your income is below taxable limit.
Actually I do not want to file ITR if it's not mandatory and also because my refund would be very less. Some of you have replied me that it is advisable to file ITR in order to avoid notice through compliance portal. Would it be a problem if I get this notice? If I just provide a response that my taxable income is below the taxable limit, will the Income Tax Dept. close the case? Please suggest what kind of response would be suitable for me in this regard. Thanks!
Asked 3 years ago
Give reason "income less than maximum exemption limit" against compliance notice of filing of ITR.
You can provide the response that your income is below the basic exemption limit.
You need to file income tax return form if your gross total income exceeds the basic exemption limit of Rs 2.5 Lakhs, i.e., before claiming deductions under Chapter VIA , like 80C,80D etc.
If you don't want to claim refund and your gross total income does not exceed Rs 2.5 Lakhs, there is no need to file IT Return. If there's a notice for compliance, you may answer it suitably by just ticking the appropriate check box in the compliance section.
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