Income tax return for OCI

The amount received under an insurance policy is exempt from Income tax. Banks are liable to deduct TDS u/s 195 on the interest from NRO Account. Please check your Form 26AS and AIS. It is recommended to file the ITR and show amount received from LIC, NRO interest, NRE interest if any. Interest received in NRE account is also exempt from tax. We can assist you in filing

For detailed discussion you may opt for phone consultation

Hi, can you confirm whether any TDS Deducted on the amount received from LIC

for interest earning from NRO account anywhere TDS is deducted so there is no need to file return of income unless you want to claim back that amount as refund

Hello,

Amount received from the LIC policy is exempt from income tax, you do not have any tax liability on that specific income. However Banks are liable to deduct TDS (Tax Deducted at Source) under section 195 on the interest earned from the NRO account.

It is generally recommended to file an income tax return (ITR) in India to report your income and show the exempt income, such as the LIC payout and the NRO interest. Filing an ITR and reporting the exempt income helps maintain a clear record and facilitates compliance with tax laws.

Since you mentioned that you don't have any other income in India, filing the ITR will provide a complete picture of your income and financial transactions in India, including the exempt income. It's important to review your Form 26AS (which provides details of tax credits) and AIS (Annual Information Statement) to ensure accurate reporting of all relevant income sources.

If you require assistance with filing your income tax return (ITR) then we can help you in itr filling.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Technically you don't have to file income tax return in India as your taxable income would be below 2.5 lakh assuming interest from NRO would be below 2.5 lakh a year.

However, since bank would deduct tds it is advisable to file return and claim refund of such tds.

Also, in my opinion your LIC receipt will also be exempt.

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

You dont need to file any return in india or get tax residency certificate for now

Yes you can do that and transfer to your father.

No you need no TRC from Australia to file return in India even if your total income is above 2.5 lakh.

If you need any assistance in filing ITR click HERE: https://www.taxontips.com/income-tax-return/

- You can transfer from your NRO Account to father saving bank account 

- No need of TRC to file ITR in India. If TDS has been deducted by bank on NRO interest then file ITR

Hello,

If you want to transfer funds from your NRO (Non-Residential Ordinary) account to your father's savings bank account in India, it is allowed.

Regarding your tax residency certificate query, it's important to note that you generally don't need a Tax Residency Certificate (TRC) from Australia to file an income tax return (ITR) in India. If TDS (Tax Deducted at Source) has been deducted by the bank on NRO interest, it's advisable to file an income tax return (ITR) in India to claim a refund of any excess TDS deducted or to ensure proper compliance with tax regulations.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Since your income is less than Rs.2.5 lakhs you are not required to file ITR in India. But banks would have deducted TDS on Interest on NRO account so you can claim that as refund. You don't need TRC from Australia. 

You can transfer the amount to your father.