I'm an NRI for many years and all my income is earned outside India. I transferred some funds from my NRE account to other saving account and made some deposits in this savings account, which attracted 10% TDS. I have already paid more tax than required, as if I had made NRE FDs, I would not have paid any taxes on these FDs, but I had to pay 10% TDS because I transferred these funds to savings accounts. Since these are all foreign income, do I need to file ITR or I can just response on Compliance portal that I'am an NRI and these funds are already taxed outside India and hence need not file return ? Even if I have to file ITR, do I need to pay any further tax ? Can I take advantage of 115G section for NRIs ?
Recently I got a Compliance SMS on this for FY2017-18.
What would be the solution for FY2018-19 ? Should I transfer all these funds to NRO->NRE account with 15CA/CB form to reduce tax ?
Asked 15 days ago in Income Tax from KOLKATA, West Bengal
I registered with the IT efiling portal on Jan 22, 2019 when I received the sms/email from the IT Compliance. But I saw there are some old compliance issues for FY2009-10/FY2015-16, for which I never received any sms/email. I'm not sure if they sent a letter or not because the address on my PAN is an old address, where I don't stay.
Do you think I need to respond to the old compliance cases for which I didn't receive sms/email, but showing on the portal ?
If I respond to these old cases, will there be any harm ?
Asked 15 days ago
Thank you everyone for answering my query.
Had a question on FY2017-18 tax filing on property tax interest deduction. I took possession of a property in 2015 for which I paid EMIs against a home loan from March 2010 - Dec 2015. The property was vacant till Dec 2015 and I put it on rent in Jan 2016.
If I am not wrong, can I claim the pre-construction interest paid on the home loan in 5 equal installments ?
So I can claim 1 installment in FY2017-18 tax return ? What if I miss to claim this ? Can I claim in next FY2018-19 return or with a revised return till March 31, 2019 for a refund ?
Any input will be highly appreciated.
Asked 13 days ago
Thanks for your answers. Just to clarify, as mentioned earlier, I have closed the loan in Dec 2015 only. So can I still claim the pre-construction interest in FY2017-18 ?
For the compliance response for FY2017-18, can I send a response within 21 days and mention "ITR has not been filed" and reason "ITR under preparation" (and then file ITR within Feb, 2019) or is it a must to file ITR within 21 days and then send response as "ITR has been filed" and provide ack number, date etc ?
Asked 11 days ago