Income tax

Dear sirs
I have been working overseas from last 10 years & since then I am not filing any return;last year I invested 180000inr through my pan with resident status & willing to invest around 1000000 inr in mutual funds.pls. suggest what should I do.
Asked 8 months ago in Income Tax from Lucknow, Uttar Pradesh
Dear Sir,

As per the information provided by you, it appears that you are a Non Resident in India. As per the Income Tax Laws you need not file IT returns if no income is generated in India for NRI. But many SEBI laws make IT returns mandatory for investment purpose.

Plus since you may have a PAN, so again it is advisable to preferably file your IT returns to avoid complication or notices by the Income Tax Authorities.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP  
Rohit R Sharma
CA, Mumbai
986 Answers
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Dear Sir,

Firstly it is advised not to show yourself as a Resident to any authority as it may complicate your case and you will have to show cause that if you are a Resident or Non - Resident.

And on how to show your investments, you can show the income/ dividend received from Mutual Funds as Exempt Income and the amount of Investment in your Balance Sheet.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
986 Answers
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You can invest but in NRI status. No need to file returns in India if you are not having income here.
Shyam Sunder Modani
CA, Hyderabad
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Dear Sir,

Why did you show yourself as resident?? It is not recommended. By the way, you can show the dividend received from mutual funds as Exempt income, if at all you want to file return.

Thanks and Regards,
CA Abhishek Dugar
caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
994 Answers
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