Filing returns

Sir

I am an NRI having interest income above 2.5 lakhs per year. I have not filed income tax returns so far. When should I file my next returns ? And what penalties I will face for not filing my previous years returns and paying the tax ? TDS is being deducted and remitted by banks on all NRO FD.s without fail.

Thanks
Asked 25 days ago in Income Tax from United Arab Emirates
Dear Sir,

You should file ITR for last two years immediately.

There is a penalty of five thousand for late filing of return (I.e. filing after the end of assessment year). However this is not mandatory. Generally it is not levied.

Please feel free to call/ revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com

Abhishek Dugar
CA, Mumbai
766 Answers
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You can file your returns for the last 2 years i.e. FY 2014-2015 and 2015-2016. There will not be any penalties if there is no tax
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Dear Sir,

You should immediately file ITR of two years 2014-15 and 2015-16.

As per section 271F If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer MAY direct that such person shall pay, by way of penalty, a sum of five thousand rupees. which is generally not levied.

For any further clarification feel free to contact us.
Shiv Kumar Agarwal
CA, Delhi
195 Answers
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You can file returns for the financial years 2014-15 and 2015-16 and claim credit for TDS and refund, if any. For TDS relating to earlier years,  you can claim refund for the financial years from 2008-09 and onwards by filing an application with the Income Tax Department, along with the IT Returns. 

We need to file the application manually with the Commissioner of Income Tax
B Vijaya Kumar
CA, Hyderabad
290 Answers
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HI,
if your interest income in more then Rs 2.5 lakhs but after deductions under chapter VI it is falling below taxable limit. then there is no need to file return.
you need to check your income tax site , if income tax authorities has raised any demand or sent you any intimation.

I would suggest you to file IT return for FY 2015-16 & 2014-15, and if any query raised by the assessing officer then you can act accordingly.

if your taxable income is within 10%or 20% or even 30% tax slab then there would be no tax liability due from your end as TDS rate of deduction  for NRO is 30%. it might be possible you get some refund.
and if there is no tax liabilty then there would be no interest charges or penalties arises.
Vishakha Agarwal
CA, Bangalore
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Hello Sir,

It is advisable to file your income tax returns for the F.Y. 2014-15 & 2015-16 as soon as possible to avoid further complications. 

TDS is deducted only @ 10%, you will have to pay the balance amount of tax if any payable.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
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