Income Tax Refund is a mandatory obligation that every individual in India has to fulfil despite his income level. Residents and non-resident Indians or NRIs must also file an income tax return in India. An NRI is required to file a return for the income you are she has earned in India if it exceeds the limit of 2.5 lakhs in a financial year. The overall process of filing an income tax return in India by an NRI involves the assistance of a specialized consultant.
Dedicated chartered accountancy firms with years of experience and expertise can easily assist in understanding the tax implications for NRIs. They are known for making available an extensive range of solutions and services to NRIs that are listed below:
Filing income tax returns:
A dedicated chartered accountancy firm possesses the necessary expertise to file an income tax return for NRIs on their behalf. They include all the essential knowledge that can help them determine the level and source of income of NRIs and file an income tax return based on the same. Moreover, any deductions can be easily included within the total income tax return to determine the level of tax they are pretty to be paid in India if any.
Delivering assistance and support services:
Chartered accountancy firms can quickly assist NRIs by analysing their source of income and using the same for filing returns. They can easily understand the origin of income and therefore use the same to decide whether or not an income tax return should be filed in India or not. All the necessary support, assistance, and consultation services are made available to NRIs depending upon their source and level of income.
Completion of all the necessary formalities:
Dedicated chartered accountancy firms are also known for completing all the necessary formalities concerned with filing income tax returns in India. They understand the source of income of NRIs, analyse the same, and file income tax returns. They even look for all the necessary deductions that can be included within the income tax returns of NRIs and therefore deliver the best assistance solutions that can help in reducing their overall tax liability.
Chartered accountancy firms serve as the most reliable institutions that can help NRIs in analysing whether or not an income tax return is required to be filed. Though filing an income tax return by an NRI is necessary, in certain situations, one is not required to file the same. Chartered accountancy firms can easily determine whether or not an NRI should file an income tax return based upon a source of income and therefore deliver the best support solutions. NRI tax planning in India can be made convenient and hassle-free through the services of specialized accountancy firms.