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Filing ITRs in India for Residents and Non-Resident Indians
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PostPosted: 16 May 2019 11:55:47    Post subject:  Filing ITRs in India for Residents and Non-Resident Indians
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Filing ITRs in India for Residents and Non-Resident Indians
by shivshekar December 28
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, 2018


An income tax return (ITR) is an annual declaration furnished by the taxpayer of the income earned, expenses incurred, and the taxes paid during the relevant financial year, within the given timelines set out by the tax authorities.




As simple as it sounds, the process of efiling income tax returns in India can be really daunting and complicated. This income of the entire fiscal year is listed under the following five categories; i.e.

Income from Salary, Income from House Property
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, Income from BusinessProfession, Income from Capital Gains Income from Other Sources



However, if a person has an asset or financial interest in a company based abroad or they are signing authorities in a bank account based abroad, then you compulsorily have to go through efiling Income Tax Returns (ITR), even if income is below exemption limit.


The Income Tax department has defined several tax slabs for different income groups. Based on your net income, you fall under a particular slab
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, which eventually defines the percentage of tax that you will be eligible for.聽 Following are the latest tax rates for different income groups, for the financial year 2017-18:



If your net income is less than 鈧? 2,50,000: 0% Income Tax. If your annual net income is between 鈧? 2,50,000 to 鈧? 5
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,00,000: 5% Income Tax If your annual net income is between 鈧? 5,00,000 to 鈧? 10,00,000: 20% Income Tax If your annual net income crosses 鈧? 10
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,00,000: 30% Income Tax If you are a senior citizen, i.e. beyond the age of 60 years. Then the Income Tax slabs for you will be as follows: Annual income less than 鈧? 3 lacs: 0% Income Tax Annual income between 鈧? 3 lacs to 鈧? 5 lacs: 5% Income Tax Annual income between 鈧? 5 lacs to 鈧? 10 lacs: 20% Income Tax Annual income more than 鈧? 10 lacs: 30% Income Tax



However, the income tax department provides us with several ways to reduce the tax burden, and it is up to us to choose the one we see fitting best into our existing situations. Discussed below are few most popular tax exemptions that can help you save on taxes and make you some money too:



Section 80C Deductions can be claimed on your investments up to 鈧? 1,50
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,000 Section 80CCC Deductions can be claimed for all the premiums paid for Annuity Plan of LIC or Other Insurer Section 80CCD If you are self-employed you can claim up to 10% of the salary or 20% of gross total income or 鈧? 1, 50,000 Section 80GG Claim deductions for the House Rent Paid, if you have not received HRA (House Rent Allowance) as a part of the salary Section 80E Claim for deduction for the interest that you pay for the education loan (self, spouse, children
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, legal guardian) Section 80D Claim for deductions for the premiums you paid for Medical Insurance of up to 鈧? 25,000 (self, spouse and dependent children, parents) You can even claim an additional deduction of 鈧? 25,000 if you鈥檙e paying for the medical insurance of your parents too Section 80DDB Claim for deductions for the Medical Expenditure of up to 鈧? 40,000 (Self or dependent relative) Section 80G Avail tax deductions of up to 50% 100% for the donations made towards Social Causes Section 80 TTB Avail tax deductions of up to 鈧? 50
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,000 for the interest income from deposits held by senior citizens



Efiling Income Tax Return for Non-Resident Indians ( NRIs )


With 16 million people living abroad, India has the largest overseas population in the world. Most of these non-resident Indians (NRIs) have bank accounts, investments in sharesbank deposits, house property and other assets in India and are required to file tax returns.


Although most of the filing process and provisions remain the same as Domestic taxpayers for NRIs too, but there are certain points which are of special significance for NRIs and while efiling Income Tax Returns in India. The income tax rules and perks offered to NRIs are comparatively very different from those applicable to resident Indians. Here are a few to help you gain clarity.



Determining your Residential Status Taxable Income for an NRI Deductions under Section 80C Other Tax Benefits Avoiding Double Taxation



Determining Your Residential Status


You will be considered an Indian resident for a financial year if you fulfil the below conditions:
fall under any of these categories then You are an NRI.




Taxable Income for an NRI


Even if you are an NRI, you will be subject to the Indian Tax Laws if you receive your salary directly to an Indian account and will be taxed at the slab rate you fall under. Kindly refer to the aforementioned list for details of the slab. Some of the categories that you will be taxed for are given below:

Income from Salary Income from House ProperAre you planning for a hol.
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PostPosted: 16 May 2019 11:55:47    Post subject: Adv






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