ITR forms for NRIs for AY 2019-20
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- Last Updated on 10 May, 2021
An Individual is said to be a resident of India if he is:
- Physically present in India for a period of 182 days or more in the previous year, or
- Physically present in India for a period of 60 days or more during the relevant previous year and 365 days or more in aggregate in four preceding previous years. If a person doesn’t meet any of the above two conditions then he is said to be a non-resident in India for the purpose of taxation in India. Section 5 provides that a person, being a non-resident is liable for payment of tax in respect of the following incomes:
- Any income received or deemed to be received in India by him or by any other person on his behalf, or
- Any income which accrues or arises or is deemed to accrue or arise to him in India.
Thus, a non-resident Indian (NRI) is required to furnish his return of income if the aforesaid income exceeds the maximum exemption limit, i.e., Rs. 2,50,000. This limit shall be considered without giving effect to the provisions of section 10(38), 10A, 10B, 10BA, or deduction available under sections 80C to 80U. He can furnish his return of income in Form ITR -2 or ITR-3, depending on the nature of the income. It must be noted that an NRI cannot file a return of income in Form ITR-1.
- Investment income derived from a foreign exchange asset
- Long-term capital gains form such foreign exchange asset
- Income from participation in any game or sport in India (other than the winnings from lotteries, etc., as referred to under Section 115BB)
- Advertisement Income
- Income from contribution of articles relating to any game or sport in India in any newspapers, journals or magazines
- Any income received or receivable for performance as an entertainer in India
- Income by way of Interest on bonds as referred to in Section 115AC
- Income by way of dividend, other than those as referred to in Section 115-O, on Global Depository Receipts as referred to in Section 115AC.
- Income by way of dividend, other than those as referred to in Section 115-O
- Interest received from Government or Indian concern on monies borrowed or debt incurred by Government or Indian concern in foreign currency
- Interest received from an Infrastructure Debt Fund as referred to in Section 10(47)
- Interest on borrowings in foreign currency or monies borrowed by way of Rupee Denominated Bonds as referred to in Section 194LC
- Interest on the investment made by FII or QFI in Rupee Denominated Bond of an Indian company or Government security as referred to in Section 194LD
- Distributed income being interest received or receivable from a Special Purpose Vehicle as referred to in Section 194LBA(2)
- Income from units, purchased in foreign currency, of a mutual fund, as specified in Section 10(23D)
- Income, other than business income, distributed by an investment fund located in International Financial Services Centre (IFSC) located in India.
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