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.
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied