#ITR Filing Tips for NRIs

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Navigating Tax Season: A Guide For NRIs in Income Tax Return Filing

Sometimes, it becomes a difficult journey for NRIs i.e. Non-Resident Indians to file the income tax return in India. But you can make this journey smooth with the help of right guidance & preparation. Here, in this comprehensive guide we will provide some essential tips for NRIs so that they can navigate the IR Filing process effectively:

Some ITR Filing Tips for NRIs

Understand Your Residential Status: NRIs must have to determine their residential status for tax purposes. NRIs have to pay tax in India on the basis of their residential status that depends on the number of days spent by them in India during the financial year.

Declare Global Income: If you are an NRI, then you have to declare your global income in India that includes the income that has been earned in abroad. It is essential to report all the sources of income accurately including income from salaries, rental properties, capital gains, interest, dividends, etc. to avoid the penalties.

Familiarize Yourself with DTAA: NRIs can utilize the benefit of Double Taxation Avoidance Agreements (DTAA) that has been signed between India & other countries. Under this, you as an NRI can claim relief from double taxation by either claiming tax credit or opting for exemption on certain types of income.

Explore Tax Benefits: Under the Indian Income Tax Act, NRIs can claim deductions and exemptions to reduce their tax liability. NRIs can claim exemptions on certain incomes like long-term capital gains on specified investments.

File Timely Returns: Make sure that you file the Income Tax Returns on time to avoid penalties and interest. Usually, the due date for filing returns for NRIs is July 31st of the assessment year, but you should stay updated with any changes in deadlines.

Conclusion

NRIs can navigate the complexities of filing Income Tax Return easily and confidently by following the above mentioned tips. Always remember, stay informed and proactive which is a key to navigate the world of taxation smoothly.

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Gear Up for Your Dream Ride: Essential Documents for an ICICI Car Loan Application

Owning a car in India can bring immense freedom and convenience. But turning that dream into reality often requires financing. ICICI Bank, a leading financial institution, offers a variety of car loan options to make your automotive aspirations a reality. However, before cruising towards your new car, it's crucial to ensure you have the necessary documents for a smooth ICICI Car Loan application process.

This comprehensive guide equips you with the knowledge of essential documents required for an ICICI Car Loan application, ensuring you're well-prepared to navigate the process efficiently.

Understanding the Document Requirements

The specific documents required for your ICICI Car Loan application may vary slightly depending on your employment status (salaried, self-employed, or NRI) and the type of car you're financing (new or used). However, here's a breakdown of the most common documents you'll likely need:

Identity Proof:

Aadhaar Card: This is a mandatory document for all loan applicants in India.

PAN Card: Your Permanent Account Number (PAN) card is crucial for tax identification purposes.

Driving License/Passport: A valid driving license or passport serves as additional proof of identity.

Address Proof:

Utility Bills (Electricity, Water, Telephone): Recent utility bills (not older than 3 months) with your name and address are acceptable.

Ration Card/Voter ID Card: These documents can also serve as address proof.

Passport (for NRIs): If you're an NRI, your passport with your overseas address will be required.

Income Proof (Salaried Individuals):

Salary Slips: The last 3 months' salary slips showing your salary structure and deductions are essential.

Bank Statements: Recent bank statements (usually for the last 6 months) provide an overview of your income and expenses.

Form 16 (Latest): This income tax return form verifies your income declared to the government.

Income Proof (Self-Employed Individuals):

Business Proof: Documents like a shop establishment license or a copy of the company registration certificate demonstrate your business existence.

Income Tax Returns (ITRs): The last 2-3 years' ITRs along with audited financial statements showcase your business's financial health.

Bank Statements: Recent bank statements (personal and business accounts) for the last 6 months provide a snapshot of your financial transactions.

Car-Related Documents (if applicable):

Car Invoice (New Car): A copy of the car invoice issued by the dealership is required for a new car loan.

Registration Certificate (RC) (Used Car): The original Registration Certificate (RC) of the used car you intend to purchase is necessary.

Additional Documents (NRIs Only):

Proof of Employment/Income Source: Documents like your employment contract or salary slips from your foreign employer verify your income source abroad.

Proof of Residence (Overseas): Utility bills or bank statements from your country of residence provide proof of your overseas address.

Guarantor Documents (if applicable): If you're applying as an NRI with a guarantor, their identity proof, income proof, and address proof will be required.

Tips for a Streamlined Application Process:

Gather Documents Early: Starting early ensures you have all the necessary documents well before your application submission.

Maintain Order: Organize your documents neatly in a folder or file to facilitate easy verification by the bank.

Double-Check for Completeness: Ensure you have all the required documents and that the information is accurate and up-to-date.

Clear Copies: Submit clear and readable photocopies of all documents.

Conclusion

Having the necessary documents readily available streamlines your ICICI Car Loan application process and increases your chances of a swift loan approval. By understanding the required documents and following these tips, you can embark on your dream car journey with confidence. Remember, ICICI Bank offers a variety of car loan options, so explore their offerings and get ready to drive away in your dream car!

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Essential Tips for NRIs While Filing Income Tax Returns in India

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Is NRIs need to pay income tax in India? Of course, yes! Non-Resident Indians, also known as NRIs, are obligated to pay income tax in India on any income they have earned there. The taxes system applies to both NRIs and residents of India.

According to the Income Tax Act, any income earned or raised in India is subject to taxation under the Indian taxation system. As a result, if you are an NRI, you must understand the NRI Income Tax's features to determine the taxes you must pay.

Here you can see the essential tips for NRIs while filing income tax returns in India:

Determine the residential status

The first step is figuring out your residential status about the current financial year. It could be challenging if you recently moved to a different country.

According to Indian Income Tax Act, you need to pay tax for your residency status. You will be regarded as an NRI if you have resided abroad for more than 182 days. You will also need to file an NRI income tax return.

Select the Right ITR Return Form

To lessen the burden of compliance for Indian taxpayers, the Indian government established the ITR-1 Form. NRIs may also file a more straightforward ITR-1 tax return. Individuals who get income above the appropriate amount from wages, a single-family home, or other sources like interest may also file an ITR-1.

If you don't fit into the ITR-1 category and have taxable income from more than one residential property, you should file an ITR-2. Depending on the needs one should choose the ITR form.

File a return to claim refund

Remember that you must file a tax return in order to receive a refund of any overpaid taxes. This could happen if more tax was withheld at the source than was necessary.

As an example, if your taxable income for the year was less than Rs 1.8 lakh but the bank deducted tax at source from your interest payment, you can request a refund by submitting your tax return.

The best professional will guide you and make your NRI income tax return hassle-free. 

Disclosing Foreign Bank Account is Optional

Non-residents and non-citizens of India are not required to declare information about their foreign bank account in their ITR if they do not want a tax refund.

Non-residents who submit an ITR and want a tax refund but do not have a bank account in India must provide information about their most recent foreign version for their refund to be issued.

Furthermore, NRIS don't need to disclose data in their ITR about assets and financial interests held outside of India.

Ending thoughts 

Hire NRI taxation services in Chandigarh, who will file the income tax returns on time to avoid imposing hefty fines. When filing an ITR, NRIs must provide all required information in the most acceptable manner and before the deadline. Read the above mentioned points and get to know about tips for NRIs while filing income tax returns in India.

ntial Tips for NRIs While Filing Income Tax Returns in India

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New Tax Act: NRIs to Declare All Their Indian Assets

Non-Resident Indians (NRIs) will now have to disclose their assets even if they are abroad and the Income Tax Department will determine the taxability factor to each asset. This implies that NRIs who owned these assets before leaving India and officially acquiring the status of an NRI will now have to report them. This is based on the redefinition of ‘assessee’ by the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act that quotes, “residential status of the assessee, in the previous year in which the income is earned or the asset is acquired, shall be the determinative factor for charging under the said Act”. An assessee is any individual who is liable to pay taxes to the government against any kind of income earned or any losses incurred by him for a particular assessment year. Each and every person who has been taxed in the previous years for income earned by him is treated as an Assessee under the Income Tax Act, 1961

Need a Financial Cheat Sheet for NRIs?

When abroad, utilize six of our most effective tips to make your financial planning easier

Financial Tips for NRIs

Tax authorities will now target these High Net Worth Indians (HNWI) who have acquired huge assets in India but have begun to migrate abroad. These numbers became more prominent in YR 2018 when nearly 28,000 dollar millionaires – over 2% of the HNWIs had migrated out of India. Acquiring NRI status gave them the liberty to not record these assets within India or the income from them. Taxability of income in depends on the taxpayer’s residential status in India, the source of income and the place of receipt of income. One achieves this status by staying outside of India continuously for over 182 days within the financial year. Having said that, the NRI will be taxed in India for salary income received in an NRO account, even though the services are rendered outside India. As for a resident of India, all global income as well as bank accounts, immovable property and financial interests abroad have to be submitted in the income tax returns annually.

What Does This Mean for NRI Taxes?

The new Black Money and Imposition of Tax Act is supported by many global inter-country treaties wherein there is information exchange on all forms of assets held overseas. Therefore, NRIs now have the obligation to make all arrangements to disclose all foreign earnings when filing their ITR henceforth. To be noted, this covers the direct owner of an asset as well as a beneficial owner. The implication of the new tax law is that they have to include –

additional disclosure of custodial accounts,

salary incomes earned and deposited in NRO accounts

foreign depository accounts and

foreign debt and equity interest, if any

Tax Penalties for NRIs

With an intention to curb illegal assets overseas and investigate cases involving foreign bank deposits and purchase of properties overseas by Non-resident Indians, the Indian Income Tax Department will begin to impose –

provisions for a steep 120% tax,

penalty on undisclosed foreign assets and income, and

along with a jail term of up to 10 years.

Are you looking for more in-depth information on Taxation requirements for NRIs?

Learn about the incomes and exemptions applicable to NRIs

NRI Tax Rules

New Tax Act: NRIs to Declare All Their Indian Assets published first on https://ordergcmsnotescanada.tumblr.com/

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(via Tips to NRIs for ITR Filing - Exemptions | Deductions)

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Fueling Your Ride: Unveiling the Eligibility Criteria for an ICICI Car Loan in 2024

Owning a car can bring freedom and convenience, but it often requires financing. ICICI Bank, a leading financial institution in India, offers a variety of car loan options to make your dream car a reality. Before embarking on this exciting journey, it's crucial to understand the eligibility criteria for an ICICI Car Loan. This comprehensive guide empowers you to determine if you qualify and pave the way for a successful loan application.

ICICI Car Loans: Powering Your Automotive Dreams

ICICI Bank caters to diverse car ownership aspirations with a range of car loan products. Whether you're looking to finance a brand new car, a pre-owned beauty, or even a two-wheeler, ICICI Car Loans can be your ideal co-pilot.

Who Can Buckle Up for an ICICI Car Loan?

The eligibility criteria for an ICICI Car Loan vary depending on whether you're a salaried individual, self-employed, or a non-resident Indian (NRI). Let's explore the specifics for each category:

Salaried Individuals:

Age: The minimum age requirement is typically 21 years, and the maximum age generally falls between 58 and 65 years (depending on your retirement age).

Minimum Income: Applicants need to demonstrate a minimum monthly salary, which can vary depending on your city of residence and the loan amount.

Employment Status: Salaried individuals working with a reputable company for a minimum period (usually 2 years) are considered favorably.

Credit Score: A good credit score (generally considered 700 or above) significantly increases your chances of loan approval and can secure better interest rates.

Self-Employed Individuals:

Age: The minimum age requirement is typically 25 years, and the maximum age can vary depending on the loan scheme and your retirement age.

Business Stability: Your business needs to be operational for a minimum period (usually 3 years), demonstrating financial stability.

Profitability: You'll need to demonstrate a minimum level of annual profit through audited financial statements. The specific amount can vary depending on your business type and loan amount.

Income Tax Returns (ITR): Filing your Income Tax Returns (ITR) consistently strengthens your application.

Credit Score: Just like salaried individuals, a good credit score plays a vital role.

Non-Resident Indians (NRIs):

NRIs can also apply for ICICI Car Loans, but the eligibility criteria are more stringent. These may include:

Employment Status and Income: Demonstrating a stable income source in their country of residence.

Property Ownership: Owning property in India can strengthen the application.

Guarantor: Having a guarantor residing in India with a strong financial profile can improve approval chances.

Beyond the Basics: Additional Factors

While the above criteria form the core eligibility requirements, ICICI Bank may consider additional factors during the application process:

Debt-to-Income Ratio (DTI): A healthy DTI, where your debt obligations are a manageable portion of your income, strengthens your application.

Loan Purpose: The purpose for which you seek the loan, like buying a new car or a used one, can sometimes influence the lender's decision.

Car Model and On-Road Price: The specific car model and its on-road price can impact the loan eligibility to an extent, based on the bank's risk assessment.

Enhancing Your Eligibility for an ICICI Car Loan

Now that you understand the eligibility criteria, here are some valuable tips to strengthen your application for an ICICI Car Loan:

Build a Strong Credit Score: Maintain a good credit history by paying your bills on time and keeping your credit utilization ratio low.

Increase Your Income: Explore ways to increase your income, if possible, to meet the minimum requirements.

Reduce Existing Debt: Lower your existing debt obligations to improve your DTI ratio.

Maintain Employment Stability: A stable employment history strengthens your application, especially for salaried individuals.

Prepare a Strong Loan Application: Gather all required documents like income proof (salary slips, ITRs for self-employed), identity proof, and car-related documents (if any).

Consider a Down Payment: Making a down payment reduces the loan amount you need to borrow, making it more manageable and potentially improving your loan approval chances.

Conclusion

Understanding the eligibility criteria for an ICICI Car Loan empowers you to make informed financial decisions and navigate your car buying journey smoothly. By meeting the requirements, improving your financial profile, and following the tips provided.