The income which NRI earns abroad is not taxable in India. But some NRI's have their earnings in India in form of interest from deposits, property rent and so on. This income has a basic limit of exemption, which is Rs.2 lakhs.
If the NRI earnings from such native sources cross the fixed limit of two lakh, then they should file their tax return. In addition to the income sources, the NRI's carry out transaction in shares, mutual funds and other monetary gains are also tax accountable. The due date for NRI's is July 31st.
But there are certain things while NRI file returns. An NRI can file for returns to settle the claims for the amount set off as capital losses. The basic documents which has to be submitted are Passport of the residence country. This is to prove the total number of days they have spent outside India as a Non-Resident Indian.
They should also provide their de-mat a/c statements and so on. There are certain exemptions in India where an individual can reduce his/her taxable income. They include Payment of housing loan, etc.
