If you are an NRI and earn some kind of money in India, you must file income tax returns.
Here is some sources of incomes on which you will have to pay tax
- Rental income
- Capital gain on Stocks, Property
- Royalty income - Google adsense, Amazon Affiliates, Youtuber, Facebook etc
- Any interest earned on Fixed deposit
Here are the steps to file the income tax
- Get 26AS form at https://nriservices.tdscpc.gov.in/ - This form will have records of all TDS - Tax deducted at source. e.g. When you sell shares, 20% tax is deducted so that entry will be recored in this form. Date of birth in ddMMyyyy format is the password to open the zip
- Make sure you have linked PAN and Aadhar card on income tax portal
- List of all bank accounts should be with you
- If you have done any capital gain transactions - e.g. selling shares - you will have to also get your capital gain report (profit and loss statement) from broker.
- Send all these documents to Tax agent
- DONE!!
Double taxation
- Income earned in India is taxed in India and also taxed in resident country e.g. Australia. This is called as a double taxation
- DTAA - Double taxation avoidance agreement - This law can help you avoid double taxation
