NRIs Not Filing Tax Returns Know Your Consequences

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* Life & Critical Illness Insurance.
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[karmakarma]

Much required awareness for NRIs. Thank you,

[KanwalMadahar]

I am a US Citizen, residing in India for the last 10 years. I receive social security benefits from the US Govt, and a pension from State of California. My research has shown me that Social Security Benefits, and Pension from any US Federalnor State government entities is not taxable in India. Please clarify.

[korathmathew]

Militant tax rules. India is basically business unfriendly except for cronies. All HNIs are wise enough to move out. Holding companies should also shift out. The tax laws only favour the rich. Though 90% of wealth is with 1% of the population, they pay less than 10% of income tax. Only the middle class is looted. The tax laws are not getting simplified, rather it is made for generating work for CAs.
Income Tax should be completely abolished and replaced by a transaction tax. This will ensure that black money transactions are also caught and rich do not get away by fooling the system.

[krishnateja]

Sir, can you please provide your analysis on investment in "Physical Silver". Is it worth investing for long term point of you say 20 to 25 years down the line. Rate of silver is being manipulated over many past decades. So considering silver usage as an industrial metal over the past, and expecting more demand in the future considering EV growth, Solar usage, can we expect "Silver" to shine in the coming decades. Your insights in this topic is highly appreciated. Thank you.

[msam]

Very nice in depth information. It indeed is very helpful

[jaharmukherjee]

These are. applicable to those who are citizen of other country viz US., but have some transactions in India, because of Parents & old investment in Mf & maturing LIC POLICY.

[paulprinceyb]

Sir, thanks for your useful information

[rajagopalanjayakumaran]

Very good coverage of the subject. Can u pl clarify who is accountable for LTCG tax if OCI card holder (non tax filer) has earlier made a Settlement Deed with his blood relative for a flat in India and the receiver of the Deed sells the flat later and makes capital Gain? Giver or Receiver of the Gift for the LTCG tax especially the giver is a non-tax Return filer?

[shrinivaswaishampayan]

I find most videos focus on young NRIs. But now the seniors are required to move to USA in advanced age though they may have investments and pension in India to support them financially. I would appreciate if you can produce a video on financial decisions to be taken on getting green card and it’s implications who have no intensional to work in USA

[philipkabraham]

In short, the India's tax system is complex and has no clarity.Even there are grey areas for tax professionals and even the department.

[vijayanrajan]

How about an nri buying a
House or landed property for his retirement life in india

[Super_Cool_Guy]

A great video Dr Bhat ...but is it possible to get this valuable information pointers in a digital form like a PDF file ?

[MrKamalsaran]

Summary by AI -
This video is about the tax filing requirements for NRIs (Non-Resident Indians). In the video, a chartered accountant, Mr. Shamra, answers questions about when NRIs need to file tax returns in India and what the consequences of not filing are.

Here are the key points from the video:

NRIs are required to file tax returns in India if their taxable income in India exceeds the basic exemption limit, which is ₹3 lakh for the financial year 2023-24.
NRIs are also required to file tax returns if they have certain other types of income in India, even if their taxable income does not exceed the basic exemption limit. These other types of income include:
Income from capital gains which are chargeable to tax at a special rate (e.g., 10%, 15%, or 20%)
Dividend income
Interest income on NRE accounts (if the NRI is a resident of a country that has a tax treaty with India)
Income from any other source in India
NRIs who do not file tax returns in India may be subject to penalties and interest charges. They may also be prevented from leaving India until they have filed their tax returns.
The video also includes some tips for NRIs on how to stay compliant with Indian tax laws. These tips include:

Maintaining records of all bank transactions
Keeping copies of all income tax documents
Filing tax returns on time, even if there is no tax liability
Overall, the video provides helpful information for NRIs about their tax filing obligations in India.

[nareshbhatia]

When banks give interest then they deduct about 31% as TDS. You need fle tax to claim refund.
This lecture should be refined

[VikrantKumarTomar]

Thanks for making such useful videos for NRI. Can you please suggest any good contacts number of CA(who is having exposure to file NRIs ITR). So, I can approach him to file my ITR to leverage his NRI expertise in filing ITR

[CricketinRomania]

Hi, I am an NRI living in Europe, I dont have any income in India but i send regularly some amount on my NRE account, do I need to file the ITR?

[srinivas]

Does incometax slabs applicable for NRIs? TDS already deducted for capital gains, do we still need to pay more because of the tax slabs ?

[has]

RESPECT "N R I" BAN ANY FORM OF TAX OFFICER WILL CHEAT INNOCENT WORKER'S 😢N R I's

[avidreader]

There are some queries from old friends I see in social media from time to time. They have taken citizenship of another country decades ago. But got some ancestral property recently on the demise of a resident elder. Now hey are totally lost because of the identity, aadhaar, PAN, bank account, address proof, the whole works. Generally the get stalled for want of some initial identity to start. Usually they want to see such a property and repatraite to their (current citienship)Country. Do you have any advice for them?

[jsebastians]

Thank you for the informative video. I have a concern regarding the taxation on returning NRIs. In a situation where an NRI returns home permanently at the start of a tax year and sends home the retirement benefits from abroad, how is this tax treated? Technically, the individual becomes a resident for that tax year (not residing outside India for more than 182 days), yet there is a significant amount of foreign inward remittance during that tax year. My query is more specific to ME residents where there is no taxation and thus DTAA is not directly concerned with the salaried.