Tax Filing in India

[Hmmmmm]

US lo undi ..Do we need to file taxes in India?

India lo income source em ledu...India bank account ki ikkada bank nundi money transfer chesthunta..sometimes that's it..

India number ki mesg vachindi please file your ITRor submit online response under e-campaign tab on compliance portal ani..

Akkada login ayyi chuste..2 options vunnayi

1)Not eligible to file beacuse of no income ani vundi. can i do that?

2)Filing under preparation?

 

 

 

TIA

[Hmmmmm]

LTT

[siva604]

Here is my experience. Hope it will give you some insight into this situation.

 

I opened NRE account in Oct 2020 and started transferring money from here. As i recently purchased a property [ In India as you know it is usually black -significant portion]  my father in law withdrew some 70 lakhs. I did not file tax returns in 2020. After some 15 lakhs.. bank started charging 2% TDS on each transaction .[ Ex -20,000 for 10 lakh withdrawal]. If withdrawal exceed 1 CR then it would be 5 % TDS. 

I could have avoided this TDS if i filed my taxes for that financial year. 

 

Summary/ Inference:

Unless until you plan on doing some large cash withdrawals it will not make a big difference. Otherwise you should file returns.

I spoke to a reputed CA in Kukatpally who helped us with returns. Any CA could help.

Again this is my first time exposure to these things. You can gather more info from others.