Guddu Bhundu 18 July 2017

Itr - very complicated (nri)

Dear Learned Members

I am NRI and would like to know following for filling ITR

Synopsis

1) A. Y - 2017-18

2) Capital Gain (Shares) - Rs. 75000 (Advance Tax already paid - Rs 11400)

3) TDS - Rs 18973 (TDS on fixed deposit)

4) Total Income in India Salary - Nil (2) + (3) = Rs 264000

5) Deductions in India LIC Premium - Rs 12000* HDFC Life Insurance (Term Plan) - Rs11500*

*Not mentioned in ITR

A) Is my amount totaling to Rs 30370 (Rs 18976 + Rs 11400) is refundable as i am NRI.

B) Is my TDS is refundable I would like to mention here that in ITR form (Tax Paid and Verification) Rs. 30370 it is showing as Refund automatically.

For last two years i have claimed refund for TDS only.

Can anyone please suggest regarding above case with explanation

THanks for your help

Reply Follow

2 Replies

Advocate Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 18 July 2017

Sir,

You can call and discuss the matter with CA Karan Chandna at 9871563826 .....

Warm Regards

Kapil Chandna Advocate

9899011450,9911218741

(Guest)

Dear Guddu,

I am assuming that the Capital Gain you are talking about is Short Term Capital gain which is Taxed @20%

You also have some FD on which you have got Interest and have paid some Tax

Now you also state that your overall Income (do not call it as Salary) is Approx 2.6 Lakhs HENCE you DO NOT come into Tax Bracket as your income is less than 3.0 Lakh.

Hence When you fill the ITR1, you will get back all the tax whatever you have paid and it will reflect in the Refund section.... Hurrrrah Party time :-)

However, just consult a Chartered Accountant to find out if the Short Term Capital Gains have to be paid irrespective of Not coming under Tax Bracket (your total income for the year is less than 3.0 Lakh)

Hope this Helps