A person is of Indian origin if, he or either of his Indian parents or any of his grandparents was born in undivided India.
The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March of financial year.
Tax filing obligation arises in following cases:
- If your taxable income in India during the year Financial Year is above the basic exemption limit of Rs 2.5 lakh.
- There are short-term or long-term capital gains from sale of any investments or assets in India, even if the gains are less than 2.5 lakh.
- Taxes are withheld in India. To claim refund of excess tax deducted.
There are various deductions entitled to all NRIs, which brings down the taxable income and total tax liability thereon.
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