Which ITR form should an RNOR file?
2 years ago
I was residing outside India from 2007 to 2020 and moved to India in August 2020. I have taxable income in India for FY 2020-21. I am aware that since I qualify for RNOR status any income generated outside India will not be taxed in India for upto 3 financial years. What I want to know in particular is:
1. Am I required to file an income tax return in India for FY 2020-21?
2. If yes to the question above, which form (ITR1, ITR2, etc) do I need to file?
A.Hello Sir
Yes you could surely file an Income Tax Return in India.
The ITR-1 form is also called Sahaj form, ‘Sahaj’ meaning ‘Simple’. The form is filed exclusively by a single taxpayer. An individual becomes eligible for filing ITR-1 in the following conditions:
1. If the individual is a salaried employee and not a businessman or an entrepreneur
2. If the individual receives a pension
3. If the individual earns from 1 house property
4. If the individual earns a tax-free income that is below INR 5,000 such as agriculture income
If the individual is not earning an income from other countries
5. If the individual has no property in any other country
6. If the individual is earning an income from investments in FD or shares.
7. If the individual is not earning an income through activities like the lottery, gambling etc.
8. If the individual is earning an income from taxable capital gains
9. If the individual’s Total income does not exceed Rs.50 lakhs.
Income Tax Return-2
This form is for individuals who have built up an income through the sale of property or an asset or those who are earning from other countries. ITR-2 form is to be filled by an individual or by a HUF, Hindu Undivided Family, in the following conditions:
1. If the individual is a salaried employee
2. If the individual receives a pension
3. If the individual earns from more than 1 house property
4. If the individual earns a tax-free income, like agriculture, of more than INR 5,000
5. If the individual has property/assets in any other country
6. If the individual earns through activities like a lottery, gambling etc.
7. If the individual is not earning an income from other countries
8. If the individual earns through taxable capital gains
There is no need to fill ITR-2 when you are/have any of the following:
1. If the individual is an entrepreneur or HUF with income from a business or an occupation
2. If the individual is eligible under ITR-1 Form
For further query related to this it would be advised to contact a CA or a Income Tax Lawyer.
Thanks
Please rate if you find this advice helpful.
Yes you could surely file an Income Tax Return in India.
The ITR-1 form is also called Sahaj form, ‘Sahaj’ meaning ‘Simple’. The form is filed exclusively by a single taxpayer. An individual becomes eligible for filing ITR-1 in the following conditions:
1. If the individual is a salaried employee and not a businessman or an entrepreneur
2. If the individual receives a pension
3. If the individual earns from 1 house property
4. If the individual earns a tax-free income that is below INR 5,000 such as agriculture income
If the individual is not earning an income from other countries
5. If the individual has no property in any other country
6. If the individual is earning an income from investments in FD or shares.
7. If the individual is not earning an income through activities like the lottery, gambling etc.
8. If the individual is earning an income from taxable capital gains
9. If the individual’s Total income does not exceed Rs.50 lakhs.
Income Tax Return-2
This form is for individuals who have built up an income through the sale of property or an asset or those who are earning from other countries. ITR-2 form is to be filled by an individual or by a HUF, Hindu Undivided Family, in the following conditions:
1. If the individual is a salaried employee
2. If the individual receives a pension
3. If the individual earns from more than 1 house property
4. If the individual earns a tax-free income, like agriculture, of more than INR 5,000
5. If the individual has property/assets in any other country
6. If the individual earns through activities like a lottery, gambling etc.
7. If the individual is not earning an income from other countries
8. If the individual earns through taxable capital gains
There is no need to fill ITR-2 when you are/have any of the following:
1. If the individual is an entrepreneur or HUF with income from a business or an occupation
2. If the individual is eligible under ITR-1 Form
For further query related to this it would be advised to contact a CA or a Income Tax Lawyer.
Thanks
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello Sir
It would be better if you file a income tax return in India for Financial Year 2020-2021. It would be suggested to contact and CA or a income tax lawyer to give you precise information. As there are many factors which would be considered while filing the Income Tax Return. Your earlier income and property in India and so on.
Thanks.
Please rate if you find this advice helpful
It would be better if you file a income tax return in India for Financial Year 2020-2021. It would be suggested to contact and CA or a income tax lawyer to give you precise information. As there are many factors which would be considered while filing the Income Tax Return. Your earlier income and property in India and so on.
Thanks.
Please rate if you find this advice helpful
Helpful
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Share
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