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Mihir

Mihir Tanna  |1066 Answers  |Ask -

Tax Expert - Answered on Aug 17, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
A Question by A on Jul 31, 2023Hindi
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Is an NRI liable to pay IT and file returns in FY 2023-24 for interest earned which is less than Rs.5000? There is no other earning in India.

Ans: Non resident is liable to file ITR in India if income is more than exemption limit.

Further, an individual has to file his ITR irrespective of their income level, for cases like :

- If an individual has deposited more than Rs 1 crore or Rs 50 lakh in one or more current and savings bank accounts, respectively.
- If an individual has incurred an expenditure exceeding Rs 2 lakh for himself or any other person for foreign travel.
- Has incurred an expenditure exceeding Rs 1 lakh toward electricity payment in a year.
- Is a beneficial owner or beneficiary of any asset outside India.
- Is a signatory to a foreign bank account.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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