In order to maintain financial compliance, individuals—including Non-Resident Indians (NRIs)—must file their Income Tax Returns (ITRs).
The procedure entails declaring any income received, paying taxes, and obtaining any outstanding refunds from the tax division.
NRIs Will Need To File Income Tax Returns Henceforth
Due to differing income sources and intricate tax laws, NRIs frequently find it difficult to comprehend and comply with the ITR filing requirements of their home country. NRIs should be aware of the possibility of double taxation and the repercussions for their special accounts (NRE/NRO) and overseas income.
To make things easier, it’s advised to gather documentation, choose the appropriate form, e-file, consult a tax professional, and stay current on rules. The goal of the NRI-focused fintech platform SBNRI is to make financial procedures for NRIs—including submitting their taxes—more straightforward.
SBNRI assists NRIs in navigating the intricacies of tax laws and compliance by providing specialized financial services and knowledgeable advice, ensuring effective fulfillment of their financial duties. SBNRI recently surveyed NRIs on filing ITRs for the fiscal year 2023–2024, and the results showed some interesting patterns.
According to research, more than 73% of NRIs are proactively planning to submit an ITR by July; 19% have already done so, and 8% do not plan to. Extra information has been revealed by breaking down the survey findings geographically.
22% of NRIs in the US Will File by July
By July, 22% of NRIs in the US intend to file, compared to 4% who have already filed and 3% who do not. With 31% intending to submit by the deadline, 5% having already filed, and 4% not planning to file, the United Kingdom has a higher anticipated compliance rate.
In the UAE, 14% intend to submit by July, 2% have already done so, and 6% have no plans to register at all. In Canada, 4% have already filed, 4% do not expect to file, and 8% intend to file by the deadline.
Of the NRIs residing abroad, 25% intend to file by July, 5% have already done so, and 2% have no intention of filing. SBNRI founder Mudit Vijayvergiya has stressed the significance of solving the particular difficulties that non-resident aliens (NRIs) have when filing taxes.
According to the survey, non-resident individuals (NRIs) are willing to fulfill their tax duties; yet, they frequently encounter obstacles because of intricate tax laws and insufficient assistance. SBNRI is dedicated to making these procedures as simple as possible while also giving NRIs the resources and direction they need to effectively handle their taxes.
Support is intended to be given at every stage, and NRIs’ proactive approach is seen as encouraging.
According to the survey, a sizable majority of NRIs are eager to file their ITRs by the deadline, demonstrating their high level of tax awareness and compliance.
In order to meet the unique demands of the NRI population, governments and service providers must take these observations into consideration.
