Only 28 per cent of the NRIs file their tax returns in India regularly. At the same time, most of them do not have any clue even about their tax login details. More than 85 per cent NRIs come under this category
The awareness for filing tax returns among Non-Resident-Indians (NRIs) is low due to their residential status and foreign income that is not taxed in India.
A recent study by Mudra Portfolio Managers stated that only 28 per cent of the NRIs file their tax returns in India regularly, while most of them do not have any clue even about their tax login details. More than 85 per cent NRIs come under this category.
About 75 per cent NRIs have not updated their latest contact details like contact number, email id or address in India in income tax profiles.
Similar is the case with PAN card status. There are 37 per cent NRIs who do not have an original copy of their PAN cards. Almost 67 per cent of them have not taken PAN Cards for their spouse or children under 20, thus indicating that the basic paperwork for such individuals is incomplete for transactions in India.
About 75 per cent of NRIs have not updated their latest contact details like contact number, email id or address in India in income tax profiles
Most of the NRIs are not aware of TDS (tax deducted at source) cut on their investments in India and 90 per cent of them would have got back the TDS had they filed income tax returns on regular basis, the study said.
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