Ask the experts
Get help. Share your query with experts in Real Estate, Finance, Investments and Law
Ameet Patel

Ameet Patel

Ameet Patel is a Chartered Accountant and a tax partner at Sudit K Parekh & Co., Chartered Accountants. Ameet is a rank holder and has secured ranks at the Inter and Final CA examinations at the all India level.
He is an avid writer and has contributed articles to various magazines and websites including CNBC's moneycontrol.com. He specializes in corporate taxation and advises several reputed companies, mutual funds and FIIs. Read more
 

Other/latest questions on finance

dear sir, I dont know if this question is repeating, if so please forigive me, I am NRI residing in the UK for almost 12 yrs, Recently I received a letter from Indian Income Tax Office, asking me to file returns from 2009. I dont have any income in india. However I did invest in Indain Stock exchange through ICICI demat ac. Most of it were loses, I thought any proceedings from sale of already tax deducted as per tds. I dont know what tax return they are asking, and would know how to do it. any help on this matter would be greatly appriciated many thanks Joe
Asked by Joseph
As per the Income-tax laws in India, if your total income is less than the basic exemption limit for the relevant fiscal year, then you are not liable to file a return of income.

We have observed that in case of transactions carried out on the stock exchange, the tax department typically issues such notices.

We would need to peruse the letter received from the tax department in order to precisely let you know the way forward. Typically, such notices request for information pertaining to the tax returns filed/not filed.

However, where the notice requires you to file a tax return in India, at the outset it would be pertinent to evaluate whether as per the Indian tax laws you are required to file a tax return in India. In case you are not required to file a tax return, a letter appropriately justifying the non filing of the tax return as per the Indian tax laws would need to be communicated to the tax department. It is important to reply to such notices appropriately, in order to avoid any adverse consequences in future.

We shall be glad to assist you in analyzing the letter received by you and filing a response for the same or filing a tax return in India, if required.
Answered by NRIMatters Team