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| Discuss File returns even with TDS? at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; I'm really confused. I'm an NRI. But if I make more than the tax cut ... |
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#1
13th March 2008, 12:01 AM
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File returns even with TDS?
I'm really confused. I'm an NRI. But if I make more than the tax cut off per annum through stocks at NSE, I know I am liable to pay tax. I also know that this tax and some other taxes (STT,etc) would be deducted at source from my bank account. Thats fine.
But what confuses me is....do I still need to file my returns? I mean its already deducted right, so whats the need to file the returns? The bank asked me for the PAN while opening the demat account, so it can be verified that my tax has been paid at source. 
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#2
13th March 2008, 09:31 AM
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Re: File returns even with TDS?
Quote:
Filing of return is intended to give all the relevant information to the Income tax department about your income, its taxability, tax deducted as source, additional tax (refund) required to be paid (refunded), etc. As the rates of TDS are different from the real rates of taxation, are also based upon presumptions and are not levied on all types of income, the amount of tax required to be paid may and actually does differ from TDS. Hence, it's a statutory requirement to file the return. However, if entire amount of tax that was required to be paid has already been deducted at source then even if you do not file a return, you won't suffer from any financial levy like interest or penalty in future. Nonetheless, in case there is a negative income (loss) during a financial year, a return needs to be compulsorily filed to claim carry forward and set off of such losses in subsequent years. Regards, -Ashish
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#3
13th March 2008, 09:55 AM
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Re: File returns even with TDS?
Thanks a bunch aca_trader for your reply.
Shucks. This is a pain the ***. Its very difficult to get taxation things done in India while being abroad. So now I guess I need to hire an accountant to do all the computations and file my returns. Yawn!
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#4
13th March 2008, 10:04 AM
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Re: File returns even with TDS?
Quote:
Hiring an accountant is a good idea always. Regards, --Ashish
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