If an NRIs income consists only of investment income or income by long-term capital gains or both, would he be required to furnish a return of his income?
If an NRI’s income consists only of investment income or long term capital gains or both and the relevant tax deductible on such income has been deducted at source, it is not necessary for him to file a return of income under section 139(1) of the Income-tax Act (the Act). This is a concessional treatment given to NRIs in accordance with section 115G of the Act. Top • What is the rate at which tax is computed if • the NRI has income only from investments or long-term capital gains or both • when the NRI has income in addition to the income stated above? In accordance with the special provision for computing the total income for non-residents contained in section 115D of the Act, where the non-resident income has only investment or income by way of long term capital gains or both, he will not be entitled to any deduction under chapter VIA of the Act and he will also not be eligible to claim indexed cost of acquisition / improvement (as per second proviso to section 48) in computing the
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- Did the Fund pay a year-end dividend? If so, what was the record and pay dates, the amount, and was the dividend from capital gains or from net investment income?
- If an NRIs income consists only of investment income or income by long-term capital gains or both, would he be required to furnish a return of his income?