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Need CBDT nod to claim refund on tax return filed late
January, 30th 2015

What is the time limit to file income tax return to claim refund of tax deducted?

The due date of filing the income tax return for an individual is 31 July of the assessment year in relation to the income earned in the previous financial year. Further, a belated return could be filed within a period of one year from the end of the relevant assessment year, i.e., within 2 years from the end of the financial year.

If the above-mentioned timeline has lapsed, then any return filed will be considered to be invalid unless there is a specific permission from the Central Board of Direct Taxes (CBDT). In this respect, CBDT is empowered to authorize any income tax authority to admit an application or claim for any exemption, deduction, refund or any other relief, even after the expiry of the due dates.

Accordingly, claim for refund could be made in the return filed within the due date or in the belated return filed within the prescribed timeline, or you could approach the CBDT seeking a condonation for the delay in filing and request a refund.

I am a non-resident Indian but plan to come back to India permanently. Do I need to pay any wealth tax in India?

I am assuming that your question relates to assets owned by you abroad and brought into India when you are coming back to India permanently. A Person of Indian Origin (PIO) or a citizen of India who was ordinarily residing in a foreign country and who on leaving such a country has returned to India with the intention of permanently residing in India will not be subject to wealth tax on any money and value of assets brought into India from abroad and any assets acquired out of such money from abroad for a period of 7 successive assessment years. Further, the value of assets located outside India would not be taxable to wealth tax in India, if such assets are held by foreign citizen or a non-resident or a resident but not ordinarily resident. Subject to the above, if you own any assets (which are subject to wealth tax) other than those specified above, you will be liable to pay wealth tax at the rate of 1% beyond a value of `30 lakh.

Is the taxation different for non-resident ordinary (NRO) and non-resident external (NRE) accounts?

The interest income arising from deposits held in an NRO account would be taxable in India. Interest income from deposits in an NRE account is exempt from taxes in India.

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