73% of NRIs from USA, UK, Canada, UAE looking to file ITR in India, survey reveals

02/07/2024

Income Tax Return (ITR) filing is a critical aspect of financial compliance for individuals, including Non-Resident Indians (NRIs). The process involves declaring income earned, taxes paid, and any refunds due from the tax department.

For NRIs, understanding and adhering to the ITR filing requirements of their home country can be challenging due to varying income sources and complex tax regulations. NRIs might face double taxation and need to consider foreign income and special account implications (NRE/NRO). Consulting a tax advisor, staying updated on regulations, gathering documents, selecting the right form, and e-filing can help simplify the process.

SBNRI, an NRI-focused fintech platform, aims to simplify financial processes for NRIs, including ITR filing. By offering tailored financial services and expert guidance, SBNRI helps NRIs navigate the complexities of tax regulations and compliance, ensuring they meet their financial obligations efficiently. A recent survey conducted by SBNRI among NRIs regarding the filing of ITR for the financial year 2023-24 has revealed insightful trends.

Over 73% of NRIs are proactively looking to file ITR by July, with 19% already filed and 8% not intending to file. The geographic breakdown of the survey results provides additional insights. In the United States, 22% of NRIs plan to file by July, with 4% having already filed and 3% not intending to file. The United Kingdom shows a higher rate of intended compliance, with 31% planning to file by the deadline, 5% having already filed, and 4% not planning to file. In the United Arab Emirates, 14% plan to file by July, 2% have already filed, and 6% do not plan to file. Canada has 8% intending to file by the deadline, 4% having already filed, and 4% not planning to file. Among NRIs in other countries, 25% plan to file by July, 5% have already filed, and 2% do not plan to file.

Mudit Vijayvergiya, Founder of SBNRI, emphasising the importance of addressing the unique challenges faced by NRIs in tax filing. "The survey clearly shows that NRIs are eager to comply with their tax obligations but often face difficulties due to complex tax regulations and lack of support. At SBNRI, we are committed to simplifying these processes and providing the necessary tools and guidance to help NRIs manage their taxes efficiently. This proactive approach by NRIs is a positive sign, and we aim to support them every step of the way," he said.

The survey indicates that a significant majority of NRIs are keen on meeting the ITR filing deadline, reflecting a high level of tax compliance and awareness. These insights are crucial for policymakers and service providers in catering to the specific needs of the NRI community, ensuring that their tax filing experience is seamless and efficient.

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