A recent survey by SBNRI, a fintech platform tailored for Non-Resident Indians, highlights a proactive trend among NRIs regarding Income Tax Return (ITR) filing for the financial year 2023-24. According to the survey, over 73% of NRIs are taking steps to file their ITR by July, with 19% having already completed the process and 8% indicating they do not plan to file.
Understanding and complying with ITR filing requirements can be particularly challenging for NRIs due to their diverse sources of income and intricate tax regulations. They must navigate issues like double taxation and manage foreign income and extraordinary account implications, such as those related to NRE/NRO accounts. SBNRI offers tailored financial services and expert guidance to streamline this complex process, helping NRIs meet their tax obligations efficiently.
The survey data reveals geographical variations in filing intentions. In the United States, 22% of NRIs plan to file by the deadline, with 4% having already filed and 3% not planning to file. The United Kingdom shows higher compliance intentions, with 31% planning to file by July, 5% having already filed, and 4% not intending to file. In the United Arab Emirates, 14% plan to file by the deadline, 2% have already filed, and 6% do not plan to file. Meanwhile, in Canada, 8% intend to file by July, 4% have already, and 4% do not plan to file. Among NRIs in other countries, 25% plan to meet the deadline, 5% have already filed, and 2% do not intend to file.
Mudit Vijayvergiya, Founder of SBNRI, underscores the importance of addressing the unique challenges NRIs face in tax filing. “The survey 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 results indicate that most NRIs are keen to meet the ITR filing deadline, reflecting high tax compliance and awareness. These insights are crucial for policymakers and service providers to better cater to the specific needs of the NRI community, ensuring a seamless and efficient tax filing experience.
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