Common Tax Filing Mistakes by NRI | 2024 | NRI Money with Alok

Описание: Common Mistakes NRI Makes While Filing Taxes | 2024 | NRI Money With Alok

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Welcome to NRI Money With Alok! In today's video, we're diving into an essential topic for Non-Resident Indians -Common Tax Filing Mistakes by NRIs

Filing taxes in India as an NRI can be tricky, and mistakes can lead to major issues. Did you know the Indian government can scrutinize NRI filings for up to 14 years? That's why it's essential to get it right.

Watch my video on How to File Taxes as an NRI :    • How Can NRIs File Taxes in India | 2024 | ...  

In this video, Alok, a Certified Financial Planner who specializes in serving NRIs, highlights common tax filing mistakes you should avoid:

1. Failure to File Taxes: Always file, even if income is below the taxable threshold.
2. Ignoring Tax Residency Rules: Determine your residency status accurately.
3. Incorrect Bank Account Details: Provide the correct NRE/NRO account details.
4. Not Claiming Deductions: Utilize eligible deductions under sections like 80C and 80D.
5. Late Filing and Penalties: File on time to avoid penalties.
6. Incorrect Form Selection: Choose the right ITR form based on your income.
7. Overlooking DTAA: Use Double Taxation Avoidance Agreements to avoid double taxation.
8. Incorrect Income Classification: Classify your income correctly.
9. Neglecting Tax Planning: Plan strategically to optimize tax liability.
10. Poor Documentation: Keep comprehensive records.
11. Not Filing Revised Returns: Correct errors with revised returns.
12. Not Seeking Professional Guidance: Get expert advice to ensure compliance.

Stay informed about the important deadlines and potential penalties for late or non-filing of tax returns.

00:00 Introduction
00:35 Failure to file income tax
01:05 Ignoring tax residency rules
02:25 Current bank account details
03:05 Not claiming deductions & exemptions
03:40 Late filing & Penalties
03:50 Incorrect form selection
04:10 Overlooking Double Taxation Avoidance Agreements (DTAA)
04:38 Incorrect classification of income
05:05 Neglecting tax planning
05:31 Not maintaining proper documents
05:55 Not filing revised tax returns
06:10 Outro

Have any questions or need further guidance? Drop a comment below or reach out for personalized advice.

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Disclaimer: This video is for educational purposes only and does not constitute financial or legal advice. Please consult with a professional advisor for your specific situation.