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ITR filing: Less than 1 month is left to file Income Tax Return (ITR) for the financial year 2024-25. This time the last date for this is 15 September. Merchant Navy officers recognized as Non-Resident Indians (NRIs) under the Income Tax Act in India do not have to pay tax on their earnings. Merchant Navy personnel employed under any company located in India or abroad are considered NRIs.
If an NRI stays outside India for 182 days or more in a financial year, then he is placed in the category of NRI. In such cases, the salary received for services rendered outside India and the salary deposited in the Non-Resident External (NRE) account is not taxed in India. Now the question arises whether Merchant Navy officers should file income tax return? In response to this, experts say that Merchant Navy officers should also file income tax returns. Let’s know why this is so
Should Merchant Navy officers file ITR?
In this regard, while talking to Live Mint, Shefali Mundra, tax expert of ClearTax, said that even though Merchant Navy officers are exempted from tax, income from rent, capital gains or NRO interest is still taxable. Therefore, if these are the sources of income for Merchant Navy officers, then it is necessary for them to file ITR.
For example, the interest on Non Resident External (NRE) accounts and NRE fixed deposits is completely tax free, but the interest on NRO accounts is taxable in India. TDS is deducted on this at the rate of 30 percent. Similarly, in India, property tax or capital gains from mutual fund investments are also taxed under long-term or short-term rules. Rental income from properties and dividends from Indian companies also come under the purview of tax.
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