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Question ID : 42228

NRI Taxation

An Individual has gone abroad in 2019 and has not visited India during 2020-21 Previous Year. So he should be NRI in 2020-21 Previous Year. He is the Proprietor of A business Firm in India having small income around 200000- and Interest Income around 18000- Investment in Mutual fund is Rs 50000- appx Whether he can opt for Presumptive Taxation in India, File ITR 4 and claim deduction under 80 C and 80 TTA as allowed to Residents

Posted by Mahesh Kumar on Feb 26, 2022


Answer ID : 83943

Section 44AD is applicable for resident individual, huf & firm only. Since the assessee is not stayed in India either 182 days or atleast 60 in the relevant previous year. Hence, presumptive tax provisions are not applicable to NRI.

Posted by santhoshreddy.m on Mar 10, 2023