Income Tax Return (ITR) filing is a critical component of financial compliance for individuals, especially for Non-Resident Indians (NRIs). This process involves reporting income, disclosing taxes paid, and claiming any potential refunds from the Indian tax department.

For NRIs, understanding and complying with India's ITR filing requirements can be complex, given varied income sources and intricate tax laws. They often face the challenge of potential double taxation, necessitating careful consideration of foreign income and special accounts like NRE/NRO. Consulting a tax professional, staying informed on tax regulations, preparing relevant documents, selecting the correct form, and e-filing can ease the process significantly.

SBNRI, a fintech platform dedicated to NRIs, is focused on simplifying financial tasks, including ITR filing. With personalized financial services and expert guidance, SBNRI supports NRIs in navigating tax regulations and compliance efficiently. In a recent survey conducted by SBNRI regarding ITR filing for the financial year 2023-24, notable trends emerged.

More than 73% of NRIs indicated their intent to file ITR by July, with 19% already having filed and 8% opting not to file. The survey also revealed geographical insights. Among NRIs in the USA, 22% planned to file by July, 4% had already filed, and 3% did not intend to file. In the UK, compliance intent was even higher, with 31% planning to file on time, 5% already having done so, and 4% not planning to file. In the UAE, 14% expected to file by July, 2% had filed, and 6% did not plan to file. For Canada, 8% aimed to file by the deadline, 4% had already filed, and 4% did not plan to file. In other countries, 25% planned to file by July, 5% had filed, and 2% did not intend to file.

Mudit Vijayvergiya, the founder of SBNRI, highlighted the unique tax-filing challenges NRIs face, stating, "Our survey shows that NRIs are highly motivated to meet tax obligations but encounter challenges due to complex regulations and limited support. At SBNRI, we’re dedicated to streamlining these processes and offering essential tools and guidance to help NRIs manage their taxes effectively. This proactive response from NRIs is encouraging, and we’re committed to assisting them at every stage.”