ITR filing: If you are earning above the limit, then you will have to pay tax on it. Let us tell you that less than 1 month is left to file income tax returns for this financial year 2024-2025. In this regard, its last date has been fixed as 15 September. Merchant Navy officers recognized as Non-Resident Indians under the Income Tax Act in the country do not have to pay tax on their earnings. Merchant Navy personnel working under any company located in the country or abroad are considered NRIs.
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On the other hand, if a foreign citizen stays outside the country for 182 days or more in a financial year, then they are placed in the category of NRI. In such cases, the salary received for the service given outside the country and the salary deposited in the NIE account are not taxed in the country. Now the question arises whether Merchant Navy officers should file tax returns. In this answer, the expert says that Merchant Navy officers should also file income tax returns. Let us know about it in detail.
Merchant Navy officers must file ITR
Let us tell you that in this matter, Clear Tax Expert Shefali Mundra, while talking to the media, said that even though Merchant Navy officers are exempted from tax, income from rent, capital gains, or NRO interest is still taxed. Therefore, if Merchant Navy officers have a source of income, then they need to file income tax returns.
For example, let us tell you that interest on a non-resident external account and an NRE fixed deposit is completely tax-free. But interest on the NRO account is taxed in India. TDS is deducted on this at the rate of 30 percent. In this way, capital gains from property, tax, or mutual fund investments in the country are also taxed under long-term or short-term rules. At the same time, rental income from properties and dividends from Indian companies also come under the purview of tax.
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If you do not have income from India, do you have to file ITR?
According to Shefali Mundra, even if your income does not come under the purview of tax, you should file an income tax return. This can give you many benefits in the future. This can help you in matters like taking a loan, applying for a visa, etc.