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13 December, 2024 at 6:26 am
Yes, an eligible OCI cardholder is required to pay income tax in India on the income generated in the country. Those OCI cardholders who have taxable income in India are required to file their Income Tax Return also known as ITR. One can file an ITR online. Your length of stay in India helps in identifying your residential status and it helps determine if you are eligible to pay tax in India for the given fiscal year or not.
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What happens if I do not pay my taxes to the government of India regularly and take all, the business profits with me or not filing an ITR annually?
As I work in India and as an OCI card holder always file ITR because my annual income exceeds ₹3 lakh** as per the new tax regime announced by the government of India.
I have my OCI card by which I buy residential and commercial properties and by these properties, I generate a good amount of profit, and as a good citizen, I pay my tax to the government of India regularly.
As I live and work in India as an OCI card holder, I always pay my taxes regularly and with honesty, all the profit and work I have done in India.
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