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Unless it is extended July 31 is the last day of filling income tax return for previous Financial Year (2015-16) for individuals in India.  This is for salaried class individuals and those who do not require their accounts audited. Those who require to get their accounts audited the last date is September 30^th.

The following individual assesses have to get their accounts audited:-

1. An individual carrying on business and his/her sales turnover exceeds Rs. 10 million.
2. An individual carrying on profession and his/her gross receipt exceeds Rs. 5 million.
3. A person covered under presumptive income scheme section 44AD, 44AE, 44AF, 44BB, 44BBB and income from said business is lower than the deemed profit and gain computed under relevant section.

Who has to file tax returns in India?

Any individual whose income exceeds Rs.250,000 (Rs. 300,000 for senior citizen) in previous Financial Year is required to file an income tax return in India. Those who don’t have income exceeding Rs. 250,000 but wants to carry forward losses under any heads is also required to file tax returns.

What is the rule for NRI (Non Resident Indian)?

NRI has to file income tax returns in India:-

• If TDS has been deducted on some income and NRI wants to claim refund of the same.
• Taxable income in India during the previous financial year was above the basic exemption limit of Rs. 250,000.
• NRI has short-term or long-term capital gains from sale of certain investments and assets, even if the gains are less than the basic exemption limit.

What is the requirement to file tax returns in India for NRI:-

1. PAN (Permanent Account Number)
2. Form 26AQ for the tax credit (This can be access either through internet banking or income tax site login)
3. For online filling active account at income tax site with PAN no as a default id.
4. Bank Account details. (NRO, NRE or FCNR)
5. Income earned and accrued in India is taxable in India.
6. Income from any property or investment transaction in India is taxable in India.
7. Rent or deemed rent income in India.

Please visit http://www.nriinvestments.in/ for FAQ and regulations in India.

Pharma, Telecommunication and IT the defensives have given negative year to date return. What would be the expected trend in the second half?

IT sector is predominantly has the brexit impact and still there is uncertain environment. The pharma sector would provide lots of interesting opportunities.

Will the dream run of Cement and Contraction sector will continue? As the expectation and the actual outcome of the monsoon are very positive, this sector will continue to provide larger opportunities and consolidation in this sector is bound to happen.

The second half is very promising and expected to be better than first half.

Rajiv Gandhi Equity Savings Scheme (RGESS)

This scheme is introduced in the union budget 2012-13 to encourage small investors to put their money in equity market. This scheme is only for the person resident in India and non-resident cannot take benefit of this scheme.

RGESS offers rebate to first time retail investors with annual income blow Rs. 12 lakhs.

The investor would get under Section 80CCG of the Income Tax Act, a 50% deduction of the amount invested during the year, upto a maximum investment of Rs. 50,000 per financial year, from his/her taxable income for that year, for three consecutive assessment years.

For FAQ kindly refer http://finmin.nic.in/rgess/FAQ_RGESS_Revised_05022014.pdf