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NRI tax mismatch: What's your next step?
Mint Bangalore
|January 07, 2025
In FY24, I, an NRI, earned capital gains on mutual funds (switch in and switch out), which I didn't report in my return.
I received an email from the income tax department about the mismatch between my return and the AIS/TIS. What are my options now?
-Name withheld on request
It is a common misconception that switching MFs does not result in capital gains as the money is not directly credited to the bank account. Since you have earned capital gains but have not offered them to tax, your only option now is to file an updated tax return.
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