ITR Filing deadline 2025 has come to an end today for Entrepreneurs having international businesses or earning foreign income, subsequent to both Indian tax laws and international tax agreements. The 2025 ITR filing deadline provide an opportunity for these entrepreneurs to complete their cross-border tax requisites. By ensuring they state foreign earnings, deduction in claim under Double Taxation Avoidance Agreements, and timely file their returns, they can avoid any of the legal issues and make the most of their global tax productivity.
Determine Your Residential Status And Tax Liability
Entrepreneurs who make abroad or do their business across borders must first recognize their state of residence under laws that comes under Indian tax structure.
Any of the resident under this structure is taxed on their global income. NRIs are normally taxed only on their income in India. However, RNORs drop somewhere in between. There are also some foreign incomes that may become taxable, depends on what is their tenure of stay in India and the type of their income.
How DTAA, Foreign Tax Credit, And Forms Like TRC & Form 10F Help
India, with many countries have double taxation avoidance agreements. Therefore, Entrepreneurs can avoid being taxed double, once abroad and another one in India, on the same income, as long as they follow some of the key rules.
Reporting Foreign Income, Assets, And Schedules
If you are a resident taxpayer or RNOR, you may require to disclose these in order to file their returns:
• Foreign assets including, bank accounts, shares, property abroad, with to your income and residential status.
• Foreign income with dividends, capital gains, interest to be filed in the ITR, using the schedule requirements such as Schedule FA (foreign assets) or Schedule FSI (foreign source income).
Select the right ITR form:
• ITR 2 if you have foreign income or foreign assets but no business/profession income.
• ITR 3 if you derive foreign income from business or profession.
What Happens If You Miss Important Deadlines Or Any of The Documents
Missing the income tax return deadlines, which is today, September 15, 2025 or avoiding to submit essential forms like, Form 10F, TRC, Form 67, may lead to:
• losing reimbursements under DTAA, may lead to higher taxes,
• Financial penalties or interest for late filing,
• Problems with carry forward of losses or receiving refunds.
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
