What are HNI returns and who belong to the category of a High Net Worth Individual?
HNI returns are tax returns filed by High-Net-Worth Individuals, usually those with high incomes, assets, or investments. While the definition of HNIs may vary, typically, individuals earning incomes above a threshold level every year or substantial wealth in the form of assets like real estate, stocks, or even businesses are considered HNIs.
What are the things one should bear in mind while filing HNI returns?
Tax return filing by the HNI is a complex job of tax planning due to multiple sources of income, investments, and international assets. The main considerations are optimization in deductions, management of capital gain, compliance with wealth tax jurisprudence, and reporting of foreign assets or foreign incomes, if applicable, for reduced burden of taxes.