My income from India is interest from savings bank accounts, fixed deposits, dividends from equity mutual funds. All of these are around 1.6 lacs. I am considered a non-resident Indian for 2011-2012 tax year(April 1, 2011 to Mar 31, 2012)

1. Since I am working overseas, I do have bank accounts in that country. Are these(bank accounts) considered foreign assets due to which I have to mandatorily file income tax?

2. Does the mandatory filing rule for income over 10 lacs/year apply to non-residents like me?

3. I realize if I am getting any refunds like tax deducted from non-resident ordinary accounts or if I wish
to avail indexation benefits, a tax return is required for me to get those, but it is not
necessary as per the Income tax law to file tax returns. Is my understanding correct?

4. Any other factors I need to be aware of?

non resident Indians do not have to file Indian income tax on assets in other countries.

Mandatory e-filing applies to all those whose taxable Indian income is INR 10 lakhs & above.

Yes, for a tax refund you need to file your ITR before 31st july, 2012 for FY 2011-12.

Thanks for your reply.

 However, from the link at http://articles.economictimes.indiatimes.com/2012-06-27/news/32441446_1_income-tax-returns-taxable-income

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 If you are an NRI, you would have to file your income tax returns for 2011-2012 if you fulfill either of these conditions:

--> Your taxable income in India during the year 2011-2012 was above the basic exemption limit of Rs 1.8 lakh OR

--> You have earned 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. 

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I did not sell any mutual funds(all of them were equity mutual funds) but received dividend income from them. Since they were equity mutual funds, no tax was deducted from them at source and the dividend income is non-taxable for the investor.

But, that does not clarify if I need to file the returns for 2011-2012 or not. I am thinking no since no sale of the mutual funds was done(so no long term capital gains), but can anyone offer more insight?

Thanks