<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>5</documentType><periodOfReport>2003-06-30</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><form3HoldingsReported>0</form3HoldingsReported><form4TransactionsReported>0</form4TransactionsReported><issuer><issuerCik>0001039280</issuerCik><issuerName>NETSOL TECHNOLOGIES INC</issuerName>        <issuerTradingSymbol>ntwkc</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001259549</rptOwnerCik><rptOwnerName>MUSTAFA IRFAN</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>24011 VENTURA BLVD, # 101</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>CALABASAS</rptOwnerCity><rptOwnerState>CA</rptOwnerState><rptOwnerZipCode>91302</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>NetSol Technologies, Inc. NTWKC</value></securityTitle><transactionDate><value>2003-06-29</value></transactionDate><deemedExecutionDate><value>2003-06-29</value></deemedExecutionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value></value></transactionTimeliness><transactionAmounts><transactionShares><value>100000</value></transactionShares><transactionPricePerShare><value>0.15</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>543517</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>NetSol</value></securityTitle><conversionOrExercisePrice><value>0.15</value></conversionOrExercisePrice><transactionDate><value>2002-02-16</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value></value></transactionTimeliness><transactionAmounts><transactionShares><value>325000</value></transactionShares><transactionPricePerShare><value>0.5</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-08-15</value></exerciseDate><expirationDate><value>2007-02-16</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Options</value></underlyingSecurityTitle><underlyingSecurityShares><value>325000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>425000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>NetSol</value></securityTitle><conversionOrExercisePrice><value>0.5</value></conversionOrExercisePrice><transactionDate><value>2002-02-16</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value></value></transactionTimeliness><transactionAmounts><transactionShares><value>100000</value></transactionShares><transactionPricePerShare><value>0.5</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-08-15</value></exerciseDate><expirationDate><value>2007-02-16</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Options</value></underlyingSecurityTitle><underlyingSecurityShares><value>100000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>425000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes></footnotes><remarks></remarks><ownerSignature><signatureName>Irfan Mustafa</signatureName><signatureDate>2003-08-15</signatureDate></ownerSignature></ownershipDocument>

