Directed by Bardroy Barretto, the film is a tribute to the unsung Goan musicians of the 1960s and 1970s.
Nachom-ia Kumpasar stars Vijay Maurya and Palomi Ghosh.
It bagged two awards at the 62nd National Film Awards this year. Ghosh also received a special mention at the National Awards.
The producers of Nachom-ia Kumpasar sent their entry to the Oscars privately in two categories -- Best Foreign Film and Best Background Score.
Kannada film RangiTaranga -- directed by Anup Bhandari -- is also among the the 305 films shortlisted for Oscar nominations.
The film beat many odds to become one of the highest grossing Kannada films overseas.
Director Anup Bhandari says, "I read about this in the newspapers this morning and could not believe it. When I opened the Oscars official website, I saw the list. There's a long way to go but I never thought we would come this far."
M Padmakumar's Malayalam film Jalam and Hindi film Hemalkasa, starring Nana Patekar and Sonali Kulkarni, are the other films on the Oscar list.
While Chaitanya Tamhane's Court was sent as India's official entry to the 88th Academy awards, it hasn't found mention on the list of 305 movies eligible for the awards.
Inputs from Rajul Hegde
Review: Court: Better in parts, than as a whole
Raja Sen: Why Court is a solid choice for the Oscars
The Kannada film that took on Baahubali, and (almost) won!
PIX: Sunny Leone's 27 bikinis in Mastizaade!
DDLJ, Baazigar, Karan Arjun: Vote for your favourite SRK-Kajol movie!