16 July 2010
Hi! One of client is resident in india previous year for more than 60 days.He went to US in July-09, he recd. salary in US $ & file a income tax return US in US.Now I want to file his I.T. return in India for A.Y.10-11, So how I can proceed further, I have a copy of US IT return (FORM 1040A) filed there, but how to show in INR. pl. guide me in this case. if any thing else i want to confirm or required to file ITR in india pl. let me know
Very Urgent Thanks & Best regards Vinay Kulkarni Pune
17 July 2010
First kindly check his residential status. If he is in India in the last year for less than 182 days then he will be considered as a non resident and his foreign income will not be taxable in India by virtue of his residential status in India so no need to convert in India Rupees.
Even if he is a resident in India the receipt of salary by him on the date should be converted in Indian rupees at the rate prevailing as on that date itself and be taxed here.
CAclubindia
