02 October 2008
Hi, I worked in Singapore for 2 years (from Nov 2005 - Nov 2007). During this time I had opened NRO Rupee account in India and remitted money regularly in this NRO account. I came back to India in Nov 2007 and closed my NRO account and deposited that money (around Rs. 11 lac) in a newly opened ordinary resident account via cheque. My question is: 1. Do I have to declare this income in ITR form and pay tax (I already paid tax to Singapore Gov.) 2. While coming to India I brought around USD 5000 TC (traveler cheque). Now if I convert this in Rupees and deposit it in the my account, then again do I have to declare this income in ITR form and pay tax.
03 October 2008
Money earned abroad as non resident Indian and brought to India is not taxable in India. But interest earned on the amount deposited in NRO bank a/c and resident bank accounts are taxable.
CAclubindia
