Taxability of foreign income in india
This query is : Resolved
24 August 2012
Hi,
I am working in Mozambique since July 2011. I am employed with a Mozambican bank and i stayed in India for a maximum period of 100 days during the financial year 2011-12. I am also paying taxes in Mozambique. But i transfer my income to a savings account in India every month. Please help me with below doubts:
1. Do i need to show my Mozambican income while filing return in India?
2. If yes will it be taxable & which form can i use?
I am working in Mozambique since July 2011. I am employed with a Mozambican bank and i stayed in India for a maximum period of 100 days during the financial year 2011-12. I am also paying taxes in Mozambique. But i transfer my income to a savings account in India every month. Please help me with below doubts:
1. Do i need to show my Mozambican income while filing return in India?
2. If yes will it be taxable & which form can i use?
24 August 2012
No this income will not be taxable in India
24 August 2012
Thank You Vivek! Do i need to show this income when i file my return of income tax in India? And do i need to carry any proof of payment of tax in Mozambique?
24 August 2012
Hi,You need to file indian IT return for income arising in india/Interest(NRO) with rental or other income.
24 August 2012
Hi,
I do not have any NRE/NRO products with Indian banks. I just have the normal resident savings accounts. Is it fine or i must open NRE/NRO accounts?
I do not have any NRE/NRO products with Indian banks. I just have the normal resident savings accounts. Is it fine or i must open NRE/NRO accounts?
24 August 2012
Hi,
You must go for NRE/NRO accounts & change the status of Resident accounts.Also NRO auto Tax will be deducted with NRE Tax free .If you wish to file It return only put indian income as told.
You must go for NRE/NRO accounts & change the status of Resident accounts.Also NRO auto Tax will be deducted with NRE Tax free .If you wish to file It return only put indian income as told.
24 August 2012
Thank You Mr. Sharma. As suggested i will open a new NRE/NRO account with my bank.
24 August 2012
Hi,
What if i continue using my resident savings account? Will the money that i transfer into that account become taxeable just because i have not changed it into a NRE/NRO account?
What if i continue using my resident savings account? Will the money that i transfer into that account become taxeable just because i have not changed it into a NRE/NRO account?
24 August 2012
This is legal binding to change accounts status & residence as well .
25 August 2012
Hi,
I can not change the accounts now as i am outside India and will be coming only by next year end. What do i do in this scenario? Can i keep transferring funds in my resident savings account? Please suggest.
I can not change the accounts now as i am outside India and will be coming only by next year end. What do i do in this scenario? Can i keep transferring funds in my resident savings account? Please suggest.
25 August 2012
You can open NRE/NRO in any Bank(CITI,HSBC or others having branches in india )Use those accounts for tr.Convert old accounts thru representative/writing to Branch.
25 August 2012
Ok. Thanks Mr. Sharma.
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