TAXABILITY OF FOREIGN PENSION RECIEVED BY RNOR
This query is : Resolved
23 June 2021
I have a doubt. Suppose Mr.X , a resident but non ordinary resident, receives his superannuation pension income from Australia after deduction of tax by Australian govt. at the rate 35% . The pension income is deposited by the govt. directly in Mr. X's A/C in a Bank say IDBI Bank in India and it is not deposited in any bank account in Australia. The pension income accrues and arises from Australia.My doubt is that whether the pension income credited to Mr.X's bank account in India is taxable in India as income of RNOR received or deemed to be received in India???? Also please give relevant IT sections and case laws if possible...Since the RNOR is not having any bank account in australia, it is deposited in his account in India. So can any relief be claimed for the same??????
One more Kind request...Pls give me the applicable sections and case laws too if possible to justify ur answer..It will help me to an great extent
One more Kind request...Pls give me the applicable sections and case laws too if possible to justify ur answer..It will help me to an great extent
23 June 2021
An RNOR in India will continue to enjoy tax benefits like an NRI. They will be taxed only on income earned in India, unlike Indian residents who have to pay tax on global income.
It's not taxable even the money is deposited in Indian Bank account.
It's not taxable even the money is deposited in Indian Bank account.
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23 June 2021
sir as per which section it is not taxable
or do we have to disclose this under RNOR ITR
or do we have to disclose this under RNOR ITR
23 June 2021
and case laws too if possible to justify ur answer..It will help me to an great extent
23 June 2021
sir, it is directly credited in the Indian bank account why it does not fall under section 5
23 June 2021
See the link.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://assets.kpmg/content/dam/kpmg/in/pdf/2017/11/KPMG-Flash-News-Income-earned-abroad-by-a-non-resident-cannot-be-taxed-in-India-2.pdf&ved=2ahUKEwjb44HByq3xAhU9xDgGHcpFBOYQFjAMegQIHhAC&usg=AOvVaw2hVS1Ucm2ulWCQ0IEXJXwY
https://www.google.com/url?sa=t&source=web&rct=j&url=https://assets.kpmg/content/dam/kpmg/in/pdf/2017/11/KPMG-Flash-News-Income-earned-abroad-by-a-non-resident-cannot-be-taxed-in-India-2.pdf&ved=2ahUKEwjb44HByq3xAhU9xDgGHcpFBOYQFjAMegQIHhAC&usg=AOvVaw2hVS1Ucm2ulWCQ0IEXJXwY
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07 September 2021
will this foreign pension disclose under exempt income? and what description to be made
07 September 2021
Yes, you can disclose it under other exempt income.
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07 September 2021
thank you so much sir
description: foreign pension accrues and arise outside India received by resident but not ordinarily resident after deduction of tax
description: foreign pension accrues and arise outside India received by resident but not ordinarily resident after deduction of tax
07 September 2021
Yes, opt description.
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