Foreign income and transfers taxation

Murali Rotti Sathyanarayana (Manager of Accounts) (157 Points)

20 August 2023  
All money earned in usa and tax deducted. transferred to india bank account and invested in share market. redeemed all share market mutual fund to get money in usa bank account again for house purchase in FY 2022-23. Please clarify on below two queries.

1. Whether already US taxed income needs to be disclosed in Indian ITR and will be taxed ?

2. Whether transferred from India to US savings account will be taxed ? TCS already deducted at 5 percentage...Can we claim refund of this TCS ?

Assessee in Indian citizen and working in US with H1B1 Visa.