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Itr query

Vikrant (SA) (74 Points)

15 July 2018

Hi,

I was in USA for an assignment from my company for couple of years so for that time I was NRI, now I have returned back to India. But when I was in USA I had opened a bank account there and I have still not remitted all my amount from US bank however I have paid all the taxes that were relevant in USA for the salary that was generated for that period. Since then the amount is ideal in that US bank and there is no interest generated nor any further salary/amount was added to that US account.

Hence should I declare in this years ITR that I own a foreign bank account? If I select yes then since there is no income generated this year over there will I have to pay taxes for the amount that is present in that bank sitting ideal?

Appreciate if anyone can help me with the query.

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5 Replies

Sravan Reddy G (CA) (618 Points)
Replied 16 July 2018

I am also increase storage know this answer

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168037 Points)
Replied 16 July 2018

First decide whether your residential status as per IT act.... is ROR or RNOR?

Vikrant (SA) (74 Points)
Replied 16 July 2018

Thanks Dhirajlal for responding. Resident status is Resident Indian as I am no longer travelling or staying in USA.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168037 Points)
Replied 16 July 2018

After Resident..... you can be 'Resident Not Ordinary Resident' ; who enjoy almost same exemptions in IT act, like NRI for almost 3 years after returning back to India.......

Read:: rnor-tax-status-a-boon-for-returning-nris

Or taxes-during-and-after-rnor-status

Vikrant (SA) (74 Points)
Replied 16 July 2018

Thanks for sharing the links and details related to RNOR, but RNOR is applicable for people who have stayed more than 5 years abroad, in my case I have been there for only couple of years hence I do not qualify for the RNOR status.

So the question still remains about the amount that is still not remitted back to India, is it mandatory to declare that income and if yes then it would be incorrect if the taxes are levied on it as I have already paid the taxes in USA for the salary generated there and post that there is no new income added to tha amount?