Rahul Nareda (CA) (32 Points)
10 February 2012Dear Team,
please tell me that if a person earned salary income in china and after that he transfer it in indian saving bank account then what is the tax implication on this transfer money, status of person in that financial is NRI.
Further when he file return in india what documents he should attach wtih ITR in india.
Z
( )
(2965 Points)
Replied 10 February 2012
The person has earned salary income in China but were services rendered in India? If so then salary accrues in India and hence taxable
Otherwise reminttances are not txable only income are taxed not the transfers
Interest on amount deposited in India will be taxable income.
Rahul Nareda
(CA)
(32 Points)
Replied 10 February 2012
Thanks Z, service render also in china, but salary cridited in indian saving bank account in INR, and status of person is NRI in that particular financial year.
it is compulsory that any document should be attach with ITR in india
Anooj
(Chartered Accountant)
(2130 Points)
Replied 15 February 2012
santosh
(consultant)
(27 Points)
Replied 15 February 2012
I earned around 1000 Euros in South Korea, as my onsite stint. Which I was getting on a perdiem basis. I travelled on a business visa and was getting my regular Indian salary in INR in India too. On coming back to India I exchanged the currency and deposited INR in my salary account. What is my tax liability on this income from abroad. Service for this onsite too was provided for a client in South Korea.
Suguna
(VP)
(98 Points)
Replied 16 February 2012
if your residential status is that of ordinary resident as per sec 6 of IT act then salary earned abroad is also taxable. if our country has a double taxation avoidance agreement with that country and tax is paid in that country then no tax need to be paid in india on that earnings . how ever if no DTAA then the sum is includedin your income and you are eligible for relief u/s 91 being lower of average rate of indian tax or average rate of foreign tax
CAclubindia
