06 May 2018
IF A PERSON IS NRI IN FY 2016-17 AND IS EARNING SALARY OUTSIDE INDIA. IN OTHER WORDS SALARY IS ACCRUED AND RECD. OUTSIDE INDIA. AS PER THE IT ACT IF INCOME IS ACCRUED AND RECEIVED OUTSIDE INDIA THEN THERE IS NO TAX LIABILITY IN INDIA. BUT IF HE REMIT A LUMPSUM MONEY TO A BANK A/C IN IINDIA, DURING THE PREVIOUS YEAR 2016-17 & 2017-18 THEN WHAT WILL BE THE CIRCUMSTANCES REGARDING TAXABILITY . PLZ REPLY
06 May 2018
But as I went through the provision of IT Act, it comes out that if income is earned during the P.Y and remitted to India during same P.Y then it will be taxable and vice versa is not taxable I.e if accrued and recd during PY and remitted in corresponding AY.
07 May 2018
SIR, YOU MEAN TO SAY THAT IF THE MONEY IS REMITTED TO NON NRI A/C THEN IT WILL BE FULLY TAXABLE, NO MATTER WHEN THE MONEY IS BEING REMITED.
07 May 2018
In fact , you as NRI can have only NRE A/C officially to deal with remittance from abroad.HENCE U CAN TRANSFER YOUR MONEY IN NRE account only . However , if you have transfered foreign money to your Indian account by mistake ( account which was held prior to NRI status and still continuing not closed / or coverted to NRE a/c after NRI status , which is wrong as per IT rules ) , you should not transfer any amout in your name to any indian account with resident status. But as you have transfered the money in your no NRE a/c in PY's , so declare in your IT return as non -taxable amount/Income in ITR-1 OR 2 Schedule - EI (exempt income) and keep records how it was Foreign income and sent through some exchnage in abroad etc.
07 May 2018
Yes u can convert such indian account to NRO account which can be any nos. But these account cannot be opeb NRE accout in any branch unless that Branch has NRE facility .
22 May 2018
IF AN ASSESSEE IS EARNING EXEMPT INCOME OR SAY NIL INCOME; THEN HE/SHE CANT CLAIM DEDUCTION UNDER CH. VI (A) i.e 80C, 80D, 80U ETC, FROM SUCH EXEMPT OR NIL INCOME UNLESS SUCH INCOME IS TAXABLE.
LIKEWISE NRI EARNING SALARY OUTSIDE INDIA i.e ACCRUED AND RECD OUTSIDE INDIA IS NOT TAXABLE IN INDIA. SO HE/SHE CANT CLAIM DEDUCTION UNDER CH. VI(A) AS THIS INCOME IS EXEMPT IN INDIA.
29 May 2018
IF AN ASSESSEE IS EARNING EXEMPT INCOME OR SAY NIL INCOME; THEN HE/SHE CANT CLAIM DEDUCTION UNDER CH. VI (A) i.e 80C, 80D, 80U ETC, FROM SUCH EXEMPT OR NIL INCOME UNLESS SUCH INCOME IS TAXABLE. LIKEWISE NRI EARNING SALARY OUTSIDE INDIA i.e ACCRUED AND RECD OUTSIDE INDIA IS NOT TAXABLE IN INDIA. SO HE/SHE CANT CLAIM DEDUCTION UNDER CH. VI(A) AS THIS INCOME IS EXEMPT IN INDIA.
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