I am working in Mozambique since July 2011. I am employed with a Mozambican bank and i stayed in India for a maximum period of 100 days during the financial year 2011-12. I am also paying taxes in Mozambique. But i transfer my income to a savings account in India every month. Please help me with below doubts:
1. Do i need to show my Mozambican income while filing return in India?
2. If yes will it be taxable & which form can i use?
24 August 2012
Thank You Vivek! Do i need to show this income when i file my return of income tax in India? And do i need to carry any proof of payment of tax in Mozambique?
24 August 2012
Hi, You must go for NRE/NRO accounts & change the status of Resident accounts.Also NRO auto Tax will be deducted with NRE Tax free .If you wish to file It return only put indian income as told.
What if i continue using my resident savings account? Will the money that i transfer into that account become taxeable just because i have not changed it into a NRE/NRO account?
I can not change the accounts now as i am outside India and will be coming only by next year end. What do i do in this scenario? Can i keep transferring funds in my resident savings account? Please suggest.
25 August 2012
You can open NRE/NRO in any Bank(CITI,HSBC or others having branches in india )Use those accounts for tr.Convert old accounts thru representative/writing to Branch.
CAclubindia
