|
| This query is : Resolved
|
|
BIKASH AGARWALA
( Author )
24 August 2012
|
Hi,
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?
|
|
|
|
Vivek Mehta (CA, DISA,CS, MBA)
( Expert )
24 August 2012
|
No this income will not be taxable in India
|
|
|
|
BIKASH AGARWALA
( Author )
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?
|
|
|
|
O.D.SHARMA
( Expert )
24 August 2012
|
Hi,You need to file indian IT return for income arising in india/Interest(NRO) with rental or other income.
|
|
|
|
BIKASH AGARWALA
( Author )
24 August 2012
|
Hi,
I do not have any NRE/NRO products with Indian banks. I just have the normal resident savings accounts. Is it fine or i must open NRE/NRO accounts?
|
|
|
|
O.D.SHARMA
( Expert )
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.
|
|
|
|
BIKASH AGARWALA
( Author )
24 August 2012
|
Thank You Mr. Sharma. As suggested i will open a new NRE/NRO account with my bank.
|
|
|
|
BIKASH AGARWALA
( Author )
24 August 2012
|
Hi,
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?
|
|
|
|
O.D.SHARMA
( Expert )
24 August 2012
|
This is legal binding to change accounts status & residence as well .
|
|
|
|
BIKASH AGARWALA
( Author )
25 August 2012
|
Hi,
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.
|
|
|
|
O.D.SHARMA
( Expert )
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.
|
|
|
|
BIKASH AGARWALA
( Author )
25 August 2012
|
Ok. Thanks Mr. Sharma.
|
|
|
|
|
Previous
Next |
|
You need to be the querist or
approved
CAclub expert to take part in this query .
Click here to login (
 ) now
|
| Similar Resolved Queries : |
|
|
|
