Nitin (S/W Eng) (29 Points)
24 June 2012Hi.
I am living in US and sending money to my Indian saving bank account.
I am already giving tax to US government on my earnings and submitted tax form 1040 in US.
Do I need to file ITR here for Interest Earned on my Saving Account alongwith my LIC premium paid during the year and PPF contributions?
CA Sripal Jain
(Associate Finance)
(709 Points)
Replied 24 June 2012
hi,
ya you need to file ITR on income from other sources and LIC premium ,since remittance of money is not taxable,interest is however taxable
regards
sripal jain
Vishal
(Business Analyst)
(42 Points)
Replied 24 June 2012
You need to file return in case that interest is more then exempt limit for the AY
RAVI KUMAR GUPTA
(STUDENT)
(46 Points)
Replied 24 June 2012
CAclubindia
