Indian seafarer taxation with nri time not complete
This query is : Resolved
25 June 2017
" I am a marine officer employed on foreign flagged vessel. (NRI time not complete)
My grievance is,
I earned gross income of US$ 5700 in Financial year 2016-2017 from foreign company while being employed on foreign flagged vessel. in 4 months.
Out of this income, I have remitted Rs. 2,20,000 into my NRE account. and remaining amount of 1200 USD I brought in cash with me. Airport customs told that the amount is small, so no need to declare. I have invested in mutual funds INR 35,000
Clearly I am not an NRI for this FY 2016-2017. But I am planning to join ship in august 2017 till February 2018. Which will make me NRI for assessment year 2017-2018. Will it, or it will make me eligible for tax refund!??
So, for this 31st july 2017 deadline,
1) Should I Fill ITR 1? ( If yes , Ok. If no then which one as my income was from "salary out of India")
2) In form ITR 1, what should I fill in (row B1) "INCOME FROM SALARY"? should I write 2,20,000 or convert 5700USD to INR? If converting 5700 to inr, how do I obtain conversion rate?
3) All other rows are going to be blank except 80TTA for saving account. I have 2 accounts, 1 is NRE and other is saving account. interest in NRE is not taxed. So I will fill only 'total Interest' from saving account. If I am wrong correct me.
4) remaining all pages are going to be empty in my case, ie no (TDS1, TDS 2 , TCS, Sch IT)
5) So under (D13 iv. Others) tab "Nature of income" amount is given. If I achieve NRI status, Let's say for FY 2017-18, am I supposed to fill my income in INR or USD here, or tell my CA to attest the salary statement stating "0 INR taxable" ?
6) Or skip entire process and not file at all. (my tax is coming out to be 1500INR only) (I will be NRI for next 7-8 years and willing to pay penalty of 5000INR)
My grievance is,
I earned gross income of US$ 5700 in Financial year 2016-2017 from foreign company while being employed on foreign flagged vessel. in 4 months.
Out of this income, I have remitted Rs. 2,20,000 into my NRE account. and remaining amount of 1200 USD I brought in cash with me. Airport customs told that the amount is small, so no need to declare. I have invested in mutual funds INR 35,000
Clearly I am not an NRI for this FY 2016-2017. But I am planning to join ship in august 2017 till February 2018. Which will make me NRI for assessment year 2017-2018. Will it, or it will make me eligible for tax refund!??
So, for this 31st july 2017 deadline,
1) Should I Fill ITR 1? ( If yes , Ok. If no then which one as my income was from "salary out of India")
2) In form ITR 1, what should I fill in (row B1) "INCOME FROM SALARY"? should I write 2,20,000 or convert 5700USD to INR? If converting 5700 to inr, how do I obtain conversion rate?
3) All other rows are going to be blank except 80TTA for saving account. I have 2 accounts, 1 is NRE and other is saving account. interest in NRE is not taxed. So I will fill only 'total Interest' from saving account. If I am wrong correct me.
4) remaining all pages are going to be empty in my case, ie no (TDS1, TDS 2 , TCS, Sch IT)
5) So under (D13 iv. Others) tab "Nature of income" amount is given. If I achieve NRI status, Let's say for FY 2017-18, am I supposed to fill my income in INR or USD here, or tell my CA to attest the salary statement stating "0 INR taxable" ?
6) Or skip entire process and not file at all. (my tax is coming out to be 1500INR only) (I will be NRI for next 7-8 years and willing to pay penalty of 5000INR)
25 June 2017
1 Yes file ITR 1 under salary head,
2 Convert 5700 USD to INR, Adopt exchange rate on the last day of the month immediately preceding the month in which the salary is due.
3 Yes you are right.
4 Yes.
5 You are NRI no need to file the return as the income earned out side India is exempt.
6 I don't advice it Pay the tax it is only a meager amount.
2 Convert 5700 USD to INR, Adopt exchange rate on the last day of the month immediately preceding the month in which the salary is due.
3 Yes you are right.
4 Yes.
5 You are NRI no need to file the return as the income earned out side India is exempt.
6 I don't advice it Pay the tax it is only a meager amount.
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