Individual accounts related.
This query is : Resolved
31 December 2013
If a non-resident Indian is having foreign income and some income in India also, then do the foreign income be reflected in the balance sheet of the NRI (prepared in India) even though foreign income is not taxable in India.
01 January 2014
not required to reflect foreign income in indian accounts and tax returns. only indian income to be shown.
01 January 2014
That menas that individual have to prepare two separate accts one in India and the other where there is foreign income?
01 January 2014
For a non-resident, yes. Indian accounts only reflecting indian income and global accounts based on the rules of country of residence
01 January 2014
Okay, I got it! Thank You very much for your valuable response.
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