Individual accounts related.
This query is : Resolved
Sumati Bengani
(Querist)
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.
Nikhil Kaushik
(Expert)
01 January 2014
not required to reflect foreign income in indian accounts and tax returns. only indian income to be shown.
Sumati Bengani
(Querist)
01 January 2014
That menas that individual have to prepare two separate accts one in India and the other where there is foreign income?
Nikhil Kaushik
(Expert)
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
Sumati Bengani
(Querist)
01 January 2014
Okay, I got it! Thank You very much for your valuable response.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Advances to related party
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
