interest earned on Bank deposits abroad
This query is : Resolved
21 June 2009
Whether the interest earned from deposits in USA banks is to be added with salary income earned in INDIA. Got some bank deposits in USA earning interest around $8000 per year. came back to India and employed since 2007Jan. Status is Resident but not ordinary resident. Tax burden with reference to Double taxation avoidance agreement with USA.
please help
please help
CA.BHARAT BHUSHAN
(Expert)
21 June 2009
In the said case, the residential status of the assessee is 'Resident" u/s 6, so all income whether earned within India or abroad shall be taxable in India, hence interest on Bank deposits in USA will be added in salary while computing taxable income.
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