ITR for Foreign Income (Status - Resident and Ordinarily Resident)

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If you're a resident and ordinarily resident in India and have earned income from both Indian and foreign sources, you'll need to file your Income Tax Return (ITR) accordingly. For foreign income that isn't from business, ITR 2 is generally the correct form. If your foreign income is business-related, you should use ITR 3. Importantly, all your global income is taxable in India, but you may be able to claim a credit for taxes already paid abroad, subject to Double Taxation Avoidance Agreements (DTAA).

UMESH

UMESH (Querist)
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30 June 2022 Dear Experts,

How to compute and file Income Tax Return of Individual (Status - Resident and Ordinarily Resident) if have income from Indian Company as well as foreign income. Please guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 June 2022 File ITR 2 in case of other than business foreign income.
File ITR 3 in case of foreign business income.

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CA Puja Sharma

CA Puja Sharma (Expert)
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30 June 2022 All your global income will be liable to tax in India i.e., all the income earned during the FY will be liable to tax in India.
If you have paid any tax on the foreign income abroad then that will be provided as a tax credit while paying the tax in India depending upon the DTAA of India and that Country.

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