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

Save Share

This query is : Resolved

Quick Summary

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)
Follow

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)
Follow

30 June 2022 File ITR 2 in case of other than business foreign income.
File ITR 3 in case of foreign business income.

Message likes : 1 times

CA Puja Sharma

CA Puja Sharma (Expert)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now