Nre status

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HASMUKH K VORA (Querist)

06 December 2011 My daughter is going to as on 07.11.2011 USA for job ( H1B Visa )full time employee salaried income in US $, Her NRE account is open in SBI India before they going to USA.
should her income from 07.11.2011 to 31.03.2012 is taxeble here in INDIA.
if they transfer some money from USA is Taxeble.
Hasmukh Vora
Mob. NO. 91 22 9987844285

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 December 2011 The residential Status of your daughter for the AY 2012-13 ( For FY 2011-12) shall be Resident and Ordinary Resident as he has resided in India for more than 182 days.
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Accordingly, she has to file her income tax return and Indian Income as well as Foreign Income will be taxable in India, however she will may be allowed credit for the taxes paid there according to the DTAA between India and US.
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Please also envisage more views on this issue.

Guest

Guest (Expert)

07 December 2011 Further to Shri Paras Bafna's note, the following provisions under Chapter XIIA will apply in the next Assessment Year :

A non-resident Indian having taxable income exceeding Rs. 50,000 during the previous year 1998-99 has to file a return.

However, a non-resident Indian covered u/s 115 G i.e., having income only from investments in specified assets and long term capital gains on transfer of foreign assets and having opted for being assessed under the special provisions of Chapter XII-A need not file a return, if the tax has already been deducted at source.

Besides, a non-resident shall not be required to file a return of income u/s 139 (1), if his total income consists only of dividend, interest income from units of mutual fund/ UTI, interest or dividends on bonds or shares of an Indian company issued under a notified scheme and purchased in foreign currency, and the tax has been deducted therefrom at source.

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