12 January 2020
I want to understand whether I can declare a NRI status for my son in USA .All the conditions for NRI are satisfied. F Y STAY IN INDIA 15-16 104 16-17 21+32 17-18 19 18-19 0 19-20 47 what is the procedure to declare NRI status in In tax India -Hyderabad. how much fees does a concerned professional charge to do the declaration? what documents are required.
12 January 2020
Only when taxable income is earned in India filing of income tax return and declaring NRI is required. US income is not taxable in India for him and filing of income tax return not required on such US income.
23 January 2020
Sir, I am very happy with the persistent response you have given me till date. I very much appreciate this. Thank you. My son was working in India in 2015 and left for US for further studies in July 2015. I filed his ITR FY15-16 with the form 16 from his company.as resident. Thereafter there was only interest income from FDs in FY-16-17;FY17-18 and FY-18-19 as resident below 2.5L in These previous FYs. So now when I file his ITR as NRI whether his ITR for FY-15-16; FY16-17;17-18;18-19 will be affected especially FY15-16 where My son was out of India for more than 182 days in FY15-16. ( His stay in India is given at the start of this discussion.) .I should have declared FY15-16 as NRI ,but I did not due to not being properly informed/misinformed. But then all his income would have been taxed at 30% then as NRI though earned in India. so whether this issue will now come up when I file ITR as NRI. Please advice.This hopefully is my last query to you. AND when I file as NRI now It will under which clause of IT ? (I presume it will under the 2nd condition (< 60 days in this year and less than 365 days in preceding 4 years). Thanks again
23 January 2020
Please do not worry. Go ahead and file the returns as Non Resident. And for Financial Year 2015-16, although you stated it as RESIDENT, but the fact is that your son was NON RESIDENT, So? Not to worry, even if some notice is received, you can answer it by showing the photocopy of the passport of your son
24 July 2020
I have found my prevous F Ys years form 26 AS updated with adding "section E" wherein some very high figures > 10L is shown by Bank/s. what are these figures. what do they indicate and what should be done about it by a tax payer. The figure obviouly is a cumulative figure of bank transactions. But unclear as to which particular transactions. one more column says mix or cash. please explain in details so it could be shared amongst my friends and well wishers. Also it will help the general public qat large. Thanks in Advance.
CAclubindia
