Nri taxation for a.y 2011-12

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2011 I am an NRI for the F.Y 2011-12, and hence I do not have form 16 generated as there was no TDS deducted.

However I had some bank deposits on which I earned interest income on which TDS has been deducted.

How should I file my income tax return.
out of the two options:
1. Show the entire foreign salary in the ITR 1 form and claim a releif and then also disclose the interest income

OR
2.
Not disclose the entire foreign salary and just disclose the Interest income from bank deposits which has been accrued in India.

Or.
Not file any return because income in India is already less than 5 Lakh limit and hence no need to file a return.

I need to take a bank loan next year, and incase bank asks for IT returns of last F.Y. How can I show them the IT return if I have not filed it in the current year.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 August 2011 REPLY -

Not disclose the entire foreign salary and just disclose the Interest income from bank deposits which has been accrued in India.

Please mention Residential Status- NRI in ITR-1.

For loan, start inquiring from now only.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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22 August 2011 Your case needs proper review as residence in India can also happen if the person is present in India only for 60 days in any year along with stay of 365 days in previous 4 years. This condition is however subject to some other conditions.

The best course of action can be decided after ascertainment of residential status.

Anuj
+91-9810106211
femaquery@gmail.com

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