Tax Calculation for NRI
This query is : Resolved
Raj Kumar Jain
(Querist)
29 August 2009
I am a Non-Resident Indian and was out of INDIA for more than 180 days during the Previous Year. I have earned Income inside INDIA for which TDS was deducted and I am having Income outside INDIA also. The Income is not brought into INDIA.....
Advise me on my Income Tax return filing and whether i have to pay tax on the income earned outside INDIA
Advise me on my Income Tax return filing and whether i have to pay tax on the income earned outside INDIA
29 August 2009
As per Section 5 of the Income Tax Act, 1961, following income only of Non-Resident shall be taxable in India.
i) Income received or deemed to be received in India. and
ii) Income accruing or arising or deemed to accrue or arise in India.
In view of the above section income earned outside India will not be taxable in India and hence you need not to pay tax on that income in India.
As regards Income Tax Return filing is concerned, If your Total Indian income exceeds the maximum amount which is not chargeable to income tax, then you have to file Income Tax return - Sec. 139(1).
i) Income received or deemed to be received in India. and
ii) Income accruing or arising or deemed to accrue or arise in India.
In view of the above section income earned outside India will not be taxable in India and hence you need not to pay tax on that income in India.
As regards Income Tax Return filing is concerned, If your Total Indian income exceeds the maximum amount which is not chargeable to income tax, then you have to file Income Tax return - Sec. 139(1).
Raj Kumar Jain
(Querist)
31 August 2009
Regarding the Income earned outside INDIA, whether it has to be shown in the books or while filing return of Income...
If i bring the income earned outside India into India... in that case do i need to pay Tax on the income earned outside India
If i bring the income earned outside India into India... in that case do i need to pay Tax on the income earned outside India
31 August 2009
No, you are not required to show income earned outside India in your Income Tax return.
And you need not to pay any tax on income earned outside India and brought to India.
And you need not to pay any tax on income earned outside India and brought to India.
Raj Kumar Jain
(Querist)
31 August 2009
i dont have to pay any tax when i bring those profits into INDIA
Raj Kumar Jain
(Querist)
25 September 2009
Dear Sir
The profit is exempted from tax in the country it is earned
Do we have to pay Tax here for that
The profit is exempted from tax in the country it is earned
Do we have to pay Tax here for that
25 September 2009
As stated above, only following income will be taxable in the hands of Non-Resident:
i) Income received or deemed to be received in India. and
ii) Income accruing or arising or deemed to accrue or arise in India.
Therefore, if you earn any income outside India let it be exempt in such foreign country shall not be taxable in India...
i) Income received or deemed to be received in India. and
ii) Income accruing or arising or deemed to accrue or arise in India.
Therefore, if you earn any income outside India let it be exempt in such foreign country shall not be taxable in India...
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