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
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).
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
CAclubindia
