Tax on foreign currency brought in India
This query is : Resolved
02 October 2008
Hi,
I worked in Singapore for 2 years (from Nov 2005 - Nov 2007). During this time I had opened NRO Rupee account in India and remitted money regularly in this NRO account. I came back to India in Nov 2007 and closed my NRO account and deposited that money (around Rs. 11 lac) in a newly opened ordinary resident account via cheque. My question is:
1. Do I have to declare this income in ITR form and pay tax (I already paid tax to Singapore Gov.)
2. While coming to India I brought around USD 5000 TC (traveler cheque). Now if I convert this in Rupees and deposit it in the my account, then again do I have to declare this income in ITR form and pay tax.
Regards,
Rashi
(From Bangalore)
I worked in Singapore for 2 years (from Nov 2005 - Nov 2007). During this time I had opened NRO Rupee account in India and remitted money regularly in this NRO account. I came back to India in Nov 2007 and closed my NRO account and deposited that money (around Rs. 11 lac) in a newly opened ordinary resident account via cheque. My question is:
1. Do I have to declare this income in ITR form and pay tax (I already paid tax to Singapore Gov.)
2. While coming to India I brought around USD 5000 TC (traveler cheque). Now if I convert this in Rupees and deposit it in the my account, then again do I have to declare this income in ITR form and pay tax.
Regards,
Rashi
(From Bangalore)
03 October 2008
Money earned abroad as non resident Indian and brought to India is not taxable in India. But interest earned on the amount deposited in NRO bank a/c and resident bank accounts are taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EPF FULL & FINAL RULES IN 2026
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
