Tax on foreign currency brought in India

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Rashi (Querist)
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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)

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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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.

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