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
- Refund Annexure-B
- GST Reverse
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Non issue of e way bill
- Gstr7 vs Gstr3b 2026
- Gst return - cess
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- ITC on purchase of commercial property( shop/Godown/offce etc.)
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
