Taxation in case of nri
This query is : Resolved
CHETAN JANGID
(Querist)
10 December 2016
sir,
I am NRI. i do cloth business in abroad. i have deposited rs. 500000 in indian pnb bank directly from abroad. i want suggestion on following points:
1. whather rs.500000 will be taxable in india or not.
2. if taxable than under what head.
3. whether whole amount of rs.500000 will be treated as income or any deduction will be there.
I am NRI. i do cloth business in abroad. i have deposited rs. 500000 in indian pnb bank directly from abroad. i want suggestion on following points:
1. whather rs.500000 will be taxable in india or not.
2. if taxable than under what head.
3. whether whole amount of rs.500000 will be treated as income or any deduction will be there.
CA RAKESH JESWANI
(Expert)
10 December 2016
In my views:
1. The same should not be taxed in india.
2. Provided the same is earned in abroad in your hands.
3. It is mere a remission of money by yourself.
suggestion: All facts must be provable with relevant docs.
source: Income Tax.
rakeshjeswani785@gmail.com
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CHETAN JANGID
(Querist)
11 December 2016
rakesh sir.
i cash deposited rs.500000 directly in indian pnb bank from abroad. not through NRE account. its mean income accrued outside india but received in india. i think its not remission. as per sec 5 of IT act. than it should be taxed in india. in case of nri.
give me suggestion on this situation.
i cash deposited rs.500000 directly in indian pnb bank from abroad. not through NRE account. its mean income accrued outside india but received in india. i think its not remission. as per sec 5 of IT act. than it should be taxed in india. in case of nri.
give me suggestion on this situation.
CA Suresh Jain
(Expert)
11 December 2016
How did you deposit Cash in India ? Did you carry cash from abroad ?
CHETAN JANGID
(Querist)
11 December 2016
Foreign currency deposited in cash outside india. Indian banks are linked from foreign banks. We can easily deposited money in our indian saving account from abroad.
KAVIRAJA ADDANGADI
(Expert)
11 December 2016
Since you have deposited in foreign currency you can justify income earned outside India it is not taxable
CHETAN JANGID
(Querist)
11 December 2016
Sir i think u should study this case law.
Shri Tapas Kumar Bandopadhyay, ... vs Assessee on 1 June, 2016
Shri Tapas Kumar Bandopadhyay, ... vs Assessee on 1 June, 2016
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