For FY 2016-17, my residential status in India is RNOR. I have a US bank account with about 30k USD in it. I also received salary from a US company in this financial year. Other than US salary and the interest money received from my Indian bank account, I have no other source of income. Kindly tell which ITR form is applicable to me. Please also tell whether I need to declare my US bank account. Do I need to fill schedules fsi, fa and tr?
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Does an rnor need to declare foreign assets?
Replies (3)
RNOR has to pay taxes only on the income generated from India. They will continue to enjoy tax benefit on Foreign Income.
You can file ITR 2 for AY 2017-18.
Schedule FA,-
This schedule is to be filled up by a resident assessee. It need not be filled up by a ‘not ordinarily resident’ or a ‘non-resident’.
Schedule FSI: In this Schedule, fill the details of income, which is already included in total income, accruing or arising outside
India.
Thank you very much Sir for the reply!
Can I not just file ITR1?
Why do I need to fill up Schedule FSI when foreign income is not even taxed for an RNOR?
I look forward to your reply. Please clarify!
"Can I not just file ITR1?
Yes you can provided your 'Exempted Income' doesn't exceed Rs. 5000/- during the year. Check particularly FCNR/RFC interest, gifts etc.
" Why do I need to fill up Schedule FSI when foreign income is not even taxed for an RNOR?"
No need to fill up the schedule, if you are sure none of the foreign income is offered/liable to be taxed in the ITR.
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