Double Country Income

I have general inquiry on below scenario of myself moving to Singapore:

1. I have income in my current company till approx 20-Sep-2022

2. I will be moving to Singapore on 26-Sep-2022 and earning in Singapore dollars will be started.

Questions:

1. In India, FY 2022-2023 - Do I need to declare singapore earnings? Will that be taxable? I will pay tax in Singapore for 3 months as financial year ends in Dec-2022. Moreover, as per Indian FY, I will also get salary in Singapore for Jan-2023 to Mar-2023. How to consider that?

2. If I send Singapore dollars to India's NRE account, will that amount be taxable?

3. How to handle Singapore's financial year (Jan-Dec) vs India's financial year (Apr-Mar).

Please suggest

Hi Nikhil

First of all, congratulations on getting a new job in Singapore.

Secondly, answer to your queries is as follows:-

1. Since your stay in India during the F.Y. 22-23 Is less than 182 days, therefore, you will not be considered a Resident and ordinarily resident (ROR). It implies that the salary earned during employment in Singapore will not be taxed in India provided the salary will be received in Singapore bank account.

2. It is known as repatriation of the funds to India. The transfer of funds will not be taxable in India.

In nutshell, income earned in India will be taxed in India. Receive your Singapore salary in the bank account of Singapore, then the same will not tax in India. Any transfer made from such an account will also not be taxed in India.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)