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Foreign income

srivani (Article Assistant) (78 Points)

06 February 2017

Hello , One of my client is a Resident ( as per Residential Status)

He received a Salary of Rs. 6,12,145/- In india.

He received a salary of USD 39,163 equal to Rs. 25,16,270 ( Calculated by Aggregating the Salary received in USD * RBI reference rate on 1month before the date on which salary is received)

TDS has been recovered in USA amounting to USD 4156 equal to Rs.2,67,904.

He is in India for 7 months and was in USA for the other 5 months. How should his foreign income be reported in Income Tax Returns.

Thanks in advance :):)

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3 Replies

Abhinav (CA) (397 Points)
Replied 07 February 2017

Instead of RBI reference rate, I think SBI TTBR should be used for conversion.

If your client had any foreign asset during that year (even a foreign bank account), select the return form that allows entry of foreign assets.

In the return form, you can fill foreign income details in Schedule FSI. Do not forget to update foreign asset details in Schedule FA

srivani (Article Assistant) (78 Points)
Replied 11 February 2017

Thank you sir

srivani (Article Assistant) (78 Points)
Replied 15 February 2017

Sir, I have filled the Schedule FSI, should I include the Salary in the Gross Total Income.

Before filing the Schedule FSI the amount of Tax Payable is Rs.19,670/- whereas when i have entered the FSI and claimed a Releif u/s 90 of Rs.2,67,904/-. then there is a refund of Rs.19,670/- is it correct Sir.

Thanks in Advance:)