X is a young Indian boy of 25 years who is now living for last two yrs in Mexico. He is doing business there. He is regularly bringing lakhs of rupees in India as his income earned in Mexico for last two yrs. Income is being brought by him through his NRE account and also through wired transfer to his own and his father's account in India. He is depositing the money in FDRs in India and is earning interest on these FDRs and also from his past investments. His indian income is also taxable.
Whether he is liable to file IT return in India? What treatment shoudl be given to his income that has accrued to him in Mexico but is subsequently brought to India? If it is exempt from tax, under which section and where to fill this income in ITR form? If or not he is required to comply FEMA provisions also in respect of his money brought into India.
CAclubindia
