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Income tax on returning nri
An NRI returned by early April 2017. therefore he is a resident as far as AY 2018-19 is concerned.He has the following two issues.
1. Received final settlement during April which he remitted. The settlement includes 3 months salary that they company retains as security deposit during the course of the employment, salary for march and the broken period of April 2017. Can he refrain from disclosing it as it was earned during the period that he was an NRI.
2. he also had an Insurance policy abroad which matured by August 2017. Can he also refrain from disclosing the same. Or is it better to disclose as it is exempt.
please let me know.
thanks
Replies (8)
1. Though your status becomes resident........... but check whether the status is ordinary resident (ROR) or Non-ordinary resident (RNOR).........
2. If its RNOR....... you enjoy almost same facility like NRI !!!
Thanks. the requirement of being an RNOR is lost as he was abroad only for 4 years.
1.For ROR, Security deposit and March salary not applicable, but April salary taxable.....
2. Disclose the maturity proceeds and check whether it is exempted....
Thanks again. More or less my thoughts.... I have seen one case decided by the tribunal where the officer had gone on premises that is a overseas policy and not exempt. The tribunal had decided in favour of the assesse.
Yes, always questionable. But act has not distinguished it anyway !!
Thanks for the time spared.
Thanks for the time spared.
My Pleasure ..........
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