I am an NRI for last 40 years. Returned back to india in june 2012 and since then i m here .I have interest income on NRE FD Exceeding the taxable income limit. Do I have to pay Income tax and file IT return for ay 2013-14 , AY 2014-15. What will be my status for the above period. What about AY 2015-16.What will be my status for the above period. What about AY 2015-16.NRE FD is still continuing. What else i have to do with respect to bank and Income Tax. I do not intend to go back.
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International taxation
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Dear Sir
As per section 6 of income tax act 1961 A person said to be resident in india in any previous year if he
- is in India for a period or periods amounting in all more than 182 (one hundred and eighty two days).
As you mentioned above, your total stay in India has cross the limit 182 days during the year FY 2012-13.
The Income Earned or acrrued during the FY 2012-13 will be liable to income tax.
Note:- Last date for filing the income tax Return for 2012-13 has been lapsed but you still filed this return on or before 31st march 2015 with interest.
After 31st march 2015 your Return will not be accepted and a demand could be raised from income tax authority for panalty under section 171(1)(c) for concealment of income for amounting 100% to 300% of Tax evaded.
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