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Itr for an employee working in india for foreign company

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Dhiraj Hakke

Technology Manager - Asia Pacific

25 Points Posted on 06 July 2015

Hello Team,

I am wokring for a foreign company which is not registered in India. They have offered us an employement of Hong Kong and we are working here either at Distributor office or from Home. I was working with Indian companies till Sept 2013 and joined Foreign company from April 2014. So i have not beed deducted for any IT from foreign company and i also have not paid the same.

Now, I am planning for housing loan and Banks are asking about Form 16 provided by company. Or ITR so that bank can proceed the loan.

Kindly suggest your best way to pay the taxes and get this ITR cleared or some other way so that home loan can be approved by the bank. If I have to pay the taxes and need to get clear how many days will it take?

Replies (1)

Rashi Bajaj

477 Points Posted on 06 July 2015

As I understand, you would have ITRs till AY 2014-15 from Indian Company salaries.

For AY 2015-16, i.e. income from April 14 to march 15, you may calculate your tax liability yourself and pay the same along with interest(if any). After doing so, file ITR for AY 2015-16 incorporating the tax paid info.

Depending upon your data availibility, this process should be completed in max a week's time. (assuming ITR 1 is applicable in your case).

You may also ask the bank to accept past ITR copies and additional time for AY 2015-16 ITR as due date is not yet come.