DEAR ALL,
PLEASE SUGGEST ME TO SORT OUT THE FOLLOWING ISSUES.
MR .X left India for the purpose of employment abroad on 19-8-2018,till this date he has been under employment in a software company in Hyderabad and earned salary income till such date.Along with salary income he is also having interest on housing loan which is self occupied by his parents.Out of the forex income earned abroad he transferred some amount of funds to India and made fixed deposits of the same here and earned some interest income from those deposits.
Question:
a) What is the residential status of Mr.X
b) Depending on the answer to question number (a), please suggest me regarding manner of filing income tax return for the PY:2018-19 and also suggest me regarding what are the data we need to collect and what is the return we have to file (ITR 1 or ITR2)
Please give me the inputs regarding this case.
THANKS IN ADVANCE
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NRI and Manner of filing Income Tax Return
Replies (1)
ITR 1 will be applicable If salary income does not exceeds 50lac and one HP income is there but there should be no Brought forward/carry forward of losses residential status I fell its resident as the taxpayer has stayed more than 60 days in India and is in India for 365 days Or more in preceding previous year If Mr X have not been stayed in India for 365 in preceding PY the ITR 2 will be applicable as status will be then ROR (NRI)
Income will be considered as if the person is earning in India including all interest and forex income such as salary and HP income
if there have been any withholding tax deduced throughout the PY by foreign country same has to be claimed in Form 67 in order to claim relief under section 90 or 91 of Income Tax Act
Income will be considered as if the person is earning in India including all interest and forex income such as salary and HP income
if there have been any withholding tax deduced throughout the PY by foreign country same has to be claimed in Form 67 in order to claim relief under section 90 or 91 of Income Tax Act
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