Nri income

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51 Points Posted on 26 July 2020
Hello respected members. If any NRI sent 500000 rs from his foreign account. And he accrue 3000 from saving bank account.
And someone deposited 200000 in his account from India.
When we file his itr then can show
is 203000 is his income from other sources?
And important question is. We should show 500000 in his itr anywhere? Or no requirement to show because its exempted from tax?
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On 26 July 2020 at 15:46 Report
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Quick Summary
This discussion clarifies how Non-Resident Indians (NRIs) should report income in their Income Tax Return (ITR). Funds received from foreign accounts are generally not taxable and don't need to be reported in the ITR. However, interest earned on savings accounts and funds deposited from Indian sources should be declared under 'Income from Other Sources'.

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Practising CA
8954 Points Posted on 26 July 2020
Yes can show 203000 as Other Sources. No requirement to report 500000 anywhere in ITR
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On 26 July 2020 at 17:18
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51 Points Posted on 26 July 2020
Thanku sir
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On 26 July 2020 at 17:23

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