I am an Indian currently based in Singapore.
I did some online remittance from Singapore to my own savings account in India.
I filed my ITR last week.
What kind of action/penalty/fine can i face ?
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Online remittance from abroad to own savings account in india
Replies (6)
If the amount remitted to your own savings account in India was already taxed as per prevailing laws of both the countries, no need to worry for mere transfer. It is not taxed again; so no action or penalty over it.
It is similar to transfer of funds from one bank account to your own another bank account. No tax on this transaction.
Thank You very much for your response.
Just to add, myself a IT professional employed in Singapore.
I did paid my taxes in Singapore.
My concern is i transferred to my own Savings account instead of a NRE account.
Thank You very much for your response.
Just to add, myself a IT professional employed in Singapore.
I did paid my taxes in Singapore.
My concern is i transferred to my own Savings account instead of a NRE account.
It's ok. you can open NRE account also.
irrespective of whether it is your Saving account or NRE account mere transfer of fund(money) will not taxable in india
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