My status: US citizen lived in India for about six months. I could be
a Resident or Nonresident in India depending on I figure out my stay.
I have normal resident Bank account and a couple of Term Deposits in
SBI and my total interest income from these is Rs. 17591-00. My Govt.
of India pension for the year is Rs, 2804433-00. So my total Indian
income for the financial year is Rs. 298024-00
I have some savings in the US and the total interest and dividend
income from these is $ 5817-00 ( this works out to about Rs. 293300.
In the instructions for form TRII, it says for Individuals ( it does
not say residents) tax free limit for Very seniors is Rs. 500000-00.
and for any sum over this the tax rate will be 20%.
For other individuals the tax free limit is stated to be Rs.180000.
and the rate for amounts over this is 10%.
What are my tax liabilities in India if I am Resident in India fot the
financial year 11-12 ?
What are my tax liabilities in India if I am a Non Resdent in India
for the financial year 11-12?
CAclubindia
