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Tax queries 613 views 1 replies

Case 1 :

I am out of India. I have a dmat account with HDFC India which was opened when I was working with L&T. I have some shares in that account and some were also brought when I came in India. I know there are different taxes for NRIs for share trading. Also they cannot invest using regular dmat accounts. Tax is Deducted. Account is jointly held with my wife.

I have a NRE account in BOB so I guess I cannot claim not to be an NRI.

I have not filled my returns since 2005 as income below 1.5L in India.

Is there any problem if I sell shares now?

Do I need to change my status to NRI?

            Will I have any problem when I come back to India after few years?

 

 

Case 2 :

I am in UAE from Nov 2009 to Oct 2010. This FY I am not NRI.

Is advance tax payment required to be done on my overseas payment?

Overseas payment other than my routine salary :

i.                     Daily Allowance UAE Dirham 4500/month (1 Dirham=12.5 INR)

ii.                   USD 825/month

 

I am getting USD payment in India (cheque issued by outside India Bank). TDS is done on this amount directly by our Co. and will reflect in Form 16.

Daily Allowance is received in UAE as a salary as per the labor contract with our Co’s subsidiary Co. in UAE. Whether this full DA/salary is taxable or only amount left after expenditure is taxable?

What is the last date of Advance Tax payment?

 

 

Replies (1)

Dear Ahen,

Case 1

1) What problem u r talking about brother, no problems at all, Further If u r holding these shares for more than 1 year & selling them on stock exchange..then NO TAX IS TO BE PAID..

2) I believe U r still a NRI & u want to change ur status to NRI.???.Anyways but no need to change status for Income Tax purposes, it would be better if u stay NRI..

3) What kind of problem u r talking yaar?????

Case 2

Since ur Status is of Resident & Ordinarily Resident that means ur Global Income is taxable in India..

I couldn't make out whether u r getting daily allowance from ur co. or from it;s subsidary..Plz specify...

 


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