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Regarding ITR1

RAVINDRA POLANKI (Student CA Final/Tax consultant/)   (51 Points)

18 October 2020  
salaried person has 5 months of Indian income and 7 months of foreign income for f.y 2019-20. In 26 AS only 3 months salary has been updated. We need to show only that income which is reflected in 26 AS or we need to show foreign income also????

 8 Replies

ayusmita (Tax consultant) (5810 Points)
Replied 18 October 2020

Can you describe his or her residential status of that year all little bit more elaborate

RAVINDRA POLANKI (Student CA Final/Tax consultant/)   (51 Points)
Replied 18 October 2020

Resident and ordinary resident

ayusmita (Tax consultant) (5810 Points)
Replied 18 October 2020

Sorry but what is ordinary resident
and source of income for foreign salary

RAVINDRA POLANKI (Student CA Final/Tax consultant/)   (51 Points)
Replied 18 October 2020

In residential status, resident and ordinary resident means he satisfies total conditions specified. Foreign income is taxable in hands of ROR.Whether I need to show that income or not in ITR

ayusmita (Tax consultant) (5810 Points)
Replied 18 October 2020

A resident and ordinarily resident is taxable on worldwide income
sorry as I got confused with your above of above explaintion

Arif Ali (Apt Co Advisory) (1225 Points)
Replied 18 October 2020

Yes you need to show all income whether it is indian or foreign if residential status is Resident and Ordinary Resident

ayusmita (Tax consultant) (5810 Points)
Replied 18 October 2020

You take the salary as per bank statement
as 26As is not complete d

Priya Munot (11 Points)
Replied 18 October 2020

As per the Income Tax Act if any person is resident in India then his global income is taxable in India.

And if a person is a Non - Resident only Indian Income is Taxable as per the Act. 

A person is a Resident of India if he satisfies any one of the BASIC CONDITIONS

CONDITION 1: Stay in India for 182 days or more in the previous Financial  Year. OR,

CONDITION 2.: Stay in India for 60 days or more in the previous financial year AND 365 days or more in the last 4 Previous Years.

For any further query  mail at priyamunot96 @ gmail.com

 


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