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?
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Tax clarification
Replies (1)
If a person who is resident in India and having the age 80 years or above will get the exemption limit of Rs. 500000. And residential status depends on the number of days. its as follows
In your case you shoud see tha days of stays in India...thn only one can determine your Tax Liability.
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