An Indian person working in USA becomes a Resident for FY 17-18. He received salaries abroad deposited in his NRE account also he has some NRE FDs on which interest is accrued for the year 17 - 18. Now he received notice us 148 to file the return. Now Tax plus interest is coming in lakhs of rupees. Is there any way to save the tax .. ?? say any tax treaty between India & USA. Any good advice will be highly appreciated 🙏
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An Indian national working in the USA became a tax resident in India for FY 17-18 and received a notice to file returns, facing significant tax and interest liabilities on foreign salaries and NRE FD interest. The discussion explores potential tax-saving avenues, including the applicability of the India-USA tax treaty and the impact of residential status (Resident and Ordinarily Resident vs. Resident Not Ordinarily Resident). Advice suggests checking the exact residential status, as RNOR status might exempt foreign income from Indian tax and allow credit for US taxes paid.
@ honourable Dhirajlal Lal sir, what is mean by bank reconciliation statement,for what purpose we are using this bank reconciliation statement in our auditing field and business field please give me a elaborately example and explanation
Residential status SEC 6(1) 1. 182 DAYS OR MORE IN THE PRECEDING FEW years. 2.stays in India for 365 days or more in a period of four preceding years. 3.
A bank reconciliation statement could be defined as the summary of the banking and business accounts that reconciles a company's bank account with its financial record. The statement contains a record of all the deposits, withdrawals and other financial activities with a bank over a certain period of time. It is a useful tool to control fraudulent activities.
To complete a bank reconciliation statement, the accountant needs the following data.
Current and previous month's bank statement
The closing balance of the bank account
Any outstanding payments or withdrawals (cheques that haven't been processed yet)
A bank reconciliation statement ensures that all payments made by the company are processed and all deposits are correctly made on time.
Bank reconciliation statements are great for detecting frauds in financial transactions of large companies (which are difficult to keep track of, otherwise).
Bank reconciliation statements also help to analyze errors that can affect the financial transactions of a company or business.
Such statements help to assess the financial health of a company and take adequate financial decisions for the betterment of business
Bank reconciliation statements are also a key to accurate tax reporting. Without a proper financial statement, a company may end up paying too much or too less taxes.
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