I was a Non Resident Indian till 2015, and returned back to India in 2015. I had a 401k account for my job in USA and withdrew the funds from it in 2016 and the funds got remitted to my Indian bank account in 2016.
I have got a query - Section 131 - 1a for this, in this year 2022.
I believe India has Double Taxation Avoidance treaty with USA. Will I be liable to pay Indian taxes again on my 401k funds which were already taxed in USA to the tune of 30% before the withdrawal.
Should I have declared about it in the AY 2017 ITR? I was not aware of it, and hence didnt declare it at that time. Even if i have decalred it, since I have already paid 30% tax, would I be doubled taxed again on my pension fund?
CAclubindia
