Latest Tax Rules regarding Foreign accounts
Can some one please explain how these new rules affect NRIs who have come back to India in the last couple of years. They have a foreign account and are earning interest on it.
I don't understand how does that relate to black money. Talking about employed abroad, tax paid income accounts.
I hope Modi Govt does alienate its good NRI's in the process of chasing black money. Would be disaster. My brother is very worried. more
How do you claim releif in double taxation? more
Does RNOR have to be reported. I thought you filed your overseas taxes overseas and Indian taxes in India? more
NRI who has come back to India in last 2 years would now be a resident. While filing your return, you need to declare details of your foreign accounts in the specified section in the ITR. You will need to pay taxes on interest income earned abroad during the year, but you can claim relief under Double taxation treaty more
Sorry, for the 2013-14fy, the last date/chance for filing returns is 31st march 2015. more
For the moment file your returns for this year, and/or for last 2013-14 FY, with such income, shown as interest or otherwise, and taxes paid there if any, in any foreign country that you may have money in. This should go with the details of bank and money invested/saved in bank account. This is basically to update records as to how much you are maintaining abroad and a kind of statement which should be useful later...mainly for any penal action against unaccounted money abroad. more