dear sir, i m working in abroad and getting tax free salary of 1,20,000 per month and sending to home in india, my question is how much of amount will come under tax per year.
I m an NRI working for a Company Out side india, On my recent visit to india, I opened a Proprietorship bank account with one bank with my Pan Card & Professional Tax registered on the name of my company. I would be doing free lance business Out of india and will also receive money in this account from abroad, (There will be no Indian Income). My query is what will be my Income tax liability in this situation. 1. I m an NRI and 2. I don't have any income from India.
Re: TAX LIABILITY FOR NRI ON INDIAN PROPERITORSHIP INCOME
by SHYAMLOHIA on Mar 15, 2012 01:42 PM Permalink
You can open only NRE account in name of you not in name of your proprietorship. And any remitance which is transferred in your NRE account, i.e. not taxable
minor American citizen by birth with p.o.I card,how Indian I.t rules applicable Bank a/c opening and income on fixed deposits,tds Mutual funds short term/long term gains÷nts Income earned how much exempted or will it clubbed to any parent/ guardian income for I.t assessment Grand father can act as guardian for all financial transactions including incom tax rules and acts Most crucial financial issue if proper guidelines and advise will clear and attract large funds flow nri/persons of Indian origin toMOTHER LAND INDIA PROSPERITY
Please advise the Income Tax payble on the interest earned on NRO Fixed Deposits. I understand that upto USD 1.5 Million per year can be repatriated, please confirm.
i m salaried employee in UAE since last 2 years and want to purchase flat/shop in Mumbai,India. I have not filed IT returns for the last 2 years. Pls advise if it is compulsory to file IT returns for purchasing flat/shop in India.
What is the minimum time required to be outside India to qualify as an NRI and be exempt from paying income tax in India? Is it 182 or 183 days? Are the days of leaving India and arriving back in India (the dates stamped on your passport) counted in the tally of days outside the country?
2. Is it necessary to file Income Tax returns if an individual has attained NRI status for a particular year? If the answer is no, what if proof of IT returns is required while buying a house, car, etc (upon moving back to India)? If the answer is yes, on what basis would we be taxed?
. What is the minimum time required to be outside India to qualify as an NRI and be exempt from paying income tax in India? Is it 182 or 183 days? Are the days of leaving India and arriving back in India (the dates stamped on your passport) counted in the tally of days outside the country?
2. Is it necessary to file Income Tax returns if an individual has attained NRI status for a particular year? If the answer is no, what if proof of IT returns is required while buying a house, car, etc (upon moving back to India)? If the answer is yes, on what basis would we be taxed?
I am emplyed at USA .I am willing to Invest 50 Lacks in NRO A/C in India. I want to know how much Tax deduction will be . I am assessed in USA for the salary i am getting in USA Thanking you and hopeing to here from you.
I would like to request you to clarify my doubts about payment of income tax on the global income of a resident.
I am an employee of the Govt of India. With the approval of the Govt of India, I am on secondment ( deputation) to the Govt of UAE to work on a pilot project of the Govts of India and UAE. In fact, I am on an employment visa of the Govt of UAE and getting salary from UAE Govt. I joined UAE Govt on 3rd January, 2010. I will go back to India on 2nd January, 2011. I get a lump sum salary( all inclusive). I send remittances to my wife’s savings bank account. Now my questions are— (i) For the FY 2009-10, will I be treated as a resident for the purpose of Indian Income Tax? (ii) Do I have to pay income tax to Indian Govt on my salary from UAE Govt for Jan-Mar, 2010? (iii) If (ii) above is yes, how my taxable income will be calculated? I mean, whether any documentary proof is required or not. Further, how the conversion of currency will take place, i.e. at what rates ( Is there any official rate or depends on the market rate of exchange). (iv) Will I get any exemption in determining my taxable income? Because the house rent here is around Rs 50,000 per month. (v) How will I pay the income tax, who will calculate and how to file a return? (vi) Here, there is no tax on my salary. They do not even issue any pay slip. Gagan Rawat
I would like to request you to clarify my doubts about payment of income tax on the global income of a resident.
I am an employee of the Govt of India. With the approval of the Govt of India, I am on secondment ( deputation) to the Govt of UAE to work on a pilot project of the Govts of India and UAE. In fact, I am on an employment visa of the Govt of UAE and getting salary from UAE Govt. I joined UAE Govt on 3rd January, 2010. I will go back to India on 2nd January, 2011. I get a lump sum salary( all inclusive). I send remittances to my wife’s savings bank account. Now my questions are— (i) For the FY 2009-10, will I be treated as a resident for the purpose of Indian Income Tax? (ii) Do I have to pay income tax to Indian Govt on my salary from UAE Govt for Jan-Mar, 2010? (iii) If (ii) above is yes, how my taxable income will be calculated? I mean, whether any documentary proof is required or not. Further, how the conversion of currency will take place, i.e. at what rates ( Is there any official rate or depends on the market rate of exchange). (iv) Will I get any exemption in determining my taxable income? Because the house rent here is around Rs 50,000 per month. (v) How will I pay the income tax, who will calculate and how to file a return? (vi) Here, there is no tax on my salary. They do not even issue any pay slip. Gagan Rawat
