Resident with Foreign Income IT Filing

An individual is deemed to be resident in India in any previous year if the taxpayer satisfies any of the following conditions:

a) If the taxpayer is in India for a period of 182 days or more during the previous year; or

b) The taxpayer is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.

However, condition No.2 does not apply where an individual being a citizen of India or a person of Indian origin, who being outside India, comes on a visit to India during the previous year.

Yes, as you are resident of India, Foreign Income needs to be disclosed again in Indian Income Tax return even though you have paid taxes outside India. DTAA benefit is available to avoid double taxation.

DTAA means Double Taxation Avoidance Agreement. When the taxpayer is resident in one country but has a source of income situated in another country, it gives rise to possibility of Double Taxation. Double Taxation means taxing the same income twice in the hands of the taxpayer. It is universally accepted principal that the same income should not be taxed twice.

Form 44 (aka Form 67 under IT Act 1961) is a statement or form required to be submitted by the taxpayer to claim foreign tax credit. It needs to be filed in Income tax e-filing portal if the taxpayer is claiming foreign tax credit.

Yes, if you are resident of India and holding foreign assets outside India, you are mandated to disclose the same while filing Income tax return in India. The reporting needs to be done as on the last day of calendar year i.e. 31st Dec.