Home > Income Tax > Service Plans > Resident with Foreign IT Filing Service PlanLast Updated: Nov 19th 2024
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A comprehensive list of frequently asked questions on 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:
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 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 67 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
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.