Income from FDs

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  1. MAP

    MAP Member


    If a person goes to other country on PR basis and having Fds investment in India and submitted ITRs regularly, which status in ITR to be select for furthur submission ? More over each FY he has to submit ITR for interest received inspite of income less than tax slab ?
    What about income received from other country there ?

  2. ZED

    ZED Well-Known Member

    Permanent basis?
    Like resident/non resident?
    What is no. of stays in India?

    Yes, Plus that assessees income must have been deducted and since its not taxable then he must file the return in order to claim the refund of tax so deducted.

    What do you mean by "There"

    Please provide substantial details.
  3. MAP

    MAP Member

    Yes he will be staying permanently there and will be here for meeting relatives for short period and not for Job .
  4. ZED

    ZED Well-Known Member

    We should consider the total no. of days of stay in India for determining residential status.
    S.6 is the relevant provision here.

    If his residential status would be other than an ordinary resident then foreign income which does not accrue/arise or deemed to be accrue/arise in India ,and which is not received in India or is not deemed to be received in India, shall not be taxable.

    The tax paid in India can be claimed as relief in the foreign country, depending upon the DTAA with India and that other foreign country and the rules and regulations of that foreign country.
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