NRI taxation

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  1. Rishira

    Rishira New Member

    hi,
    I was an NRI for tax purposes from PY08-09 to PY15-16. However in the current year (PY 16-17; AY 17-18) I expect to be RNOR. My queries are:-
    1) will my employment income overseas (arises and accrues and received overseas) in PY16-17 be taxed in India ?
    2) will my savings abroad be taxed when I remit them to India in future ? For how many years can I remit them to India tax free? Is there a time limit before which I have to remit everything ?
    Thank you v much!
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    1)Nothing will be taxable in india.
    2)As long as you are Non resident (or) resident but not an ordinary resident,then nothing will be taxable in india if income was earned & arised in outside india.
    Here i would like to explain the meaning of the word 'arised'.
    Say, if you provide the service outside india & received the remittance (or) consideration directly in india,then it will be taxable in india.
    Otherwise if you received the consideration for your service in ouside india and keep this in your savings account and later if you remit this to india,then it will not be taxable in india.
     
  3. Till your residential status is RNOR, your salary income for services rendered outside India and your investment income outside India will not be taxable if income is not directly received in India. As soon as your status becomes ROR, your worldwide income will start getting taxable and you will also need to disclose foreign assets and income in your tax return in compliance with the Black Money Act.
     
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