Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Indian with assets overseas needs to report it in tax returna
July, 03rd 2015

An Indian who has assets located outside India is required to report those assets in his Indian tax return if he qualifies as ordinarily resident in India in the financial year.


Residential status is determined on the basis of physical presence of the individual in India during a financial year. If the individual satisfies any of the basic conditions mentioned below he would qualify as a resident, otherwise he would qualify as a non-resident: stay in India during the financial year is 182 days or more; or stay in India during the financial year is 60 days or more and in the four years immediately preceding the financial year is 365 days or more.

However, if she comes to India on a visit and the visit has not been defined under the Indian tax law (but would not include visit for an employment), the 60-day period in the above basic conditions would be substituted for 182 days. If any of the additional conditions mentioned below are not met, then the individual would qualify as a not ordinarily resident, otherwise would qualify as an ordinarily resident: resident in India in 9 of 10 financial years preceding the relevant financial year; or stay in the 7 years preceding the relevant financial year is 729 days in total or more.

Only if you qualify as an ordinarily resident, you would have to declare your foreign assets in your Indian tax return.

If disclosure is not made, the individual may be liable to action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
With regards to a non-resident Indian, what does income accrued in India mean?

—J. Asthana
In simple terms, any income which is sourced from India is considered as income accrued in India.
This broadly covers the following types of income: income accruing directly or indirectly through or from any business connection in India (i.e., income that is generated through business operations carried out in India); income accruing through or from any property in India; income accruing through any asset located in India; income accruing through transfer of any capital asset situated in India;?income accruing from services rendered in India; or income accruing in any other manner whose source is India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions