IT Applicability on funds repatriated from my overseas salary account (return of PF equivalent fund
Hi,
I was on overseas appointment for almost 2 and a half years. I returned to India on 19th October 2018 (I was NRI for previous 2-3 years).
In this period, I was getting my salary in my overseas account which was repatriated to my NRE account in SCB. After returning to India in October 2018; I was advised by bank (SCB) to change status of account from NRI/NRE to Resident. I did so. Now I have received my PF (NSSF as they call it in Tanzania, where I was working) in SCB, Tanzania account; which I am repatriating to my SCB NRE account (status Resident now; though same account number as earlier).
My question- WOuld this repatriation of funds; which is PF attract Income tax in India now? What are the governing rules for this? I am Salaries class Individual Tax payer.
Asked 5 years ago in Income Tax
Thank Madam for your answer.
I have two questions pertaining to your clarification
A. You will be liable to pay tax in respect of the income earned on subsequent transfer in India.
Did not understand this sentence (subsequent transfer)? The amount has come to my NRE (now resident- savings account).
SO what are you saying
1. I will need to pay IT once I transfer the repartriated funds to some other account? (In that case, I can keep the whole amount in same account)
or 2. I will need to pay tax on income generated with the repatriated amount (which is only natural).
B For my ITR for the current financial year, should I declare this receipt of PF money in my savings account?
If yes, how will I not pay tax now? Please help explain the process.
Asked 5 years ago