Hi, I was posted onsite in 2011 for about 15 months. I came back in Sep 2012. I still have my Bank of America account with $3475 in it split as $1061.95 in savings and the rest in checking. I have not done any transactions in the last 4 years. I've been earing $0.01 interest per month from Aug 2014 up until Oct 2015 - total of $0.15. Do I need to declare anything under undisclosed income Form 1 ? And what are the taxes I might have to pay based on that ? Any inputs would be helpful.
Dear Sir
To come to a conclusion that whether you should declare this income under IDS or not, we need to first know whether this income is taxable at all or not?
Whether you were resident or non resident in the year in which it has been earned?
Please let us know the above
Thanks and Regards
Abhishek Dugar
CA CS B.Com
I think I filed my returns as resident only. I was posted in June 2011 and came back in Sep 2012. For both FY 2011-2012 and 2012-2013 I did file my tax returns both in India for Indian income as well as in the US for US income since their financial year end is January.
Are you sure, you have filed return as a resident. Because there are chances of you becoming NRI in FY 2011-12.
Hello Sir,
You can ignore the transaction as the amount is very petty. (assuming your undisclosed income is only $0.15/- and nothing else.)
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Hope the same is answered as I was out of country for work. If you need further answers pl mail on modani005@gmail.com
