Dear Sir I would like to know if an NRI working abroad and does have done money repatriation to India for years. But the Income tax declaration is not needed as its not taxable till now as on date. So, no one as of now have done tax declaration for NRI amounts transferred to India. But, similar case with farmers also not taxable, but now there seems to be seen some restrictions on farmers. Can you please explain what exactly is going to be the future decision and what is the present rule says no tax for NRIS and how we have to take care of our investments and transferred money. Also let me know is there any provision to declare all previuos 10-15 years of my transferred / repatriated money be declared now. Please explain in detail. Regards Kamal Kishore Sultanate of Oman
Dear Sir,
If you are an NRI and earning income in abroad then you dont need to show that income in India even if you transfer that money in India. This provision is not getting changed as of now.
Further, only agricultural income earned by farmers are tax exempt. This provision is also not getting changed as of now.
Please feel free to revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
The funds transferred by you to your parents' or family members' accounts are not taxable in your hands or in their hands. They can deposit their cash, if any, into their accounts, if they are confident of explaining the sources with proper evidences. There is no need to declare all your previous 10-15 years' of transferred/repatriated money, provided the assets, if acquired out of such funds, are already disclosed.
What exactly is going to be the future decision is not easy to predict. However, all your earnings and repatriations will not be affected, if they are genuine and properly documented.
Your queries are general in nature. I suggest you may seek advice on specific issues.
Hi,
If the repatriation is done to your or your Relatives Accounts, then no need to worry. There is no tax liability in such cases as of now. We cannot predict what is the future decision going to be in this regard. That is the Government's decision.
A detailed explanation can be given based on actual figures. Your question is too generic.
Feel free to call/email for any clarifications
Dear sir,
With respect to your quarries please note following :
- If you have transferred money through official banking channel there is no requirement of any income tax reporting, since bank form which you are doing transfer is already reporting this transaction to income tax department.
- Current if you are non resident than no details required to be submitted to department till date, however if you are resident it becomes mandatory since 01.04.2014 to report all your foreign assets int he return / or to file your return stating details of the same.
- It is difficult to make any judgement of future policy on the said transaction. However if transactions are genuine than mere reporting requirement of the said transaction will not affect and it is not going to attract any tax also, since income earned out side india of certain nature are exempt by way of agreement between different countries and it is not going to change in the future also.
Also if you have any specific transaction that you are doing than it will be better if you can mail me total transaction details with the respective figures than i can specifically guide you on the matter.
Hello Sir,
I did not understand your question. What exactly is your point here ?
If repatriation of funds is your query, then it should not be a problem since it is from a legal source and can be eaily proved from your bank statements.
There is no provision to declare the repatriated funds.
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
Sir we need to wait for 1 month for more clarifications and government is expected to come with new amendments in January or february budget
