If I go for employment to a South African country and send my salary income to India in a particular financial year, what would be the tax implications in India?
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If I go for employment to a South African country and send my salary income to India in a particular financial year, what would be the tax implications in India?
I searched the net and found this:
For the purposes of levy of tax, the Income-tax Act in India has classified the status of an individual assessee into three viz.
Resident and ordinarily resident (ROR)
Resident but not ordinarily resident (R but NOR)
Non-resident (NR)
The residential status of an Individual is determined based on the number of days of stay in India. Financial year (FY) is April to March. Resident must pay tax on the world wide income while non-resident pays tax on income in India.
So it appears (not sure) that on your tax return in India you will show your world wide income. Then you can claim credit for taxes paid in the foreign country. That if tax paid in the foreign country is less than what you would have paid in India, then you will pay the difference.
Check this link:
income tax investment FEMA bank accounts property gift inheritance faq in india for non resident indians
I have no expertise in this issue, so I offer no comment.
However, MukatA has posted exceptionally good postings on U.S. tax issues, so I tend to think his information is accurate.
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