Hi,
I am filing taxes as a resident and have a question
About declaring my worldwide income.
I have income from India from bank account and bonds interest
And dividends from mutual funds. However in India dividends are not
Taxable and bank interest below INR 12,000 is not taxable.
Also in India, interest from investment up to INR 70,000 per year
In Public Provident Fund (state sponsored retirement account
Similar to IRA in US) is tax free. Moreover this interest income
Cannot be withdrawn from the account, so I am not sure if it qualifies as
Income?
My question is do I have to pay US taxes on all this interest and dividend income?
After all the exemptions in India, I fall below the taxable limit in India
And hence did not pay tax in India.
Would really appreciate your feedback on this.
Thanks for your time
Ranjana :confused: