[mskprashant]

I am salaried resident in India.I also receive salary compensation etc. from U.S.A and fully taxed as per the act of U.S.I am getting interst from bank in U.s all are taxed as per the U.S act.
Now, what is my position as a resident assesee?
What is the method for calculating global income and tax liability as per the income tax INDIA for the financial year 2007-08

[AtlantaTaxExpert]

I cannot respond regarding Indian tax implications.

However, if you work and live in India, the U.S.-based salary should NOT be taxed by the U.S. government UNLESS you are also a U.S. citizen or resident alien.

If you are considered a NON-resident alien, then BOTH the U.S.-based salary and the interest from the U.S. banks are EXEMPT from U.S. taxes under the U.S.-India Tax Treaty.

[mskprashant]

I am resident and live in india.I was citizen of us. Now I am resident andlive in india and work for software company and drawing salary which taxable indian income tax Act.what about the salary I amreceiving from organisation.

[mskprashant]

Of us and insdia.whther both are clubbed andboth coutries tax deducted andbalance payable in india?

[AtlantaTaxExpert]

Have you formally renounced your U.S. citizenship?

If not, then a U.S. tax return is required for every year you live in India until you formally renounced your U.S. citizenship.

Note that you can probably claim the Foreign Earned Income Exclusion using Form 2555 and, if your income does not exceed $95,000, you will probbaly owe NO income taxes at all.