Please prepare a detailed video for the purpose of complete clarifications. I am an USA based NRI earning a salary of say $50000. I also earn dividend & capital gains exclusively from shares in India from investments made before leaving India. Step by step elaborate how to file ITR in India and also what details/columns and information & where such information is to be filled up in ITR2 on portal of income tax of India. I am sure most of the NRI/people shall appreciated your such efforts, if such a detailed video is made and uploaded by you. Regards
Hi, my situation is a bit different. I was on deputation in UK for about 7 month. I was getting lets say 100 pounds as earnings. From that earning, 20 pounds was deducted as Income tax and 30 pounds as "India wage deductions". India wage deduction is the same amount which will be the basic component of the Indian salary, so I will get INR equivalent of 30 pounds which is 3000 INR in Indian bank account. Now things become interesting here. I will now be taxed again on those 3000 INR in India. How to go ahead in such case? Is this the case of double taxation?
Very informative video, great work Team. Though I have a question. I and my husband are German residents. My husband has a full time job in Germany, I don't work in Germany. I and my husband withdraw our part time freelance income to our Indian account, for which we already submit ITR in India. Do I need to declare this in Germany as I have already paid taxes in India? Please help.
If i go for job in a foreign country after September (Would NRI then for the year) where there is no DTAA, then we will need to pay tax in India right even for the salary received in other country?
Have a question if i have only agriculture income in india which is exempt from tax in india and have a rental income of under 2.5 lakhs , so i dont have tax to be paid in india , however do i have to pay this in USA , where i work
Hey, if I have a business in Dubai, for which lets say I go there for 5-7days in a month to do all major work then come back to India, and do some minor work from here, like conducting online meetings and all, what rate will I be charged?? Supposing my turnover deducting all expenses is 1cr INR or like 450-500k AED?
Is DTAA applicable for full time remote job (no contract basis job or no freelancer job) ? For eg: Person is full time employee (remote) for foreign based company doing work from India for all the 365 days of FY. And tax is deducted in foreign country. Also income in India is zero (0) for same FY.
Since you are a resident as per the Indian income tax law, you will be required to pay tax in India. To avoid double taxation, you may obtain a DTAA benefit if India and other country has a DTAA agreement. Team Clear
Do I need to fill Schedule FSI and TR in ITR-2 if I am a resident Indian who received foreign salary in India from a remote job in the U.S.A. but no tax was deducted in foreign and is also NOT claiming DTAA tax relief because no tax paid in U.S.A.? Please advise. Thank you.
Hi, I am Indian resident falling under 30% IT slab in India and getting dividend income from a USA company and USA is deducting 25% tax on it. So my question is, do i need to pay extra 5% tax (30-25) in India as well?
No, you will have to add this to your other income and calculate taxes as per the slab rates. Then, subtract the 25% tax amount as foreign credit. Only the balance tax will be payable in India. Team Clear
Hi, I recently moved back to India from Sweden after living for more than 8 years. For the current financial year (by April 2024) i will be considered as Indian tax resident since i will live more than 182 days in India. I am still employed to a swedish employer and this will continue until end of December 2024 according to the contract. So, I will be paying tax in Sweden. India is having DTAA agreement with Sweden (10%). My questions are 1) Do i need to pay Income tax in India? If yes, how much it is? and 2) Am i eligible to claim 10% in India for the tax that is paid in Sweden? 3) How is DTAA tax benefit is calculated if i start work and earning Income in India along with the income from Sweden?
All income earned in India is taxable for non-residents. Therefore, income from mutual funds shall also be taxable in India. You will have to consult a tax expert in residing country to understand the taxability in that particular country. Team Clear
@@CleartaxIndia I checked & actually it depends on the DTAA agreement with India. E.g Canada do not tax on capital gains on mutual funds in Canada, however, most of European countries taxes on it & is exempted in India. So, we can not generalise it.
@Ramakrishna Gunde, thank you for highlighting this. The correct formula for the average tax rate is total tax divided by global income. We will make the required correction in the video soon. Team Clear
Please do a video on how foreign tax credit is calculated when India follows fiscal year and USA follows calendar year
Please prepare a detailed video for the purpose of complete clarifications.
I am an USA based NRI earning a salary of say $50000.
I also earn dividend & capital gains exclusively from shares in India from investments made before leaving India.
Step by step elaborate how to file ITR in India and also what details/columns and information & where such information is to be filled up in ITR2 on portal of income tax of India.
I am sure most of the NRI/people shall appreciated your such efforts, if such a detailed video is made and uploaded by you.
Regards
Please do it at the earliest.
And, we let me know also when you upload your detailed video on step by step details of filing ITR particularly with step by step details.
Sure. We will let you know when we publish the video.
Team Clear
Hi, my situation is a bit different. I was on deputation in UK for about 7 month. I was getting lets say 100 pounds as earnings. From that earning, 20 pounds was deducted as Income tax and 30 pounds as "India wage deductions".
India wage deduction is the same amount which will be the basic component of the Indian salary, so I will get INR equivalent of 30 pounds which is 3000 INR in Indian bank account. Now things become interesting here. I will now be taxed again on those 3000 INR in India. How to go ahead in such case? Is this the case of double taxation?
Very informative video, great work Team. Though I have a question.
I and my husband are German residents. My husband has a full time job in Germany, I don't work in Germany. I and my husband withdraw our part time freelance income to our Indian account, for which we already submit ITR in India. Do I need to declare this in Germany as I have already paid taxes in India? Please help.
Germany and india DTAA rate is 10 percent..if at germany 26 percent tax is cut...how much tax relief i will receive in itr in india- 10 or 26-10=16?
If i go for job in a foreign country after September (Would NRI then for the year) where there is no DTAA, then we will need to pay tax in India right even for the salary received in other country?
Have a question if i have only agriculture income in india which is exempt from tax in india and have a rental income of under 2.5 lakhs , so i dont have tax to be paid in india , however do i have to pay this in USA , where i work
Taking advantage of this knowledge hub from Kashmir
Thanks to @Clear 👍
Thank you:)
Hey, if I have a business in Dubai, for which lets say I go there for 5-7days in a month to do all major work then come back to India, and do some minor work from here, like conducting online meetings and all, what rate will I be charged?? Supposing my turnover deducting all expenses is 1cr INR or like 450-500k AED?
If you meet the residential status criteria. All your global income will be taxed in India as if it was income earned in India.
Team Clear
Is DTAA applicable for full time remote job (no contract basis job or no freelancer job) ? For eg: Person is full time employee (remote) for foreign based company doing work from India for all the 365 days of FY. And tax is deducted in foreign country. Also income in India is zero (0) for same FY.
Since you are a resident as per the Indian income tax law, you will be required to pay tax in India. To avoid double taxation, you may obtain a DTAA benefit if India and other country has a DTAA agreement.
Team Clear
Do I need to fill Schedule FSI and TR in ITR-2 if I am a resident Indian who received foreign salary in India from a remote job in the U.S.A. but no tax was deducted in foreign and is also NOT claiming DTAA tax relief because no tax paid in U.S.A.?
Please advise.
Thank you.
Please refer to this demo - clr.tax/y4ZwH
Team Clear
Hi, I am Indian resident falling under 30% IT slab in India and getting dividend income from a USA company and USA is deducting 25% tax on it.
So my question is, do i need to pay extra 5% tax (30-25) in India as well?
No, you will have to add this to your other income and calculate taxes as per the slab rates. Then, subtract the 25% tax amount as foreign credit. Only the balance tax will be payable in India.
Team Clear
Hi,
I recently moved back to India from Sweden after living for more than 8 years. For the current financial year (by April 2024) i will be considered as Indian tax resident since i will live more than 182 days in India. I am still employed to a swedish employer and this will continue until end of December 2024 according to the contract. So, I will be paying tax in Sweden. India is having DTAA agreement with Sweden (10%). My questions are
1) Do i need to pay Income tax in India? If yes, how much it is? and
2) Am i eligible to claim 10% in India for the tax that is paid in Sweden?
3) How is DTAA tax benefit is calculated if i start work and earning Income in India along with the income from Sweden?
Please consult a tax expert here: clr.tax/mmlfE
Team Clear
I am working for a Thailand based company and have a gross income of about 12lpa. Can I claim DTAA and not pay tax in India or get exemptions?
Please consult a tax expert.
Team Clear
Capital gains tax from mutual funds generated in india are taxed in India for an NRI or taxed in residing country?
All income earned in India is taxable for non-residents. Therefore, income from mutual funds shall also be taxable in India. You will have to consult a tax expert in residing country to understand the taxability in that particular country.
Team Clear
@@CleartaxIndia I checked & actually it depends on the DTAA agreement with India. E.g Canada do not tax on capital gains on mutual funds in Canada, however, most of European countries taxes on it & is exempted in India. So, we can not generalise it.
Make video on DTAA on INDIA AND USA
Sure. Please click the bell icon to get notified whenever the video goes live.
Team Clear
Average of tax rate formula wrong, please correct
@Ramakrishna Gunde, thank you for highlighting this. The correct formula for the average tax rate is total tax divided by global income. We will make the required correction in the video soon.
Team Clear
Not clear at all
Not clear. Can i contact you? Tnx
Please write your queries at support@cleartax.in or request a callback here - cleartax.in/services/cat_ask_expert/c
Team Clear
@@CleartaxIndia will do. Thank you
Not clear . See working in uk . Salary income . Divided in india . Both taxable ?