I am a Seaman in foreign company and i have NRE and normal residential savings account also. Since January 2022 I have started investing in share market with my residence savings account. My question is can i keep both accounts? Or I have to close residential account and open NRO account? What documents needed for ITR filing? When i have to file ITR?
@AKT, thanks for a very informative and useful video for Merchant Navy personnel. I had one very general query to ask with reference to ITR-2 used by NRE Seafarers to file their ITR Return. In Part A-GEN page, section(e), sub-section(C) Non-Resident, under Jurisdiction of Residence and Taxpayer Identification Number, I understand we need to select India under Jurisdiction of Residence and PAN Number under Tax Payer Identification Number. Appreciate if you could confirm/correct me on my above understanding with a small comment.
Hi It is not general query , We think you are trying to file your ITR yourself without having a proper knowledge, I am sorry but without understanfing the whole thing we cann't advise, pls Seek a consultation
@@caaruntiwari3170 I have been filing ITR myself for the last many Years as my case is very straightforward. I complete NRI Time every Year, Have only NRE Account & NRE FD's and zero Indian Income. Funds in NRO account also barely anything. It's Exempt Income entry all the way for me in ITR-2 Form. (I actually don't need to file ITR because my Indian Income is less than 2,50,000 but I have started filing ITR-2 just for any unexpected notice or query from Income Tax Dept). My above query to you was only because this Year's ITR it was mandatory to select Jurisdiction of Residence and TIN and thought of asking you. Anyway, I had put this query to a couple of other CA's online as well as local CA's and got a consistent reply from them and I no longer have this query anymore. In the past I was the one who first queried you on how much you charge for filing ITR for Merchant Seafarer, if one has a typical NRE & NRE FD Accounts, NRO Account and investments in Shares through PIS Account. You had replied that it would be Rs 2500 + GST and for Shares in PIS Account it will be extra. So I understood that any additional Add-On's, like Rent Income, Investment in Mutual Fund, Home Loans, EMI, etc. will only increase the professional Fees and thus did not contact you further. Many Officers in Merchant Navy are filing ITR by themselves as their cases are quite straightforward. It would be helpful for a Merchant Navy personnel to seek services from a professional consultant when he quits sailing as that is the time, a competent CA can help him to reduce his Taxation burden by suggesting Tax Saving Instruments and this can be done using services of online CA's like @AKT or your local Home Town CA, whomever you trust basis the transparency he has displayed.
@@caaruntiwari3170 : It’s nice to see your interest in creating educational videos for your clients. While we appreciate your effort in sharing your knowledge and expertise with others, we would like to express some concern regarding your approach. One can clearly see that you are attempting to use your videos as a means of promoting your business and attracting clients under the guise of educating others. This approach may come across as disingenuous and self-serving to some, rather than beneficial and informative. If your goal is genuinely to educate and help others, we suggest that you focus solely on providing valuable information without trying to use it as a means of self-promotion. By doing so, you will be able to build trust with your audience and establish yourself as a credible source of information. Please understand that our concern is not to discourage you from creating educational content, but rather to ensure that the intention and messaging behind it are clear and transparent. We wish you all the best in your endeavors.
@@jagannathshetty6196I am a seafarer with an Indian passport, and I completed my NRI days for the previous year. I have no other income generated in India, so I thought it would be simple to file a return (ITR2). However, while filling out the form, they are asking for the jurisdiction of residence, but the option for India is not available, and it is mandatory. Could you please tell me what to select for the jurisdiction of residence and the TIN if you found one? Thanks in advance.
@@ShilpS07 You are absolutely right in your assessment. After watching this Video I just asked AKT what to select for Jurisdiction of Residence and Tax Payer Identification Number and his reply was "This is not a general enquiry and so seek consultation". But I found out the reply on my own immediately the next Day without spending a Penny. The simply Answer to my Query was: "In ITR for Jurisdiction of Residence Select Code 9999-OTHERS since you are not Resident in any Country, For Tax Identification Number put Passport Number" . I am a Seafarer too and have been filing my ITR's myself for the last many Years. It is only sometimes when they make some amendments in the ITR Form like when they first started including "Jurisdiction of Residence" I had a query and thus after watching this Video, I asked this Query only to get a reply of the kind you saw from AKT.
@@m2mlearntrain139thankyou for replying sir, but we need itr for bank loan purpose... Uske liye toh bharni padegi na toh tab kese show krenge Or kis form m
Is salary received in India is to be considered as taxable income if a person in merchant Navy does not complete 183 days as NRI or still it comes under exempt Income?? In case one completes 183 days and qualifies for NRI, then should he show/declare his salary in exempt income section or only declaring income in india is OK ??
@nishikantkr: As per income tax act if a person’s residential status during the previous year is a resident then all his global income shall be taxable in India. However he can claim DTAA benefit if any taxes have been deducted. In case a person’s residential status becomes NRI during the previous year his foreign income received in NRE account shall be exempt and can be shown under Exempt Income schedule. However there is no such compulsion to disclose exempt foreign income in itr but to be safe and to avoid unwanted queries from the I-T department it’s better to declare.
Of course, you have to declare your Indian as well as foreign earnings. For more information contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com.
Sir if the nri time is not completed you can file the return as a resident. For further details Contact/Whats app:- 93726 44735 email- cs@aktassociates.com
I am non resident and I received salary from indian ship for service rendered outside india. They had deducted TDS and issued form 16. Whether I need to show Salary as income
Hi, You need to clear stand with your employer, If ship is operating outside Indian Water for more thatn 182 days you can seek an NRI status, However pls seek a Consulting with specific details from CA Arun Tiwari, Before taking a Stand
@AKT, very helpful and informative video and many thanks for sharing this for benefit of our Merchant Navy Friends. I had a small general Query when NRE Seafarer files ITR-2 Form. In Part A-GEN Page, Section (e), sub-section (C) Non-Resident, under Jurisdiction of Residence and Tax Identification Number, Merchant Navy People will need to select Jurisdiction of Residence as India and Tax Identification Number as their PAN Number. Am I correct with the above understanding? Will appreciate a confirmation from you with a small comment.
![Complete Tax Guidance for Indian Seafarers, Merchant Navy, Sailors for Year 2022 [ ENGLISH ]](http://i.ytimg.com/vi/9gW6Ah5hmgk/mqdefault.jpg)
![Complete Tax Guidance for Indian Seafarers, Merchant Navy, Sailors for Year 2022 [ ENGLISH ]](/img/tr.png)
I am a Seaman in foreign company and i have NRE and normal residential savings account also. Since January 2022 I have started investing in share market with my residence savings account. My question is can i keep both accounts? Or I have to close residential account and open NRO account? What documents needed for ITR filing? When i have to file ITR?
Hi As an NRI you should request your bank to convert Saving account in NRO
@AKT, thanks for a very informative and useful video for Merchant Navy personnel.
I had one very general query to ask with reference to ITR-2 used by NRE Seafarers to file their ITR Return.
In Part A-GEN page, section(e), sub-section(C) Non-Resident, under Jurisdiction of Residence and Taxpayer Identification Number, I understand we need to select India under Jurisdiction of Residence and PAN Number under Tax Payer Identification Number.
Appreciate if you could confirm/correct me on my above understanding with a small comment.
Hi It is not general query , We think you are trying to file your ITR yourself without having a proper knowledge, I am sorry but without understanfing the whole thing we cann't advise, pls Seek a consultation
@@caaruntiwari3170
I have been filing ITR myself for the last many Years as my case is very straightforward. I complete NRI Time every Year, Have only NRE Account & NRE FD's and zero Indian Income. Funds in NRO account also barely anything. It's Exempt Income entry all the way for me in ITR-2 Form.
(I actually don't need to file ITR because my Indian Income is less than 2,50,000 but I have started filing ITR-2 just for any unexpected notice or query from Income Tax Dept).
My above query to you was only because this Year's ITR it was mandatory to select Jurisdiction of Residence and TIN and thought of asking you.
Anyway, I had put this query to a couple of other CA's online as well as local CA's and got a consistent reply from them and I no longer have this query anymore.
In the past I was the one who first queried you on how much you charge for filing ITR for Merchant Seafarer, if one has a typical NRE & NRE FD Accounts, NRO Account and investments in Shares through PIS Account.
You had replied that it would be Rs 2500 + GST and for Shares in PIS Account it will be extra.
So I understood that any additional Add-On's, like Rent Income, Investment in Mutual Fund, Home Loans, EMI, etc. will only increase the professional Fees and thus did not contact you further.
Many Officers in Merchant Navy are filing ITR by themselves as their cases are quite straightforward.
It would be helpful for a Merchant Navy personnel to seek services from a professional consultant when he quits sailing as that is the time, a competent CA can help him to reduce his Taxation burden by suggesting Tax Saving Instruments and this can be done using services of online CA's like @AKT or your local Home Town CA, whomever you trust basis the transparency he has displayed.
@@caaruntiwari3170 : It’s nice to see your interest in creating educational videos for your clients. While we appreciate your effort in sharing your knowledge and expertise with others, we would like to express some concern regarding your approach. One can clearly see that you are attempting to use your videos as a means of promoting your business and attracting clients under the guise of educating others. This approach may come across as disingenuous and self-serving to some, rather than beneficial and informative. If your goal is genuinely to educate and help others, we suggest that you focus solely on providing valuable information without trying to use it as a means of self-promotion. By doing so, you will be able to build trust with your audience and establish yourself as a credible source of information. Please understand that our concern is not to discourage you from creating educational content, but rather to ensure that the intention and messaging behind it are clear and transparent. We wish you all the best in your endeavors.
@@jagannathshetty6196I am a seafarer with an Indian passport, and I completed my NRI days for the previous year. I have no other income generated in India, so I thought it would be simple to file a return (ITR2). However, while filling out the form, they are asking for the jurisdiction of residence, but the option for India is not available, and it is mandatory. Could you please tell me what to select for the jurisdiction of residence and the TIN if you found one? Thanks in advance.
@@ShilpS07
You are absolutely right in your assessment. After watching this Video I just asked AKT what to select for Jurisdiction of Residence and Tax Payer Identification Number and his reply was "This is not a general enquiry and so seek consultation". But I found out the reply on my own immediately the next Day without spending a Penny.
The simply Answer to my Query was:
"In ITR for Jurisdiction of Residence Select Code 9999-OTHERS since you are not Resident in any Country, For Tax Identification Number put Passport Number" .
I am a Seafarer too and have been filing my ITR's myself for the last many Years.
It is only sometimes when they make some amendments in the ITR Form like when they first started including "Jurisdiction of Residence" I had a query and thus after watching this Video, I asked this Query only to get a reply of the kind you saw from AKT.
Please suggest where to show in itr ,merchant navy salary income if the person is non resident during the year
No Need to Show As salary earned and received O/s India Exempt
@@m2mlearntrain139thankyou for replying sir, but we need itr for bank loan purpose... Uske liye toh bharni padegi na toh tab kese show krenge Or kis form m
@@camahimasrivatava1701 : you can declare it under Exempt income schedule
@@ShilpS07 is there any specific section for exempt income or shown in others
@@camahimasrivatava1701 : As such no.. but you can declare under others and quote the circular number under which such income is exempt
Is salary received in India is to be considered as taxable income if a person in merchant Navy does not complete 183 days as NRI or still it comes under exempt Income?? In case one completes 183 days and qualifies for NRI, then should he show/declare his salary in exempt income section or only declaring income in india is OK ??
Hi sec 6 of Income tax Act define the Non-Resident, If 183 Days not completed you need to check Other Sub sections of Sec 6
Better to seek a Consultation than Guessing
@nishikantkr: As per income tax act if a person’s residential status during the previous year is a resident then all his global income shall be taxable in India. However he can claim DTAA benefit if any taxes have been deducted. In case a person’s residential status becomes NRI during the previous year his foreign income received in NRE account shall be exempt and can be shown under Exempt Income schedule. However there is no such compulsion to disclose exempt foreign income in itr but to be safe and to avoid unwanted queries from the I-T department it’s better to declare.
Ek baar retern file kar diya hai jab indian company me tha.ab NRI hu toh ky karna hai bharna hoga return ky
Of course, you have to declare your Indian as well as foreign earnings.
For more information contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com.
How does one seafarer proceed for the first time in Filing and Paying Tax, if NRI time not completed?
Sir if the nri time is not completed you can file the return as a resident.
For further details
Contact/Whats app:- 93726 44735
email- cs@aktassociates.com
I am non resident and I received salary from indian ship for service rendered outside india. They had deducted TDS and issued form 16. Whether I need to show Salary as income
Hi, You need to clear stand with your employer, If ship is operating outside Indian Water for more thatn 182 days you can seek an NRI status, However pls seek a Consulting with specific details from CA Arun Tiwari, Before taking a Stand
@AKT, very helpful and informative video and many thanks for sharing this for benefit of our Merchant Navy Friends.
I had a small general Query when NRE Seafarer files ITR-2 Form.
In Part A-GEN Page, Section (e), sub-section (C) Non-Resident, under Jurisdiction of Residence and Tax Identification Number, Merchant Navy People will need to select Jurisdiction of Residence as India and Tax Identification Number as their PAN Number.
Am I correct with the above understanding?
Will appreciate a confirmation from you with a small comment.
Sir I want to file my income tax return.please guide.
Please contact our NRI desk at 8080088288 or email us at cs@aktassociates.com. Our team will be happy to assist you.