Tax for NRI who is using his money earned abroad to sustain himself in India now?
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I used to work in Singapore for 5 years and now I am in India and have started a business of my own. There is very little revenue from my new business, so there is no income I am drawing from it as of now. I manage my living expenses in India using the money I earned in Singapore. In such a situation, do I need to pay any tax to Indian Government?
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Answer:
PLZ see this site very informtive for you............ 1) http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=CIR&schT=&csId=ecd1b9e1-41b0-4c31-9f77-5fbde6a18700&crn=&yr=ALL&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws 2) http://cenexcisenagpur.nic.in/ServiceTax/faq.htm
aamaadmi at Yahoo! Answers Visit the source
Other answers
Tax system in India works from Financial Year to Financial Year. If you had paid your Taxes in Singapore, I don't think you will be asked to pay taxes here as you would be a NRI for the Last 5 years. However from this year onwards you will be required to pay taxes on the Business Profits & Interest earned from the banks. Check the official tax website for the definition of Non Resident Indian.
Rama Kishor Reddy
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