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Resident Individual recently moved abroad

Resident Individual recently moved abroad

Prashant moves to US on a new assignment. He gets his US income credited to an NRE account in India. He continues with his FD investments and has some money put away in a savings account in India. He just received Form-16 from his Indian employer. Should he file his returns this year in India?

NRI or not, every individual must file tax return if their income exceeds Rs. 2,50,000. But note that NRIs are only taxed for income earned/collected in India. So, Rahul will pay taxes on income earned while in India, and income accrued from FDs and savings account.

Prashant’s income from India
Income from Indian employerRs. 3,00,000
Interest income from FDsRs. 25,000
Bank account savings interestRs. 4,500
Gross total incomeRs. 3,29,500
Deductions
Section 80C – PPF investmentsRs 20,000
Section 80TTA exemptionRs.4,500
Taxable incomeRs. 3,05,000
Tax slab at 10%Rs. 5,500
Cess at 3%Rs.165
TDS deducted by employerRs. 4,000
TDS deducted by bankRs. 4,500
Tax RefundRs. 2835

Resident Individual recently moved abroad

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