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Taxation for Income earned abroad
01-May-2023 (In Tax Law)
If an NRI earns an income which is exempt from tax abroad then will it be taxable in India? For example if an NRI trades in Foreign Exchange or Stocks in Singapore or Dubai where there is no capital gains tax then will the income earned on the same be taxed by Income Tax Authorities in India? Does the NRI have to explain such income while transferring it to India?
If you have lived in India for more than 182 days in a financial year, you will be considered a resident of India under the Income Tax Act. So your income, including the one earned abroad, will be taxable in India. However if u have resided less than 182 days in india, then the income you have earned will be exempt from TAX. Any income from savings invested in India will be taxed here.
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Adv. Siddhant Sharma
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