Asset-Liability-schedule-al-schedule-for-taxable-income-ITR-2015-16

Q & A Forum › Category: Tax Planning › Asset-Liability-schedule-al-schedule-for-taxable-income-ITR-2015-16

PUSHPINDERBINNER asked 10 years ago

Sir, I am working in Merchant Navy on Foreign Ships,and maintaining NRE account and my income is above 50 Lakh from out of India. My income in India is about 3 lakh from rent etc. Please advise ,I am maintaing NRI status for IT return and if my Exempt income(income earned out of India) is above 50 lakh,do I have to fill Assett and liability shedule for It return of 2015-16. Thanks

1 Answers

0 Vote Up Vote Down

Sreekanth Staff answered 10 years ago

Hi, As your Indian income is above the basic exemption limit (assuming your age is less than 60 years), you have to file Income Tax Return in India. I believe that Rs 50 Lakh clause is applicable for Resident Indians only, and it is mandatory for NRIs to disclose Foreign Assets / Liabilities while filing ITR in India. Kindly read: NRI Residential Status Calculator. New ITR forms for AY 2016-17. Income Tax slabs for AY 2016-17.