I was in India till 27 January 2018 and have come to the US on a long-term assignment. My payroll in India was deducted as per Indian tax laws till 27 January. Do I have to declare my US income in India tax return? My US payroll will already have deducted tax. Can I claim a credit for it , if it is to be added to my Indian income? Will I be able to claim tax benefit for my home loan for the current financial year?
I am not yet an NRI (haven’t been abroad for 181 days). Should I declare the same to my bank?
—Shrikant
Taxability in India depends on the following: Residential status in India; source of income; and place of receipt of income. Residential status depends on your total physical presence in India in current financial year and previous 10 financial years. Residential status is dynamic and needs fresh determination for each financial year. There are three types of residential status in India: Ordinarily Resident (OR); Not Ordinarily Resident (NOR); and Non-resident.
