I am a NRI and my yearly income is 32 lakhs. I live and work in Korea on work permit and I am an Indian Citizen.
Now I am a little confused on IT return and filing. My income is taxable in Korea and what I get as salary in my account is after all the deduction of all the taxes in Korea. So yearly I get around 24 Lakhs as net salary.
Someone suggested me that as I don’t earn anything in India my income is 0 in India and so I don’t have to file or pay any income tax! This might be totally wrong! Apart from my income in Korea I have no earning in India. But the real question lies is that should I file Income tax return? If yes then on what bases? My income has already been taxed in Korea and So I guess I don’t have to pay any taxes again in India!
Please suggest on how to file IT return for NRI. Moreover for much stuff in India, they do ask for an IT file return. Recently for insurance they asked me to have an IT return and only on the ITR bases they can confirm my earnings. They didn’t accept my salary slip/ bank account statement as a proof on Income.
So is there any way where in I can show on Income tax return that I am earning 32 lakhs yearly and as I have paid tax in Korea I really don’t need to pay any taxes again in India, and hence my income is 32 lakhs
Thanks in advance