ITR to ROR. Will have to report foreign assets in

—Name withheld on request

Under the Indian Income Tax (IT) law, all foreign assets are required to be reported in the ITR if the individual qualifies as a “resident and ordinary resident” (ROR) of India during the relevant financial year. Also, income earned from income is required to be reported in respect of each foreign asset under which such income has been offered for tax in the ITR during the relevant financial year with the nature of income and the head of income .

Foreign assets to be reported include foreign bank accounts, financial interests, immovable property, accounts in which a person has signing rights, trusts, any other capital asset held by the person outside India. Great care should be taken in reporting foreign assets/income in ITR. Any omission or misstatement may invite additional tax, interest and penal consequences under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Assuming that your son does not qualify as a “resident and ordinarily resident” of India during the relevant financial year, he is not required to report a home outside India in the ITR. If your son qualifies as a “resident and ordinarily resident”, he may be required to report foreign assets and foreign income in either ITR-2 (if no business income) or ITR-3 (business income). for) select.

I am a British citizen and planning to work from India. I draw salary from a UK company and taxes will be deducted at source. Do I have to pay tax in India also?

—Name withheld on request

Salary income for services rendered in India will be taxable, irrespective of the place of payroll. Assuming that you do not have an employer in India, you will have to pay interest for late deposit of advance tax and self-assessment tax as well as advance by way of self-assessment tax in four installments or before filing ITR. tax will have to be paid. Till 31st July after the end of the financial year.

You can claim benefits in the UK under the Double Taxation Avoidance Agreement between India and the UK to avoid double taxation.

Sonu Iyer is EY India’s Tax Partner and People Advisory Services Leader.