Foreign Bank account of Foreign National resident in India

Taxation
1

Is a foreign national (OCI Card Holder) who is resident in India for the AY required to file ITR if he holds Foreign Bank account?

2

@Quicko Can you help with this query?

3

Overseas Citizens of India (OCI), or Foreign Citizens and who are residents of India for more than 182 days have to pay tax and file income tax return in India. The income tax filing is usually based on his/her global income and is subject to the conditions of DTAA (Double Tax Avoidance Agreement). In case of OCI, who have lived for less than 182 days (in any financial year in India), will have to pay tax and file income tax return only on the income earned in India.

Discl: Please do check with a professional as well. The above is copied from the following article.

4

Hi @Meher_Smaran, @Vensa, if the individual is a resident in India for the AY as per Income Tax Act and his global income is more than Rs. 2,50,000 for the respective AY, the respective individual will have to file his ITR.

5

So if my income is less than 250000 and i have a foreign Bank account, i still have to file ITR.

6

Its only required for tax resident and ordinarily resident (ROR) even if income is below basic exemption limit

7

@Vensa

Since the income is below the basic exemption limit of INR 2.5 lacs, you need not file the ITR. However, if you hold the status of a resident and have a foreign bank account, you must file the ITR even though gross total income is below the basic exemption limit.

You can read more about it here - Who should file ITR?