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Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on May 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Naren Question by Naren on Apr 04, 2023Translate
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Hello Sir, I am a US citisen living and working here in India on OCI. Please advise me weather I do returns filing just like how others in India do? Or are there any additional things to do? While I understand I also have to file returns in US, I would first do in India and take it to file in US for overcoming double taxation. Please advise. Also, how can you help and how do I reach you for a phone call. Thanks.

Ans: Hi Naren
The requirement to file tax returns in India is based on your residential status and the volume of income. Hence, if you are currently a resident of India (based on number of days of stay in India) and your income is exceeding the threshold limit mandating the filing of tax returns then you definitely need to file the same.

There would be a gap in the period covered for filing tax returns viz., say India's financial year is between April 1, 2023 to March 31, 2024 whereas USA follows the calendar year concept i.e. January 1, 2023 to December 31, 2023.

When you prepare your data for USA, you would need to realign the income and the tax to validate the tax credit that could be claimed in USA
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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