I am retired senior and citizen of canada I have pension in india how should I file income tax in India having new rules in India,(under what catagory)

There are a few different forms that you can choose from, there in India.It also gets to be confusing too. So, please get to know which one it is that you got to fill out for yourself. In India Pension is considered as a SALARY.

How to choose the right form to file your taxes electronically

It can be confusing deciding which form to submit when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below. See which one you come under. ( You are allowed one residence.)

ITR 1 (SAHAJ) The Easy one.. Individuals with income from salary and interest
ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 Individuals and HUFs having income from a proprietary business or profession
ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
ITR 5 Firms, AOPs,BOIs and LLP
ITR 6 Companies other than companies claiming exemption under section 11
ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
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when you say that you are a retired pensioner, you must have worked here and now receiving pension here in Canada. Under the India treaty (DTAA), pension income is taxed where it arises. It is therefore exempt in the recipient country. So report your gross pension income as Foreign Pension income, in CAD. But report the same amount in line 256, so it is exempted from your line 260 Taxable Income.
Do not report the India tax deducted. (This is for you here in Canada)

You want to report your pension, as in generates the $2000 pension credit for you, if you have No other pension income. CPP and EI do not generate this credit for you.

Some Pensions when received are exempt from Indian Income tax, if it is (was) paid by United Nations and also from Armed Forces etc., Also you do know if taxes have been deducted at source there from your own statements that you receive and you have them in your hand.

An individual is required to obtain a registration with the tax authorities i.e. a Permanent Account Number (PAN). PAN is a unique ten digit identification number given by the Indian tax authorities. PAN is required to be quoted on all the correspondence with the tax authorities.

For Financial Year (“FY”) (may also be termed as tax year) 2015-16 , an individual is required to file a tax return in India only if his/her taxable income exceeds the maximum limit not chargeable to tax. (INR 250,000). 2.5 Lakhs.

Further, for FY 2012-13 onwards, It is mandatory for every person (not being a company or a person filing return in ITR 7) to e-file the return of income, if total income exceeds INR 5,00,000 and for every person claiming tax relief under Section 90, 90A or 91 of the Indian Income Tax Act, 1961 (i.e. a person claiming Treaty benefits).

Further, every individual being a resident and ordinarily resident in India, having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India would be mandatorily required to furnish a return of income irrespective of the fact whether the resident taxpayer has taxable income or not.

As proposed in the Finance Bill 2016, tax return filing is mandatory in respect of taxpayers with exempt long-term capital gain arising from equity shares / equity-oriented mutual funds, where such exempt income and other income exceeds applicable tax threshold i.e. INR 250,000.

Tax is required to be withheld at source on salaries, professional fees, rent, interest, dividends, etc. at the time such income is credited to the account of the payee or at the time of payment, whichever is earlier. In case the amount of tax withheld at source is short of the actual tax liability, an individual is liable to pay advance/self assessment tax.
Advance tax is payable by the taxpayer during the tax year if the estimated taxes (net of taxes withheld at source) exceeds INR 10,000. Advance tax payable is the tax on estimated income of the tax year, reduced by tax withheld at source. As proposed in the Finance Bill, 2016, for the FY 2016-17 on-wards, advance tax is payable in four installments by individuals as follows:

• 15 percent is payable by 15 June of the tax year
• 45 percent is payable by 15 September of the tax year
• 75 percent is payable by 15 December of the tax year
• 100 percent by 15 March of the tax year.

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FH.

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Originally posted by rmifra.fb

I am retired senior and citizen of canada I have pension in india how should I file income tax in India having new rules in India,(under what catagory)

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