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Could someone help on following: Please consider I am on work permit In EU and have not worked a single day in Inida in entire financial year

  1. Would I have to pay income tax other then TDS on interest earned on my saving bank account.I am sending money from EU to my OWN saving account. Please note this account is not NRI\NRO\FCNR.
  2. Does the channel I use to transfer money to India would make any difference? Its 3rd party transfer service.
  3. I sold some shares from my Indian demat account online and got some STCG.
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Would I have to pay income tax other then TDS on interest earned on my saving bank account.

No being NRI you are not taxed in India on income outside of India.

I am sending money from EU to my OWN saving account. Please note this account is not NRI\NRO\FCNR

As an NRI you CANNOT by law hold a regular Savings Account. Please convert this account to NRO ASAP.

Does the channel I use to transfer money to India would make any difference? Its 3rd party transfer service.

Whether you transfer the funds or not is irrelevant. As the income was during the period when your status is NRI, there is no Tax in India.

sold some shares from my Indian demat account online and got some STCG.

You would need to pay tax on this in India

Edit:

Self Assessment Tax can be paid till 30 July 2015 for the Financial Year 1 April 2014 to 31 March 2015. Tax have to be paid in advance, so if your tax obligation is more than Rs 10,000/- there will be an interest at 1% per month and penalty at 1% per month payable

  • Thank you Dheer.I found at money.stackexchange.com/questions/30495/… – Paul Apr 4 '15 at 22:31
  • I found at link money.stackexchange.com/questions/30495/…, paperwork is needed to establish source of income in ordinary saving account. It seems it is not legally incorrect to hold such accounts but from your answer to my query it seems I need to do normal to NRO conversion asap. Please suggest, I want to pay all taxes required on my side to tax authorities and also want to comply with NRO account opening,though I did not know I must have NRO, my lack of knowledge :( I am just concerned about the last year income – Paul Apr 4 '15 at 22:39
  • As the dates for filing taxes on AY15 is already gone(as per my knowledge : 31 March), Could it be possible to pay taxes on last financial year income and open an NRO account from now onwards. Thanks in advance. – Paul Apr 4 '15 at 22:41

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