Do I need to Pay Taxes in India When I transfer money from Overseas bank to India?
Many of your IT friends are working abroad and when you go abroad first time, you have lot of queries in your mind, related to NRI status, Taxation in foreign country, remittance and Taxation in India. One of the most common question is “Do you need to pay taxes in India when you transfer funds from and Overseas bank to Indian Saving account?”, short answer is No, provided you are an NRI i.e. you have stayed more than 182 days abroad in that financial year (31st March to 1st April). Since you have already paid tax on that amount in the country you are earning and currently staying e.g. US or UK, you are not required to pay further tax on same money, whether you keep them in US Dollars or Indian Rupees; but there are other things to consider. For example, why you want to transfer your foreign currency in India? Who holds that saving account etc? Motive is important because it will open more and better options.