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Foreign Income Disclosure and calculation methodology, Income Tax

Issue Id: - 109080
Dated: 26-8-2015
By:- Krishnendu Chakrabarty

Foreign Income Disclosure and calculation methodology


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Hi

I had earned US Income in one of my past years. I had paid the following taxes there

1. Federal Tax

2. State Tax

3. Social Security Tax

4. Medicare Tax

However, I was a Resident Indian in that year as I had stayed in India for 60+ days and I had returned to India. But unknowingly I had filed as a NRI, which I was actually not.

Question 1. In the context of the black money law how can I pay the differential tax (if any)

Question 2. What is the calculation methodology for the same.

a) Which Income should I include , Gross Income or Net Income

b) Do I get credit for both Federal and State Taxes

c) How to account for Social Security and Medicare Taxes.

Please help.

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