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Old 20th May 2009, 10:16 AM
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Users Flag! Originally from usa. Users Flag! Expat in france.
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Originally Posted by rgpillai View Post
Thanks, Bev. Just to elaborate further, does worldwide income include interests from bank deposits and dividends from share inverstments ? Normally, these are tax payable at source in India. Your bit about the French government siezing undeclared accounts is creepy - but I suppose it's something to be seriously kept in mind. Have a great day and cheers to you, Rg
Yes, worldwide income does indeed include interest from bank deposits and dividends from share investments. However, you only need to declare worldwide income. On the form for declaring "foreign" income there is a listing of the countries (India included) along with the amounts withheld in those countries for tax on these items - and an explanation of how the tax credits are calculated for French tax purposes. Ultimately, you aren't double taxed on your foreign income - but you do need to declare it.
Cheers,
Bev