Hi,
I became permanent resident last year in July 2023 under parental category. I completed my landing formalities and collected my PR card and returned to India as I am still working in India and will be retiring in few months.
I have plans to settle in Canada beginning of next year after my retirement . As per my son's advice I did declare my income earned in India for the year 2023 and filed my Tax returns in Canada, I do pay my tax in India as well.
I have a doubt, do i need to declare my retirement benefits that I would be getting in India while filing my 2024 tax returns? I understand I need to show the income earned in 2024, but what about my retirement perks as that's my retirement benefit for the number of years I have put in on employment in India and as per Indian laws the PF is not taxable and also part of gratuity is not taxable. My worry is that if I happen to declare while filing for Tax returns will I be taxed.
I do not have any plans to invest the retirement money in Canada.
Request your help in clearing this doubt.
Regards,
I became permanent resident last year in July 2023 under parental category. I completed my landing formalities and collected my PR card and returned to India as I am still working in India and will be retiring in few months.
I have plans to settle in Canada beginning of next year after my retirement . As per my son's advice I did declare my income earned in India for the year 2023 and filed my Tax returns in Canada, I do pay my tax in India as well.
I have a doubt, do i need to declare my retirement benefits that I would be getting in India while filing my 2024 tax returns? I understand I need to show the income earned in 2024, but what about my retirement perks as that's my retirement benefit for the number of years I have put in on employment in India and as per Indian laws the PF is not taxable and also part of gratuity is not taxable. My worry is that if I happen to declare while filing for Tax returns will I be taxed.
I do not have any plans to invest the retirement money in Canada.
Request your help in clearing this doubt.
Regards,