Tax issues for NRIs from Indian earnings

[Guest]

Hi,

Can any Expert advise me on the following.

I am a non resident Indian and I have never filed ITR after migrating to a foreign country. I am earning from salary (Gulf) which is non taxable. I have a NRE account from where my money then goes into my Indian resident accounts. I have demat account also but not in NRE a/c.
I often participate in derivatives trading throu internet (profit/loss from speculative and short term gains i.e nifty/stock futures andoptions)
I have some income from House rent also
I hv invested in some equity but not sold yet.

I have PAN no and its address is registered in India, so I am not aware of any prev. correspondence from IT authorities. Now I want to pay the taxes for the income from Indian earnings i.e derivatives trading and housing so that to avoid future problems. I have also registered my user name andPW in ITD website to file e-ITR.
my query is ..

1. Can I participate in such trading (being NRI) with Indian resident account?
if not, how such income is considered and what ITD will treat in this case.
2. if yes, What type of ITR should I fillup and its no.?
3. If ITR is not filed by NRI, what will be action from IT (most of the NRIs unaware of the procedures even)

Thanks

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.

AI Summary

Taxation of Indian-sourced income for NRIs: clarification sought on trading, rental income, filing obligations and penalties. An NRI with foreign salary, Indian resident accounts, a demat account (not in NRE), online derivatives trading, rental income, and unsold equity seeks to regularise tax on Indian source earnings. The queries ask whether trading through a resident account is permissible and how it will be treated by tax authorities, which ITR form to file for trading and rental income, and what enforcement actions may follow for non filing; the forum reply merely asks if the issue was clarified.