Tax issues for NRIs from Indian earnings, Income Tax

[venkat tummala]

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

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

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