Indian Taxation policy on UK (foreign) income
I am looking for some advice. My wife and I have a joint NRO account in India. Here in the UK, I am a higher rate tax payer (40%). We sold a house in 2012 and although that required tax in India, it didn't require any in the UK as it was jointly owned and the capital gains was within the limit for annual exemption.
Subsequently I didn't get any further access to the account until the start of this year when I went back and got to know the amount of interest that had been credited. Because interest on the NRO account is taxed at 30.9%, I owe the remainder after tax credits to the HMRC which is 9.1% of the tax accrued over the last 3 years.
It is not a lot - about £140 in dues. My question is do I have to declare this, given my wife doesn't have to pay tax to HMRC as she doesn't work and her share of the account has also been taxed at 30.9%.
If I declare how does the process work? My worry is not so much about the tax as the penalties and the fines.
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