Dear Tax Experts,
(1) I got a PAN card in 2006.
(2) I never filed income tax return as my savings were meagre and got about paltry sum of bank interest only. I was living as dependent till then.
(3) In January 2007 I got a job in Bhutan and my salary tax was deducted there and filed with Income Tax Authorities of Bhutan. My job there lasted till 2011.
(4) Since 2011 I am now back in India. Now I want to start a proprietorship business. The bank says that I can open a current account only if I have been assessed, and the income tax return should show the name of my business!
(5) How should I go about it now? Should I show to the Income Tax of India my earnings and tax paid in Bhutan? Or should I file as a first time assessee ? So far my income from India is still in meagre bank interests in my savings account.
Kindly guide please.