@DaveF1006 Thanks for the help. Do you work with TurboTax ?
Replying here point by point.
1. Agree.
2. OK.
3. Understood. I will go through steps to add required details in TT. I am yet to explore website.
While calculating US tax credit in India, calculation was done as below -
i. Calculate effective tax rate in India based on Gross Indian Income and gross taxes paid. It was something 26% for the year.
ii. Calculate new tax by clubbing US income. Subtract US taxes paid from next taxes payable.
iii. I had to pay extra taxes, as my US tax rate is lower.
Do I need to follow similar process here ? If yes, I need to consider gross income for Indian tax year and taxes paid. Correct ? And divide it by 12 may be to come up for Jan 2022 income and taxes paid ?
Or all this will be take care by TT ?
4. ok, I will finalize on an exchange rate.
