Tax on indian income
I am currently living in the EU (Czechia) for more than 4 years. I still have some business income sources in India and it is taxed at around 30% in India on that income.
Until now, since tax was already deducted in India, I did not report this income (since past 2 years, since I started the business time) in my country of residence.
However, I recently spoke to a CA who told me that I should have also reported this income in my country of residence (Czechia). I am also still holding normal saving account, still not converted to NRI/NRO account yet. I have an ongoing issue with my bank on this. The income is sourced and credited in india itself.
I am a bit afraid that if I report now, will I have to pay penalty? Or maybe gets taxed more on that despite DTAA? Has anyone went through similar experience? What did you do?
Also, usually Czechia tax the income at 15 %, so if I report the indian income, will i get tax credit and possibly reduction of tax from 30 % indian tax?