07 November 2014
as per 26AS of teh assessee income us 195 shows of Rs. 35,00,000 and tds deducted on the same of Rs. 437500 @12.5% as the country of residence is UAE
return was filed for rent income of Rs. 130000/- as per 26AS and claiming refund on the same of Rs. 13000/-
now in assessment office want to show all income @ 30% and pay the balance tax @ 17.5% on 195 section income
whether action intitiated by income tax officer in right
07 November 2014
It means you need to present your case properly. It is possible that AO May have treated you as a resident or that treaty benefits have not been granted properly...
07 November 2014
our client is non resident and tds has been deducted as per DTAA between India and UAE @ 12.5% of Fd interest income OF NRO account. We have offered the said income as under special rate of tax claimimg that our tax liability is restricted to 12.5% But the assessing officer contention is that u should have offered it as normal income and tax should be levied as per normal slab Since thier is no tax in Dubai though u have been given DTAA benefit but tax has to pay at normal rate. Is AO right in doing so ????????????
CAclubindia
