CALCULATION OF INCOME TAX
This query is : Resolved
17 April 2009
Respected experts,
can anybody help me in calculating the impact of income tax in the following case.
An indian resident, who is a free lance writer, is recieving around 2000 euroes AS SALARY from a USA PUBLISHING FIRM (MONTHLY MAGAZINE)
Thanking you,
M A PADMANABHAN
Respected experts,
can anybody help me in calculating the impact of income tax in the following case.
An indian resident, who is a free lance writer, is recieving around 2000 euroes AS SALARY from a USA PUBLISHING FIRM (MONTHLY MAGAZINE)
Thanking you,
M A PADMANABHAN
17 April 2009
Mr. Padmanabhan,
Please note few details for the same,
01. The INR taxable will be euro received as converted with corrosponding conversion rate on the date of receipt.
02. In case if US firm had deducted US applicable tax then you need to take the help of DTAA of USA for relief. If they have not deducted the tax then please pay the applicable income tax as per the slab rate.
Say the conversion rate of Rs. 60. COnsidering euro 2K per month
Salary Income will be Rs. 14,40,000
So tax will be Rs. 3,81,821.00 including surchange & education cess.
Please note that you can take the benefit of sec 80C in case of investment & also benefit of housing loan interest in case you have it.
Please note few details for the same,
01. The INR taxable will be euro received as converted with corrosponding conversion rate on the date of receipt.
02. In case if US firm had deducted US applicable tax then you need to take the help of DTAA of USA for relief. If they have not deducted the tax then please pay the applicable income tax as per the slab rate.
Say the conversion rate of Rs. 60. COnsidering euro 2K per month
Salary Income will be Rs. 14,40,000
So tax will be Rs. 3,81,821.00 including surchange & education cess.
Please note that you can take the benefit of sec 80C in case of investment & also benefit of housing loan interest in case you have it.
17 April 2009
Agree with the expert.
17 April 2009
Agree with expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Copyright software
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
