Double taxation

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sachin gor (Querist)
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02 December 2014 what is effect of interest on capital earned in india by NRI partner of U.K. ? whether it's Taxable in India Or in U.K.? under which section it is provided ? Please provide Link Of related query.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 what is the current status of person is not mentioned by?

sachin gor

sachin gor (Querist)
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02 December 2014 there are four partners in firm One of them is resident and other three are non-resident.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 if he is non resident then foriegn income is not taxable in india but all india shall be taxable in india

sachin gor

sachin gor (Querist)
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02 December 2014 But sir, Interest is accrued in india.then what is the effect?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 where is the firm and how int is accued in india? in case if its indian income then yes its taxable for non resident.

sachin gor

sachin gor (Querist)
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02 December 2014 sir,firm is incorporated in india gujarat. And interest is accured On partners capital.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 then simply its indian income and taxable................

sachin gor

sachin gor (Querist)
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02 December 2014 sir,it is applicable to foreign partners?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 yes as they are nri but indian income tax is applicable in india

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CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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03 December 2014 As per section 9 any income received or deemed to be received or income accrue or deemed to be accrue India shall be taxable in India in all cases irrespective of status of asseessee.

Therefore, in your case it will be taxable in India.

Note: for detailed understanding read section 9 of Income Tax Act, 1961 thoroughly.

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