Foreign income
This query is : Resolved
21 July 2014
whether the retrenchment compensation received by an individual from outside india taxable or not?
he received the compensation after 5 years (during FY 2013-14)
he received the compensation after 5 years (during FY 2013-14)
21 July 2014
is he non resident or resident as per income tax act in the year of reciept?
21 July 2014
is he non resident or resident as per income tax act in the year of reciept?
21 July 2014
there is 1 time exemtption for the same u/s 10(10) just refer it.
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Nikhil Kaushik
(Expert)
21 July 2014
retrenchment compensation is not covered under 10(10). It is covered under 10(10b). The way the section is structured, it appears the retrenchment should be covered under the Indian rules and regulations to be eligible for any exemption.
The assessee's retrenchment is under foreign rules, so kindly check the rules of the host country's rules for the same. Please note that the whole of income is as such subject to Indian taxes with credit for any taxes paid out India on the same.
The assessee's retrenchment is under foreign rules, so kindly check the rules of the host country's rules for the same. Please note that the whole of income is as such subject to Indian taxes with credit for any taxes paid out India on the same.
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