Foreign Income

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Arpan YAgnik (Querist)
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02 July 2009 A Indian company having foreign consultancy income regrading minerals business whether company has any relief under Income Tax Act?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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02 July 2009 If any tax was deducted in another country or any tax paid over there, then that tax can be claimed in India as per the Double taxation avoidance agreement.

taxindiaconnect

taxindiaconnect (Expert)
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02 July 2009 The entire income is taxable here in India as business income. No Relief. However what Traun has mentioned in his reply is correct to the extent the tax is payable by Indian Company in India. For example tax deducted / paid outside inida is INR 100 and tax payable in India is only 50 the benefit of Rs 50 out of Rs 100 paid outside india may ba availed. No refund will be granted for taxes paid outsidde India.

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