Foreign(us) business income

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Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2014 if us tax paid on us business income in us
and also has indian business income
now while calculating tax payble in india how mush amount i should deduct from tax payable in india
can I directly exempt foreign income or
only to the extent foreign tax paid
if dtaa exists with us

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 assuming you are an Indian tax resident, you will have to offer whole of your income to tax in India and claim credit for taxes paid in USA as per section 90 of the Income-tax Act, 1961.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2014 Cant we take direct exemption for foreign income considering 1st method in sec 90 I.e taxable only in one country

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2014 Cant we take direct exemption for foreign income considering 1st method in sec 90 I.e taxable only in one country

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