Foriegn Income Taxability..??
This query is : Resolved
15 July 2009
Can income recd abroad by a person resident & ordinary resident in india be exempted from paying tax in India..?? if yes then how..??
15 July 2009
No. It is not exempt for a resident. He can only claim taxation relief according to double taxation avoidence agreement with that country, for the tax amount paid in abroad.
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16 July 2009
The worldwide income of a resident in India is taxable in India under Income tax Act 1961. Thus by income recd abroad by a person resident & ordinary resident in India be taxable In India. As replied earlier, the Tax if any paid outside India by the resident can be claimed against tax payable in India if the tax is paid in a country with which India has a double taxation avoidance treaty.
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