How to compute relief under section 90 of it act 1961?
This query is : Resolved
Dev Malhotra
(Querist)
27 November 2012
A DOMESTIC CO. IN INDIA RECEIVES AMOUNT AS ADVANCE FOR ITS WORKING FROM JAPAN(Holding co.) AFTER DEDUCTION OF TDS IN JAPAN.
EVERY MONTH THE INDIAN DOMESTIC CO ISSUES INVOICE TO THE COMPANY IN JAPAN WHICH IS TAKEN AS RECEIPTS IN PROFIT AND LOSS ACCOUNT and thus included in the income to domestic company?
WILL RELIEF UNDER SECTION 90 BE AVAILABLE?
EVERY MONTH THE INDIAN DOMESTIC CO ISSUES INVOICE TO THE COMPANY IN JAPAN WHICH IS TAKEN AS RECEIPTS IN PROFIT AND LOSS ACCOUNT and thus included in the income to domestic company?
WILL RELIEF UNDER SECTION 90 BE AVAILABLE?
Pankaj Gupta
(Expert)
27 November 2012
Firstly check the recognized income in both the countries on which tax is doubly paid.
Then calculate the deduction in the manner as specified in sec 90.
Then calculate the deduction in the manner as specified in sec 90.
Dev Malhotra
(Querist)
28 November 2012
yes income is taxable both in India & in Japan
Pankaj Gupta
(Expert)
29 November 2012
check the manner of calculation as specified in sec 90.
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