INCOME TAX

This query is : Resolved

CA shainan shah (Querist)
Follow

01 July 2009 MY CLIENT'S SON WAS WORKING IN U.S.HOWEVER THEY WERE FILING HIS RETURN IN INDIA ALONG WITH THEIR RETURN WITH THE STATUS OF RESIDENT.NOW HE RETURNED BACK TO INDIA PERMANENTLY.HE EARNED AROUND RS.30 LACS IN U.S.NOW MY QUERY IS THAT CAN I DIRECTLY TAKE THIS 30 LACS INTO HIS CAPITAL ACCOUNT AS HE HAS ALREADY PAID TAXES IN U.S.MY CLIENT WAS SHOWING INTEREST INCOME IN HIS RETURNS.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

01 July 2009 If you were earlier filing the return of Income in the status of resident, then you will have to calculate tax on US income also and will have to go according to DTAA or Unilateral/bilateral relief. I will suggest you to go according to Incoem tax provisions. You can show this income as credit to the capital account but still you will have to calculate tax accodingly and claim the tax paid in US as rebate from the tax paable in India.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R M Shekhaliya

Amit Goyal

SHRI HARIRAO

Frank

Pushkar Nagda

Subscribe Now

INCOME TAX

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

Senior Executive

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance