Income-tax computation of global income of indian resident

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2018 I am Indian resident. Paying tax in India. My income as under;
>a) I have Indian income of 12,00,000 (interest income, rent of 2 lac, and other income)
>b) further have i have following foreign income;
i) foreign commission income of 4.50 lac (can i deduct foreign travel+visa expense of 45000),
ii) foreign dividend income 2,50,000 (from shares of foreign venture fund investment*) and
iii) Loss = 8,50,000 (from foreign venture fund investment)
So total foreign income= 4,50,000 + 250,000 = 7,00,000 and loss= 8,00,000. . so net is -1,00,000 (loss)
Net effective foreign income is loss of 1,00,000

My queries as under;
1) How do i compute my income tax
2) Is my foreign commission (4.5 lac ) treated as business income ?
3) Which form do i need to fill up ITR2 or ITR4?
4) Can I club all my foreign income including commission under one head foreign income?
5) can i deduct my foreign loss from Indian income?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 July 2018 1 Loss on foreign income can be claimed in Indian income. Subject to set-off rules.
2 yes treat it as business income.
3 File ITR 3 .
4 Head wise income to be disclosed.
5 yes foreign loss can be deducted in Indian income.

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