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?
>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
(Expert)
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- Non filing of I T Returns
- SALARY CAN BE CAPITALIZE
- Capitalgain tax purposes for valuation report compulsory
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
