Indian firm providing service to foreign comapny
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2014
Hello,
Here is my question:
Mr. A , an Indian Citizen & resident is the owner of a company registered in USA and also owner of a Proprietorship firm in India. The Firm provides service to the Foreign company of MR. A and gets remuneration from it in USD$. Will the Foreign company and Prop.Firm be treated as the same in the eyes of law as both are owned by Mr.A. And will Mr. A be Taxed for his Foreign Income too. The Foreign Income is already subject to Tax in USA.
Kindly provide solution.
Thank you.
Here is my question:
Mr. A , an Indian Citizen & resident is the owner of a company registered in USA and also owner of a Proprietorship firm in India. The Firm provides service to the Foreign company of MR. A and gets remuneration from it in USD$. Will the Foreign company and Prop.Firm be treated as the same in the eyes of law as both are owned by Mr.A. And will Mr. A be Taxed for his Foreign Income too. The Foreign Income is already subject to Tax in USA.
Kindly provide solution.
Thank you.
Nikhil Kaushik
(Expert)
12 November 2014
Given that he is a resident, his global income is taxable in india.
He can howevr claim credit of taxes paid in USA.
He can howevr claim credit of taxes paid in USA.
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