Rebate 90
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2015
1. First include the income earned and taxed in the forieng country along with the income earned in india. 2. Then calculate tax on the Total income Above. 3. Now calculate average rate of tax. 4. Then multiply such rate with the income earned from foreign.country. 5. Deduct tax paid in the foreign country from the tax calculated in step. 4 above, . Such amount is relief u/ s 90
How to calculate this tax paid in foreign country as the Financial year in India and USA is different??
How to calculate this tax paid in foreign country as the Financial year in India and USA is different??
10 July 2015
you need to break down the incomes and tax payable on it on monthly basis. so for indian tax purpose, compute the income earned during april to march period outside india and the tax that was paid on it. you will leave out the incomes and taxes for Jan - March of earlier calender year and include for Jan to March of the subsequent calender year.
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