Regarding dtaa
This query is : Resolved
21 January 2014
Hello,
As I had earned Salary Income in USA and as well as in India and I am Ordinary resident of India so I can claim relief u/s 90 but I want to know
1. What amount of relief I will have?
2. What amount of Income Tax I have to Pay in India considering all this facts?
Facts are:
Indian Total Income - 658216/-
Salary Income from USA - 1132620/-
Tax amount I had paid to USA Government - 286809/-
TDS Deducted in India - 79514/-
As I had earned Salary Income in USA and as well as in India and I am Ordinary resident of India so I can claim relief u/s 90 but I want to know
1. What amount of relief I will have?
2. What amount of Income Tax I have to Pay in India considering all this facts?
Facts are:
Indian Total Income - 658216/-
Salary Income from USA - 1132620/-
Tax amount I had paid to USA Government - 286809/-
TDS Deducted in India - 79514/-
CA Mohit Bansal
(Expert)
22 January 2014
Hi Rani,
Since India has bilateral DTAA with USA.
The tax paid in US will be allowed as set off against your total tax liability but limited to the tax payable on such foreign income at Indian tax rates.
Computation of tax:(AY- 2013-14)
Indian Income - 658216
US Income - 1132620
Total Income 1790836
Tax thereon 378268
Less:TDS(India) 79514
Less: Relief u/s90
(367250/1790836*1132620) 232268
Balance Payable now 66486
Since India has bilateral DTAA with USA.
The tax paid in US will be allowed as set off against your total tax liability but limited to the tax payable on such foreign income at Indian tax rates.
Computation of tax:(AY- 2013-14)
Indian Income - 658216
US Income - 1132620
Total Income 1790836
Tax thereon 378268
Less:TDS(India) 79514
Less: Relief u/s90
(367250/1790836*1132620) 232268
Balance Payable now 66486
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