Tax on foreign as well as indian income
This query is : Resolved
28 August 2015
Dear Experts,
I stuck at a point in filling ITR form 2.
My friend has indian salary income as well as foreign salary income.
Now in the schedule FSI 'coloum D' in the form, i have to fill up the "Tax payable on foreign income under normal provisions of the income tax act"
The confusion is that for computing tax should i consider both incomes (Indian as well as foreign income) or should i consider only foreign income. Because on the basis of this tax amount, rebate would be computed.
For ex:
Indian income is 4 lakh
and foreign income is 6 lakh
Now on foreign income i have to consider slab benefit.
But should i compute it after taking 4 lakh indian income or directly on 6 lakh?
Please help
I stuck at a point in filling ITR form 2.
My friend has indian salary income as well as foreign salary income.
Now in the schedule FSI 'coloum D' in the form, i have to fill up the "Tax payable on foreign income under normal provisions of the income tax act"
The confusion is that for computing tax should i consider both incomes (Indian as well as foreign income) or should i consider only foreign income. Because on the basis of this tax amount, rebate would be computed.
For ex:
Indian income is 4 lakh
and foreign income is 6 lakh
Now on foreign income i have to consider slab benefit.
But should i compute it after taking 4 lakh indian income or directly on 6 lakh?
Please help
28 August 2015
Consider only foreign income. But compute it after taking in to 4 lakh Indian income(apply the applicable slab).
29 August 2015
Sir you mean to say, i compute income tax on 10 lakh and then take proportionate amount.
Like if tax on 10 lakh is Rs. 125000, then only for the purpose of tax on foreign income i'll consider only 75000 (i.e. 60% of total inxome).
Like if tax on 10 lakh is Rs. 125000, then only for the purpose of tax on foreign income i'll consider only 75000 (i.e. 60% of total inxome).
30 August 2015
Calculate the tax on 4 lacs and calculate the tax on 10 lacs the difference will be the tax on foreign income.
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