The new black money law
This query is : Resolved
22 September 2015
Is it possible for an ordinary resident to get a tax credit in India of the foreign tax paid income viz rental income.
Also suggest if i can revise the past years income tax return disclosing the corresponding previous year`s income and treat it as a disclosed income for the purpose of the New Black Money Law.
Kindly suggest and oblige :)
Many thanks in advance.
Also suggest if i can revise the past years income tax return disclosing the corresponding previous year`s income and treat it as a disclosed income for the purpose of the New Black Money Law.
Kindly suggest and oblige :)
Many thanks in advance.
22 September 2015
You can only get relief from payment of Indian tax for foreign tax paid. You can only revise the return filed during last year and current year.
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23 September 2015
But the new black money law do not permit the relief of foreign tax paid if DTAA between the two nation contains -income from immovable properties abroad "may be taxed" in that nation.
If "shall be taxed" is written in DTAA instead , then rental will will be deducted for computing taxable amount.
REF :CBDT issued Q number 10 in FAQ 2.
Please comment.
If "shall be taxed" is written in DTAA instead , then rental will will be deducted for computing taxable amount.
REF :CBDT issued Q number 10 in FAQ 2.
Please comment.
23 September 2015
Yes, you are right such rental income will be deducted in computing taxable income.
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