My query is A person who is an ordinary resident as per Income tax act is receiving income from foreign business which exceeds the taxable limit, in NRE account maintained in India. Can anyone please guide how i need to show this in ITR and which ITR i need to file.
Thank you in advance :)
Dear Veerendar,
DTAA between both the countries has following provision:
1. The profits of an enterprise of a Contracting State shall be taxable only in that State unless the enterprise carries on business in the other Contracting State through a permanent establishment situated therein. (in our case it will be taxed in Foreign country)
My question is still i have to consider it in my ITR and if yes then whether relief will be granted under Exemption method or tax relief method?
Completely agreeing with @ Veer Singh
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