Respected Members,
I am filing a form 146 for assessee. This assessee is transfering his own fund from India to Australia. above 5 lakhs.
In form 146 there is a point No- 27 Taxability under the provision of Income Tax Act (without Considering Double Taxation Avoidance Agreement (DTAA)
a. is remitance chargeable to tax in India. Yes or No (when i am selecting NO It asks me Reason for No) Pls help to explaing what should i mentioned in reason.
Thanking Your
For a self-remittance of funds exceeding ₹5 lakhs, select "No" for taxability in India. The reason should be that it is a transfer of personal, tax-paid funds between accounts owned by the same individual, which does not qualify as taxable income.
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