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Income earned from business abroad

Others 96 views 1 replies

Guru Vignesh

Articleship Student

1 Points Joined May 2017

My friend is going to have a business abroad where that country is a tax free country and the business is a LLP since it is a process of advertising through onlinne my friend continue to stay in India and as per IT Act he is a resident.

Now my query is whether the remuneration from that LLP is alone taxable or the profit of the firm is also taxable in India.

Regards

C Guruvignesh

Replies (1)

Nikesh waghmare

2 Points Joined August 2018

If An Individual Is an resident then global income taxable And if Non Resident only Indian Income Taxable.
According to sec.6(1) Of Income Tax Act 1961 an Individual is said to be an resident If He stay in India For more than 182 Days in an previous year.
Here Previous year means Financial Year OR Refer Sec. 3 of Income Tax Act for Clear Overview of 'Previous Year'