Suppose a NRI who has business in Dubai FZE in which he is proprietor. His company earned profit there and now want to remit profit earned in Dubai FZE to India. He has already paid tax in India on the profit which he want to remit. What are the RBI and FEMA laws in this regard and also what are other tax implication?
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Query regarding inward remittance from Dubai FZE to India
Replies (1)
Remitting profit from a Dubai FZE to India is legal through authorized banking channels (AD Category-I banks). You must provide the correct purpose code and documentation. Tax-wise, as a resident, you must report this global income in your ITR; however, you can utilize the India-UAE DTAA to claim a credit for taxes already paid in the UAE, provided you have the necessary documentation.
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