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Query regarding taxation

439 views 2 replies

Abdul Khader

STUDENT

192 Points Posted on 02 February 2013

Please help me

One of my client (being indian citizen) is working in USA and filing his return there itself

1.Does the client have any obligation to file the return in india ?

2.Does he need to offer the same income to tax in India ?

3.if 2 is yes, than what is the rate of tax as per DTAA between the two countries

Replies (2)

Saurabh Maheshwari

B.com ACA

5923 Points Posted on 02 February 2013

If your client is non-resident for the AY concerned then no need to file ROI with Indian IT Deptt......if the your client is resident then the income earned from US is exempt to certain extent as per Indian US treaty.Therefore, if the person is India resident then filling of ROI is must and he also need to dislose which he is holding outside India.

SHYAMADAS BANDYOPADHYAY

Proprietor

21 Points Posted on 02 February 2013

Section 80 P of the Income tax Act 1961

Under section 80 P of the Income tax act profits and gains from specied activities are deductable .

But what will be the Consequences if The cooperative society incurres Loss on the Specified activity and earns profit on Non specified Activities then is the Loss of the Specified activity can be setoff against the profit of non specified activity of society to compute the Total Income of the Cooperative Society . Can any case Law Is available in this regard .