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Tax incidence query
Plz help me out with the treatment of following items-
*loss from foreign business, controlled from India, sales being received in India.
*Pension remitted to him in India by Srilankan Govt.
Replies (1)
Tanya Be clear... you are asking for resident???........ If for resident the global income is taxable.... no matter whereever it is received ............... Controlled from India ... taxable for residents and also for resident but not ordinarily resident,.... If pension received in india then taxable for everyone (Even for non - resident) If pension received outside india and received or later remitted to india... then taxable only for resident in the year of first receipt... Loss from srilankan business can be set off against indian business
Correct if i am wrong
Regards
CA Pankaj
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