14 May 2012
I am residing in India and I am a Chief Executive Manager in a newly formed foreign company (registered outside India). I am receiving salary in india in convertible foreign exchange from that country. I am rendering my services to the Company from India only. I want to know that whether there is any, tax exemption in India, for the salary received in foreign exchange and converted in Indian Rupee?
14 May 2012
No exemption is applicable to you. your total salary is taxable. if any taxes are deducted in the foriegn country then you can claim deduction for that u/s section 91 ( may be 91 A iam not sure) as per procedure mentioned in that respective section.
CAclubindia
