Royalty from foreign company
This query is : Resolved
Guest
Guest
(Querist)
20 May 2015
I receive royalty from a foreign company who transfer proceeds to my bank account after deduction of tax as per the foreign tax rules. How should I treat it as per Indian tax laws. What to do while filing return . Can I claim refund of the tax deducted abroad
20 May 2015
You can't claim refund of tax deducted but this amount can be reduced from the tax payable in India while filing the return.
Guest
Guest
(Querist)
21 May 2015
I only have salary income & royalty received from foreign company. Which ITR should I file in which such tax on royalty paid abroad can be reduced. Do I require to ask for any proof/certificate from foreign company of such tax deducted abroad.
21 May 2015
File ITR 2. Proof for deduction is required.
See the link.
https://cleartax.in/ITR2
See the link.
https://cleartax.in/ITR2
13 June 2015
You can claim Tax Credit under Article 23/24 if the country from whom you are receiving Royalty is having a Double Treaty Avoidance Agreement with India.
Download the DTAA from the Income Tax Website
If the country does not have a treaty, still you can claim credit at an average rate of tax as per Section 90/91 of the Income Tax Act, 1961.
After filling the return, if you wish you can send it to me at mehul@raseshca.com
for review.
Regards,
CA Mehul Shah
9723459572
Download the DTAA from the Income Tax Website
If the country does not have a treaty, still you can claim credit at an average rate of tax as per Section 90/91 of the Income Tax Act, 1961.
After filling the return, if you wish you can send it to me at mehul@raseshca.com
for review.
Regards,
CA Mehul Shah
9723459572
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