25 October 2008
My client is resident Indian professional who had previously worked abroad. He has funds lying over there which is shown as investments in books of account and has paid tax on interest earnings over there as per DTAA with that country. Now, he intends to transfer back to India. Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
25 October 2008
My client is resident Indian professional who had previously worked abroad. He has funds lying over there which is shown as investments in books of account and has paid tax on interest earnings over there as per DTAA with that country. Now, he intends to transfer back to India. Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
28 October 2008
If he is receiving from foreign any income or proceeds it attracts FEMA and so taxable. but govt has given an exception to this . that is if you open current account under FEMA and keep such funds in that account to use for payments outside india then no tax implications on receivables,.
CAclubindia
