Tax refund of foreign nation is taxable in india?
This query is : Resolved
17 January 2017
NRI earlier and now working in India. Received tax refund from foreign country in Indian bank. Should Income tax levied on that amount?
Thanks in Advance.
Thanks in Advance.
18 January 2017
Refund of tax from foreign country is not an income earned hence not taxable. Check if any relief claimed on such payment.
26 January 2017
No, it is not taxable in India. However, any foreign tax refund on which relief had been claimed in any earlier tax return in India need to be disclosed now in Schedule TR point 4 - amount as well as assessment year in which relief was allowed in India.
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