Taxability of Foreign Income
This query is : Resolved
07 February 2011
Hello Experts,
One of my friends provides consultancy services to a foreign company in a foreign country.He is also a Non Resident under the Income Tax Act. The company pays him the remuneration by directly crediting it to his Indian Bank Account. Further the company also deducts Tax on such remuneration before making the payment. My question is, whether such sums which are directly credited to my friends Indian Bank Account and on which tax is already deducted are Taxable in India.
Regards
Gautu
One of my friends provides consultancy services to a foreign company in a foreign country.He is also a Non Resident under the Income Tax Act. The company pays him the remuneration by directly crediting it to his Indian Bank Account. Further the company also deducts Tax on such remuneration before making the payment. My question is, whether such sums which are directly credited to my friends Indian Bank Account and on which tax is already deducted are Taxable in India.
Regards
Gautu
09 February 2011
Yes as per sec. 5 any income of non resident which is received or deemed to be received in India shall be taxable in India.
Anuj
9810106211
Anuj
9810106211
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