There are several cases I have found that persons living abroad such as UAE, Kuwait, & other Middle East Countries. They do their business or job and transferred their fund to India through NRI Account which is with SBI, ICICI or HDFC Bank Ltd. and they don't have any export-import licence. Moreover the countries where they earned money or sold their product did not paid any tax. And most of the cases their status is Resident in India. Is this income or turnover is tax free in India. Please let me know its tax implication in India.
22 January 2013
Dear Simply you need to know the residential status of the "assessee" as per the Income Tax Act,
If the status is Resident then the income earned in India as well as outside India is taxable in its hands, if the status is Non-Resident then the income earned in India only is taxable.
CAclubindia
