27 October 2010
Mr. Tamang born and brought up in the State of Sikkim had Net Profit of Rs. 2,25,000 from the business located in Sikkim and Interest of Rs. 55,000 on the Securities/Bonds issued by the Government of Rajasthan. It's taxble or not Give me resoan . Thanks
27 October 2010
The Income Tax Act extends to whole of India, Sikkim being part of India, any income arising there shall be taxable in India. The bonds of Rajasthan Govt., if not specifically exempt from tax as per IT Act, income from such bonds should be taxable in India.
CAclubindia
