Foreign Income

This query is : Resolved

UMASHANKAR M S (Querist)
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25 June 2011 I am an indian origin but i m green card holder of America now i am started a business to india. My foreign income is taxable or not plz guide me

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 June 2011 It depends on your Residential Status. If you stay for 182 days or more in India, you can be treated as Resident as you are a person of Indian Origin.

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Your global income will be taxed in India however, tax rebate or concession will be allowed in respect to the tax amount paid by you on foreign Income.

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You stay less than 182 days in India , Your Residential status will remain as NRI. In that case your foreign income will not be added with the Indian Income and you will be assessed in respect to the Indian Income Only.