31 July 2013
I am indian national.I am working in dubai,UAE which is tax free country.now as per NRI norms, I became an NRI AS stayed for more than 182 days during a year.
I sends money to India from foreign currency to INR in Indian Bank every month . Does Remmitance to India taxable? If am I making FD on NRI status, is interet is taxable in India ?
31 July 2013
fd interet from NRE account is not taxable..however if you have recieved fd interest from normal fd deposit in india,the interest receivavle will be taxable
02 August 2013
There is no agreement under DTA between Dubai and India and the income is exempted in Dubai which you want to bring to in but from which source has not been mentioned. If you have earned dividend from companies of Dubai and you want o bring the same to india then read this
Tax on certain dividends received from foreign companies. 115BBD. (1) Where the total income of an assessee, being an Indian company, for the previous year relevant to the assessment year beginning on the 1st day of April, 2012 or beginning on the 1st day of April, 2013 includes any income by way of dividends declared, distributed or paid by a specified foreign company, the income-tax payable shall be the aggregate of— (a) the amount of income-tax calculated on the income by way of such dividends, at the rate of fifteen per cent; and (b) the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the aforesaid income by way of dividends. (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1). (3) In this section,— (i) "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof; (ii) "specified foreign company" means a foreign company in which the Indian company holds twenty-six per cent or more in nominal value of the equity share capital of the company.]
CAclubindia
