17 March 2008
Assessee has recieved 3000 USD after sufference of tax of 900 usd towards TDS.The same is towards Royalty which the university pays to all the students who had developed the product and hold the patent.Assessee was a student in USA and has since returned and is now a salaried employee in India.
Is the amount ;
1.Taxable in India. 2.If so , under Salary or Other Sources. 3.How to claim TDSA credit as TAX Identification Number of the university is not available on the form which has been received.This needs to be mentioned in ITR 2.Details of Tax Paid. 3.Amount was received in november 2007. 4.If not taxable , should it be disclosed as Exempt income.
1. Will be taxable in India. 2. Relation of Employee or Employer is to be check for tax under salary if relation not exist then Defiantly it will not in salary. 3. you will get the Credit of TDS deduct outside india . you can get the refief subject to the provision of DTR.
if it not taxable then it will be shown as exempt income.
17 March 2008
1.This income is taxable in india.(Hope Assesee is indian origin and resident of indian acc to the prov.) 2.This is Income From Other Sources.Royalty is not a salary income.For Salary empoyer and employee relationship is must. 3.I dont know abt this question. 4.This amount will be taxable in the ass year 2008-2009
18 March 2008
Just to add to what i had earlier mentioned :
Assessee is a Indian citizen who had gone abroad for studies .Along with the University and other fellow students holds a patent for a product.The royalty received by the University is approtioned and his SHARE was received in November 2007.Is there a clause that the MONEY has to be brought in before 6 months from the end of the year ??
The Form ITR 2 , has provisions for TAN and address of the deductor.So what is to be mentioned here.The Physical TDS certificate is available but ANNEXURES are not accepted .
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