02 November 2022
I have received Consultancy fees for rendering services to Asian Development Bank(ADB). I want to claim exemption from Income Tax. So can I claim exemption under United Nations (Privilege and Immunities) Act 1947 as it overrides whole Income Tax Act and the UN Act grants exemption from Income Tax on salary and emoluments received from UN nations. Headquarter of ADB is in Philippines and it is a member of UN. So can I claim exemption under UN Act 1947?
02 November 2022
"The Government of India declares that India retains for herself and her political subdivision the right to tax salaries and emoluments paid by the Asian Development Bank to citizens or nationals of India."
CAclubindia
