plese help me About NR, OR, ROR when the income will be taxable
9 Replies
Siddharth Mittal
(Chartered Accountant)
(112 Points)
Replied 27 November 2009
What u want to know as in section thr is income deemed to be accrue and arise while the scope of tax on ROR, RNOR and NR is in sction 5
G.E.Sudarsan
(Audit Assistant)
(97 Points)
Replied 27 November 2009
I think your question is not clear , this is ascertained on the basis of involve number of days and events, so pelase ask your doubt clearly
Bonita
(trainee)
(218 Points)
Replied 27 November 2009
there are two things to be seen while taxing a income
1) source of income
2) residential status
Source of income: there may be indian income or foreign income
Indian income is that income which accrue or arise in india or is received in India i.e the criteria for deciding the income to be indian income if it satisfies any one of the following condition
1) Accrue or arise/deemed to accrue or arise in India OR
2) Received or deemed to be received in India
Any Income which doesnot satifies any of the following criteria is a foreign income
Now checking the taxability the residential status of the assesse /person is to be seen
Income ROR NOR NR
Indian Income T T T
Foreign Income T T NT
(Certain Conditions)
T: Taxable
NT :Not Taxable
Indian Income will always be taxable for all type of residential status but foreign income will be taxable only for the ROR . Foreign income of business and profession is taxable for the NOR if the business controlled from India or profession is setup in India.
Abhishek pareek
(CFO & Compliance Officer (Listed Co.))
(98 Points)
Replied 27 November 2009
there are two things to be seen while taxing a income
1) source of income
2) residential status
Source of income: there may be indian income or foreign income
Indian income is that income which accrue or arise in india or is received in India i.e the criteria for deciding the income to be indian income if it satisfies any one of the following condition
1) Accrue or arise/deemed to accrue or arise in India OR
2) Received or deemed to be received in India
Any Income which doesnot satifies any of the following criteria is a foreign income
Now checking the taxability the residential status of the assesse /person is to be seen
Income ROR NOR NR
Indian Income T T T
Foreign Income T T NT
(Certain Conditions)
T: Taxable
NT :Not Taxable
Indian Income will always be taxable for all type of residential status but foreign income will be taxable only for the ROR . Foreign income of business and profession is taxable for the NOR if the business controlled from India or profession is setup in India
Y. S. Ghodvaidya
(Sr. Accounts Executive)
(67 Points)
Replied 28 November 2009
Hi All,
I am Working in Nagpur As Accounts Executive, Company have the Property in the Hyderabad. We are Planning to give these property on rent Basis. In that context there is one customer is come From Gulf Country that company has offering us some good amomunt of Rent amount. My Problem is that how we show that amount in our Books Of Accounst. And Second is That Compny has tells us that We are not Deducting any tax (TDS) on your payment. Then How that income show in my books of Accounst & Please tell me the Regular Practice for the Same.
Thanks & Regards
Yashodhan Ghodvaidya
Deepak goyal
(Apprentice)
(42 Points)
Replied 28 November 2009
thank u all of u for clearing the doubt
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