Credit of taxes paid in usa

Hi,

An assessee has filed his US Income tax return for year ended 31/12/11. As per the Double Taxation Avoidance Agreement between India and USA:

How much credit is available in India for US taxes paid?

How are Interest Income and dividend income earned in USA taxed in India?

The assessee has LTCG (-11632$) ie a loss. How will this impact his Indian Income tax return?

The assessee hax expired in FEB 2012 and has Retirement account(USA): $617500 AND Social Security(USA): $19808.Will these be taxed in India?

Please reply.

 

Replies (1)

As per my understanding, :

1. income earned/ received in USA shall be taxable in India only where the assessee is a resident and ordinarily resident of india for the respective financial year.

2. The credit for US taxes shall be claimed in India only when the taxes have been paid in USA and lower of taxes paid in USA or taxes due in India on the doubly taxed income.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
18 August 2026
Audit Assistant - Remote / Work From Home

CA ANOOP P K & ASSOCIATES

Kozhikode

CA Inter

View Details
Company
14 August 2026
Semi Qualified

Goyanka & Associates

New Delhi

CA Inter

View Details
Company
28 August 2026
Assistant Manager

NRS AND ASSOCIATES

Kozhikode

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details