Income Tax on Foregin Income

Dear Shishir,

For taxability of u'r income, u'r residential status is important and not of u'r company.

If u r resident and ordinary resident , u'r world income would get taxable in india inspite of it's origin and whether or not it is received in Indian Rupees or any other foreign currency....  Thus income is taxable in india at the regular slab rates for individual applicable for the Financial year concerned.

No exemption is available under Income Tax Act 1961 either under sec. 10 or under any other sections..

Hope this solves u'r query....

YOU ARE RESIDENT IN INDIA AS WELL AS YOUR INCOME IS ACCURED & RECD IN INDIA.

IT WILL BE TAXABLE IN INDIA AS NORMAL RATE OF TAX.

AS PER INCOME TAX ACT IF INCOME RECEIVED OR ACCURED IN INDIA TAXABLE IN INDIA HENCE ITS TAXABLE INCOME AS INCOME FROM SALARY AS ORDINARY PERSON AT NORMAL RATE AND LIMITS PRECRIBED BY INCOME TAX DEPARTMENT.

ITS NOT A MATTER OF FOREGIN COMPANY

HOPE U WILL FOLLOW IT.

THANKS

salary income is said to be accrued at place where services are rendered, since you are rendering services in india and receiving the salary in india it is clearly indian income and indian income is taxable in your hand whether you are NR, R+OR or R+NOR

In case you have been in india

for > = 182 days during the P.Y  or

> = 60 days during P.Y and > = 365 days during the 4 year immediately preeceding the relevant PY

then you will be Residence, else if both not satisfied then you will be NR for the said PY

assuming your PY to 2010-11 here are the rate of tax and AY 2011-12

Notes:

An education cess of 3% is applicable on income tax payable for every income tax assessee.

Hope it will solve your query :) ..... if mm wrong please clarify

take care

YOU ARE RESIDENT IN INDIA AS WELL AS YOUR INCOME IS ACCURED & RECD IN INDIA.

IT WILL BE TAXABLE IN INDIA AS NORMAL RATE OF TAX.