siva (STUDENT) (37 Points)
16 February 2010Investment made in bonds of NTPC in abroad but Indian company. Is Interest received from tat is taxable in the hands of Resident but Not Ordinarily Resident???
And FD made in SBI ICICI abroad. whether interest from tat is taxable in the hands of Resident but Not Ordinarily Resident???
pls mail to us randrca @ gmail.com
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 16 February 2010
any income of an indian company is taxable in india... but relief can b sought if thr is a DTAA agreement between the country in which investment is made and india...
Amir
(Learner)
(4016 Points)
Replied 16 February 2010
Dear Siva,
In case of RNOR - Income accrure outside India from any Business controlled in or Profession Set up in India is taxable in India..[Proviso to Sec 5(1)]
In view of the above, interest on NTPC Bonds & SBI FD will be taxable in India.....
C.Balaji
(Learner)
(1867 Points)
Replied 16 February 2010
For a Resident but Not Ordinary ...
Income earned and accued in India - taxable
Income earned and received outside India but business is controlled in india - Taxable..
so agree with Mr.Amir's reply....
Ameet
(L)
(1678 Points)
Replied 16 February 2010
Resident but Not Ordinary - Income earned and received outside India but business is controlled in india is taxable
CAclubindia
