ravindranath (student) (37 Points)
29 August 2011Hi All,
Plz help to solve this query.
A Non Resident Indian engaged in Forex Trade in Singapore.He earns income and pays tax as per the country's Tax laws.
He sends some of the earned amount to India.Is he liable to pay any Tax in india,on the money transferred ??
praveen
(Chartered Accountant)
(6971 Points)
Replied 29 August 2011
Not taxable. However, if he earns any income out of the transferred amount it becomes his Indian Income and will be taxable under his head.
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varahi
(STUDENT)
(2373 Points)
Replied 29 August 2011
"Not taxable. However, if he earns any income out of the transferred amount it becomes his Indian Income and will be taxable under his head."
i agree wit this...
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 29 August 2011
The taxibility arise when he received said money directly in India
A.Barli
(Article)
(216 Points)
Replied 29 August 2011
Assuming he is a 'non resident' as per the I.T Acts-
As per section, 5(2) it will not be taxed in India.
Moreover there is no tax liability on remittance to india.
therefore, no taxes.
CAclubindia
