2006-06-11 23:08:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
Taxation is based on the residential status of the person under the Indian Tax law. You have to determine whether you are an ordinary resident, not ordinary resident or non-resident. This has to be done with reference to the procedure given in the Act.
After which depending on your residential status, your tax liability will be computed.
2006-06-12 07:46:01 · answer #1 · answered by The Guru® 5 · 0⤊ 0⤋
Indian income is taxed in India, irrespective of your residential status. How ever, the same income (which is earned in India) can escape your resident country tax, subject to clauses of the Double taxation avoidance agreement, which India has entered with that country of your residence.
Money earned abroad, taxed there & sent to India (either for parents or otherwise) through proper banking channels will not be subjected to Indian Income tax
2006-06-13 06:43:31 · answer #2 · answered by vmp 2 · 0⤊ 0⤋
NRIs are supposed to pay tax on any income which has arisen or accrued in India. Otherwise there is no tax on any income. You may get some more idea by reading my just started blog http://q4tax.blogspot.com wherein first topic i have taken in FAQ is on Non Residents
2006-06-13 10:46:17 · answer #3 · answered by q4tax 3 · 0⤊ 0⤋
If you are NRI and you have earned income outside India and bringing that money to India then there is no tax on that money
2006-06-13 04:24:11 · answer #4 · answered by veeru 2 · 0⤊ 0⤋