TAX TREATMENT OF FOREIGN INCOME OF PERSONS RESIDENT IN INDIA
Author(s):
M.Saroja
Keywords:
income tax, residential status, tax relief at foreign income of the resident in India.
Abstract
the term income tax refers to a type of tax that governments impose on income generated by business and individuals. tax is the major source of revenue for the government, the development of any country’s economy largely depends on the tax for understand clearly in India taxes are divided into two types they are direct tax, indirect tax. for calculate the income tax there will be used some of the terms they are assesses, previous year, assessment year, residential status, gross total income, total income. Resident status is nothing but the taxability of an individual in India depends upon his residential status in India for any particular financial year. The time period residential status has been created under the income tax laws of India and must not be confused with an individual’s citizenship of India. An individual may be a citizen of India but may end up being a non-resident for a particular year. Similarly, a foreign citizen may end up being a non- resident of India for income tax purposes for a particular year. Also, to be aware that the residential status of various types. And there will be tax relief at the foreign income of the resident, tax liability of a resident on his foreign income &on a foreign income of a person not ordinary resident.
Article Details
Unique Paper ID: 153872

Publication Volume & Issue: Volume 8, Issue 8

Page(s): 234 - 240
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