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INTERNATIONAL TAXATION

Income Tax - Direct Tax Code - DTC - By: - Atul khurana - Dated:- 27-5-2016 - International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross - border transactions. It is concerned with Direct Taxes and Indirect Taxes - Kevin Holmes INTRODUCTION: in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there .....

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termination of tax on a person or business subject to the tax laws of different countries or the international aspects of an individual country's tax laws as the case may be. For detailed study of this topic we have to understand the tax provisions already prevailing in India: Indian income tax provisions related to Non Residents: Residential status of a person describes the taxability of that person in a county but in the case of Non-resident only that Income which is received or deemed to .....

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l Gains from transfer of any Capital Asset situated in India. 4. Income from Salary earned in India - i.e. if Service is rendered in India. Where a rest period which is preceded or succeeded by services rendered in India forms part of the service contract of employment, the same shall be considered to be income earned in India. 5. Income from salary (other than perquisite &/or allowance ) paid by Government of India to an Indian Citizen of India even though the service is rendered out of Ind .....

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resident indian who is below the age of 60 years. But, in the following two cases NRIs need not to file tax return: If taxable income consists of only investment income or long term capital gains. When the tax has already been deducted at source, on such income. Besides the above benefits, NRI s are also granted with some tax free incomes which are notified by Income Tax department as follows: Interest earned on Saving Certificates etc. Interest earned on Non Resident (Non Repatriable) [NRNR] D .....

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ly Resident as per the provisions of Income Tax Act, 1961. Interest earned on Foreign Currency Non Resident (Bank) [FCNR(B)] Deposit continued until maturity by a Non Resident Indian (NRI) who has returned to India for taking up employment , business, vocation i.e. for permanent settlement provided he is a Non Resident or Resident but Not Ordinarily Resident as per the provisions of Income Tax Act, 1961. Overseas income of NRIs. Dividend income from Indian Public/Private Company, Indian Mutual F .....

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luding remuneration of their employees, and income of their family members which accrue or arise outside India. Interest on notified bonds. TAX DEDUCT AT SOURCE (TDS) provisions related to NRI s: TDS provisions Finance Act, 2008 inserted a new sub section (6) to section 195 effective from April 1, 2008, which requires the person responsible for making payment to a non-resident to furnish information relating to such payments in forms to be prescribed. The Central Board of Direct Taxes ( CBDT ) h .....

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a certificate from a Chartered Accountant in Form No 15CB Certificate in Form 15CB is not required when remittance does not exceed ₹ 50,000 (single transaction) and ₹ 2,50,000 (in total in a financial year). Step 2 : Furnish the information in Form No15CA Step 3 : Electronically upload Form 15CA on the designated website Step 4 : Take Print out of Form 15CA and file a signed copy Step 5 : Remit money to the Non Resident There is a very common doubt which generally strike the minds of .....

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of NRI s and that amazing thing is DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) What is DTAA? DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) is an agreement signed between two countries/nations for resolving the issues of taxability of income and increased transparency to avoid tax evasion. Why DTAA? Every country has its own taxation structure according to which they determines the taxability of people residing there and also taxability of the people who does not belongs to their country but with so .....

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e Investment & Mutual Relation Prevent Fiscal Evasion Presently, India has the DTAA with more than 85 countries. This states that if a NRI is a resident in any of those 85 countries and he/she is paying taxes on income earned then he will be eligible for a tax benefit in either of the following two ways: Exemption method: under this method, any one country will tax the income of NRI. Means if the income is taxed in India then the same income will not be taxed in his own country. Credit metho .....

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e of a non- resident Indian. Where in the case of an assessee, being a non- resident Indian,- the gross total income consists only of investment income or income by way of long- term capital gains or both, no deduction shall be allowed to the assessee under Chapter VIA and nothing contained in the provisions of the second proviso to section 48 shall apply to income chargeable under the head Capital gains the gross total income includes any income referred to in clause (a), the gross total income .....

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payable by him shall be the aggregate of- the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of 20%; the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of 10%; and the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of .....

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clause (4B) of section 10, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- If the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; If the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proporti .....

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