Please Help: Income tax
Posted Date : 22-Jun-2011 , 03:52:49 am | Posted By ANISHA GUPTA
dear sir my nri client earned following income :-
1. income earned in australia - Rs. 60 lacs
tax paid on australian income - Rs. 20 lacs
2. income earned in india - rs. 4.50 lacs
what would be the tax liablity in india?
he purchased a house in india from foreign income ?
he is running a proprietorship business in india?
what entries he have to make in his indian books of foreign income? should he consider whole income in capital account in balancesheet and show withdrawl in capital account for purchase of property? please tell me the accounting entries for the same?
1. income earned in australia - Rs. 60 lacs
tax paid on australian income - Rs. 20 lacs
2. income earned in india - rs. 4.50 lacs
what would be the tax liablity in india?
he purchased a house in india from foreign income ?
he is running a proprietorship business in india?
what entries he have to make in his indian books of foreign income? should he consider whole income in capital account in balancesheet and show withdrawl in capital account for purchase of property? please tell me the accounting entries for the same?
Category : Income Tax | Answers : 5 | Comments : 1 | Hits : 449
Answers
Answer By: CA. Sachin Data
I think this is not the Income Tax question........
Answer By: Anjali Arora
What is his Status as per income tax act, ROR or RNOR or Non Resident. Please explain.....
Answer By: Mrattunjay
No issue, please explain the Residential status and come again if quarry not solved yet
Answer By: Rambabu Senkarasetti
Answer By: Vikash Kumar Jha
Your query will solve only if you provide your client's residental status.
Comments
Vikash Kumar Jha
20-May-2013 , 08:50:31 pmTax liabilities determinable only as per there residental status.