Comment with reasons on the taxability or otherwise of the following incomes for the year ended on 31st March, 2016 as per the Income-tax Act, 1961: Akhil, a not ordinarily resident, earned ₹65,000 from a business in Aus
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2016
Comment with reasons on the taxability or otherwise of the following incomes for the year ended on 31st March, 2016 as per the Income-tax Act, 1961: Akhil, a not ordinarily resident, earned ₹65,000 from a business in Australia when he was in Australia. Later the profits were remitted to India.
Answer & Explanation:
Not Taxable in India: Since, Mr. Akhil is not ordinarily resident 'NOR' in India and the Income accrued and received outside India i.e. from business in Australia, would not be taxable in India. Further, the subsequent remittance of the fund to India would not be deemed to be received in India.
Topics: Income Tax
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