Special Provision Of Computation Of The Total Income Of A Non-Resident Indian

[ Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets. ]

It is provided in Section 115D that no deduction in respect of any expenditure or allowance shall be allowed under any provision of the Income Tax Act in computing the investment income of a non-resident Indian. It is further provided that in the case of a non-resident Indian, where his gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction would be allowed under Chapter VI-A of the Income Tax Act. Further nothing contained in the second proviso to Section 48 would apply to capital gains of NRIs. It is also mentioned in the Income Tax Act that where the gross total income of a non-resident Indian includes any income of the type mentioned above, the total income shall be reduced by the amount of such income and if any deductions under Chapter VI-A of the Income Tax Act are to be allowed then they would be allowed as if the gross total income as so reduced were the gross total income of the assessee. Thus, this special provision is applicable where a non-resident Indian has certain investment income or has investment income as well as other income.
 
Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
1. Special Provision Of Computation Of The Total Income Of A Non-Resident Indian
2. Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?
3. Specified Foreign Exchange Assets Income From Which Is Eligible For The Special Provisions Of Assessment
4. Income Tax On Investment Income And Long-Term Capital Gains Of An NRI
5. When Is No Income Tax Payable On The Long-Term Capital Gains Of Foreign Exchange Assets?
6. A Non-Resident Indian Need Not File Any Income Tax Return In Certain Cases
7. When Does The Special Procedure Continue To Apply To A Person Even After He Becomes A Resident In India?
8. NRIs Have The Option Not To Be Governed By The Special Provisions
9. Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income
 
 
Get.. Tally.ERP9 Book + GST Practical Assignment @ Rs.550 Tally.ERP9 Book Online Order Tally.ERP9 Book Content
 
© 2018 : IncomeTaxManagement