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How will income earned from professional services abroad be taxed in India?
October, 29th 2018

I am an Indian resident and I sometimes travel abroad to offer professional services. I am paid in my account in India for these services. Will this income be taxable?

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies: According to the Income-Tax Act, people residing in India are subject to tax in India for their global income. So, the income earned overseas by you will be taxed in India. However, if you have paid tax on this income in the foreign country, you can claim taxes credits in India. You will have to file Form 67, before filing your income tax return, detailing the credits to be availed, and also attach the proof of having paid the tax overseas.

I am a senior citizen and have invested Rs 4.45 lakh in four debt funds. But given bank FDs pay 8% interest, compounded quarterly, even after paying 5% income tax, their yield is better. Should I redeem my debt fund investment—over the past year return has been less than 4% and put the money in FDs instead?

Jayant R. Pai CFP and Head of Marketing, PPFAS Mutual Fund replies: Usually, the returns on short-term debt funds, liquid funds, rise in line with the hike in interest rates. Hence, the returns on your debt funds will closely track the returns on your fixed deposits (FDs). But if you are more comfortable with earning ‘fixed’ post tax return as opposed to the more fluctuating returns offered by debt funds, you may switch to FDs. However, this post-tax return too may change for holding periods above three years, considering debt funds enjoy the benefit of inflation indexation and FDs do not

How will one's income in a foreign country be taxed, if the income is sent to India?

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies: According to Section 5(2) of the Income tax Act, the total income of a non-resident Indian includes all income that is received in India. If the income is earned outside India but received in India, it will be taxable in India. But if the income is earned and received outside India and then it is remitted to India, it will not be taxed in India.

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