Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: VAT Audit :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

Indian students may get income tax relief in US
February, 22nd 2008

Income tax relief could be in store for US-bound students with New Delhi planning to seek changes in the Double Taxation Avoidance Agreement. Indian students have to pay an income tax on earnings from part-time jobs. This is because the India-US tax treaty provides for treatment of Indian students on a par with US nationals without giving a special tax relief.

There is no provision of income-tax exemption for US nationals, with an annual income of up to $7,825 per annum attracting income tax at the rate of 10%. So, Indian students also have to pay income tax on any remuneration they receive as stipend for part-time jobs. Most students who go to US universities usually take up part-time jobs to meet expenses.

The thinking has been prompted by a China-US treaty having a favourable dispensation for the students. Under the China-US tax treaty, income of up to $5,000 per annum by students is tax exempt. The Indian tax authorities may initiate discussions with the US government on this, sources said.Financial assistance from home country is tax exempt under both the tax treaties.

Education being an expensive proposition in the US, it is natural for Indian students to work and earn while they study rather than depend totally on parental funding. With such a large number of Indian students going to the US, I see no reason why they should be on a less favourable footing compared to students from China. The Indian tax authorities should negotiate more favourable terms with their US counterparts, Ernst & Young partner Amitabh Singh said.

Indian students form the largest international students group in US universities. In 2006-07, the number of students was 83,833, 14.4% of the total international students in the country. Asian countries - India, China, South Korea and Japan - comprise 43% of all international students in the US.  

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions