How will tax be calculated?

If an Indian in India is earning salary in Dollars (any foreign currency) directly from company in USA (anywhere foreign). How will tax be calculated?

How will the tax be calculated?

Will he be only required to pay the regular income tax that he would’ve otherwise paid if he was earning in India in Rupees? Are there any additional tax he must pay

Is there any tax benefit because of the foreign currency he’s earning?

Is there any scope of saving tax?

 

Anonymous Asked on June 13, 2017 in Taxations.
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1 Answer(s)

Kindly check the FIRC ( Foreign Inward Remitence Certificate ) with Bank and check the nature of payment. If its Salary then  you can ask if they have deducted / paid any withholding tax  . In India it will be taxable as Salary / Professional work fees as per the Nature.

The Income will be added as as regular Income… and you will be taxable as per the IT Slab here. If its a business receipt you can claim business expenses.

Regards

TaxIQ Answered on June 15, 2017.
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