5% TAX ON FOREIGN INCOME FOR NRI STARTING 2009 -10 - WHETHER THIS CORRECT?
LOT OF MAILS ARE CIRCULATING THAT THE GOVT OF INDIA IS IMPOSING TAX @5% FOR NRIs. THE MAIL ALSO GIVES THE WEBSITE http://www.incometaxindia.gov.in/ . I COULD NOT FIND ANYTHING IN THIS WEBSITE ABOUT THIS NEWS. IS THIS FAKE?
There is no truth in the notice being circulated. It is just a ploy to defame the current govt ( though I am not pro UPA ). Can you imagine the UPA shootig themselves in the foot? No I dont think Chidambaram and group are foolish. On the other hand they are highly qualifiede and very shrewd. They tax you from nose to tail and you dont even realise it.
its an election oriented panic email as on now.
Dont worry it will never happen as direct tax to the foriegn income.
Well as for income from the forieng savings or investments in india they are still taxable that was there before also.
This news is not supported by any link to circular, notification issued by The Income Tax Deptt of India, and therefore can not be relied upon. As of my information the ITD has not issued any such kind of notification till date.
Rajendra Chauhan
Managing Partner
www.caclubindia.com
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