Is Remittance of US Income taxable in India?
- Asked By
- Updated On:27-Jan-2021
- Replies:1
Short Answer
Paying double the taxes if you live abroad and in India makes no sense. However, if you're living in the US and moved to India and staying for more than 182 days, you will be liable for taxes in India a swell. however, under the DTAA agreement, users get some benefits on tax reductions.
Detailed Answer
I hope you all are doing great. I came back from the US on September 1st 2019 after three long years and I am settled in India now. But, I have a US consultancy company that I formed during my stay in the US. I earn money in USD and it gets credited to my US bank account regularly. I am going to be considered a resident of India as I will be living for more than 182 days in the FY 2019-20.
I have started remitting the money back into my father’s bank account in India. I pay taxes on my income in the US. Do I have to pay taxes on that income remitted to India as well? I know there is a DTAA that exists between India and the US. I am confused and I seek your opinion on this.
Please let me know. Looking forward to hearing from you.
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Discussion (0)
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