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RE:Foreign Currency Income
by Amitabh on May 05, 2007 10:37 AM

If you are resident and ordinarily resident in india,you will be taxed in india for income earned and received anywhere in the world.However,if the income is also taxed in Singapore on your salary or professional fees,you can claim relief in India for the tax paid/deducted at singapore in terms of Double taxation Avoidance Agreement,if any between India and Singapore or if none exists,interms of sec 91 of the income Tax act.This section allows unilateral relief to an Indian resident for the tax on doubly taxed income at the rate at which tax is paid abroad or Indian rate,whichever is lower.

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All these incomes are tax-free