tax calculation

Income tax calulator for FY2007-08

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income tax

Hi Gigi, This is an information i got from a website.. Hope this will satisfy ur query.. For tax purposes, an individual may be resident, nonresident or not ordinarily resident. Non-Residents and Non-Resident Indians Residents are on worldwide income. Nonresidents are taxed only on income that is received in India or arises or is deemed to arise in India. A person not ordinarily resident is taxed like a nonresident but is also liable to tax on income accruing abroad if it is from a business controlled in or a profession set up in India. Capital gains on transfer of assets acquired in foreign exchange is not taxable in certain cases. Non-resident Indians are not required to file a tax return if their income consists of only interest and dividends, provided taxes due on such income are deducted at source. It is possible for non-resident Indians to avail of these special provisions even after becoming residents by following certain procedures laid down by the Income Tax act. Cheers, Sowmya

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ASHFAQUE AHMAD