double taxation treaties

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izzatsethi
Member since: Jul 03

Posts: 32
Location: Winnipeg
Post ID: #PID

Posted on: 21-06-04 13:20:16

Need to know implications of income tax for a PR card holder living in India. Does the indo-Canadian double taxation treaty cover individual income tax.Basically i am winding up my business in India and shall be filling my taxes on my Indian income here in India. However my landing papers confirm my landing in Canada in April 2004, even though i am still working in India, only. How do I file my Canadian tax returns to avoid double taxation?

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landed rearriving soon

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 21-06-04 19:48:12

If you are not living in canada you do not owe any taxes to canada on any income outside canada .

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We will find a way or we will make one

izzatsethi
Member since: Jul 03

Posts: 32
Location: Winnipeg
Post ID: #PID

Posted on: 22-06-04 12:07:04

Thanks that is a load of my mind. There may be some overlap when I have incomes both in India and Canada, what then?

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landed rearriving soon

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 22-06-04 12:52:58

Let me tell you a simple rule

If you are a resident of a country you have to pay taxes on your " world income" to that country .

If you are a non-resident of a country but have income there , you have to pay taxes on only the income earned in that country and you can take tax credit for that in the taxes to be paid in your home country

Hope this helps

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We will find a way or we will make one

Manasvi
Member since: Sep 03

Posts: 733
Location: Bahrain
Post ID: #PID

Posted on: 23-06-04 00:58:19

I am a Canadian PR working in Gulf having Investments in India which reap more than INR 150 000/- inerest income .

Q is -- Am I liable 4 tax on this income 2 India or Canada ??

In case my wife has property<CAD 100 000/- and is still 2 b sponsored how can she bring this money 2 Canada upon Imigration as a Spouse ??

Manasvi .

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 23-06-04 11:40:32

Hi Manasvi

couple of things need to be looked here

1) India does not tax NRI - so you owe no tax to India on income earned in India

2) Do u have connections to canada , are you maintaining your residency connections or you just landed and left . If you have sponsored your wife you are probably showing as a resident of canada and you need to then pay taxes on this money

In first case you are supposed to pay your taxes to canada on this income and in the 2nd case NO

3) Your wife can get the money when she comes in

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We will find a way or we will make one

Manasvi
Member since: Sep 03

Posts: 733
Location: Bahrain
Post ID: #PID

Posted on: 29-06-04 07:11:52

Quote:
Orginally posted by Smiley

1) India does not tax NRI - so you owe no tax to India on income earned in India

AS PER INDIAN IT LAWS INCOME OF AN NRI ACCRUING INSIDE INDIA IS TAXABLE @ A FLAT RATE OF 20 %

http://www.indiainfoline.com/lega/inta/ch15.html

Q IS --- IF I AM ALREADY PAYING TAX 2 THE INDIAN GOVT DO I HAVE 2 PAY TAX AGAIN 2 THE CANDIAN GOVT ??

3) Your wife can get the money when she comes in

HOW CAN SHE GET THIS MONEY (APPROX INR 30 LACS) IN USD OUT OF INDIA LEGALLY . PLS SPECIFY THE MODE AS THERE ARE RESTRICTIONS ON CONVERSION

I wud b obliged if sm1 cud share their knowledge on the matters above

Contributors: Smiley(5) izzatsethi(3) Manasvi(3) chandresh(1)

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