INCOME -TAX APPEL- LATE TRIBUNAL AL- LOWS TO TAKE CREDIT FOR TAX ALREADY PAID
Aish gets tax relief on US, UK earnings
Actress Aishwarya Rai has got tax relief for earnings from the UK and the US. The Income Tax Appellate Tribunal (ITAT), Mumbai has allowed the actress to take credit for the tax already paid
in the UK and the US on these earnings. The income tax department had wanted to tax the income she had received from the UK and the US, without giving allowance for the tax she had already paid
in these countries. The income sought to be taxed was Rs. 16.24 crore Ms Rai had earned by performing in the UK and the US. The department raised a tax demand of Rs. 77 lakh for the
assessment year 2004-05, without allowing credit for over Rs. 49 lakh she had paid as tax in those two countries. The tax officer's refused to give credit for the tax paid as tax in those two countries.
The tax officer's refusal to give credit for the tax paid abroad was on the ground that her foreign income was not offered for taxation under the Income-Tax Act.
Actress Aishwarya Rai has got tax relief for earnings from the UK and the US. The Income Tax Appellate Tribunal (ITAT), Mumbai has allowed the actress to take credit for the tax already paid
in the UK and the US on these earnings. The income tax department had wanted to tax the income she had received from the UK and the US, without giving allowance for the tax she had already paid
in these countries. The income sought to be taxed was Rs. 16.24 crore Ms Rai had earned by performing in the UK and the US. The department raised a tax demand of Rs. 77 lakh for the
assessment year 2004-05, without allowing credit for over Rs. 49 lakh she had paid as tax in those two countries. The tax officer's refused to give credit for the tax paid as tax in those two countries.
The tax officer's refusal to give credit for the tax paid abroad was on the ground that her foreign income was not offered for taxation under the Income-Tax Act.
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