BUISENESS MANAGEMENT
TAXES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Filipino citizen living in the Philippines who earns inside and outside the Philippines.
|
|
|
non resident citizen who earns outside the Philippines
|
|
|
an OFW who conducts business in the Philippines
|
|
|
a foreigner who earns income in the Philippines
|
Detailed explanation-1: -In case of resident taxpayer all his income would be taxable in India, irrespective of the fact that income is earned or has accrued to taxpayer outside India. However, in case of non-resident all income which accrues or arises outside India would not be taxable in India.
Detailed explanation-2: -income tax in India. The foreign income i.e. income accruing or arising outside India in any financial year is liable to income-tax in that year even if it is not received or brought into India. There is no escape from liability to income-tax even if the remittance of income is restricted by the foreign country.
Detailed explanation-3: -The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines.
Detailed explanation-4: -The basic exemption limit for individuals below the age of 60 years is Rs.2.50 lakhs. For senior citizens the exemption limit is Rs.3 lakhs and for very senior citizen who are above 80 years, it is Rs.3.50 lakhs. Note: *Tax rebate of Rs.2, 000 is calculated for those having annual income up to Rs.5 lakh.