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  • News From Press Furnish Form 67 to claim foreign tax credit in India tax return

    Furnish Form 67 to claim foreign tax credit in India tax return

    Source: Mint Sep 19, 2017

    If a person lives in India for more than 182 days and in the remaining period works outside India, and gets a salary for that work, how should we compute the tax liability of the person? To compute tax liability of that person, how should I convert the amount of the salary to India rupees from dollars? How should I decide what exchange rate to consider for this purpose?

    —Deepak Joshi

    Based on the information available, the person will most likely qualify as ‘Resident and Ordinarily Resident’ (ROR) in India. However, the person may qualify as ‘Resident but Not Ordinarily Resident’ (RNOR) if he satisfies any one of the below mentioned conditions:

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