Illustrations related to Residential status and scope of income
Q.no 14 (h) Suppose interest received in London of money lent to a resident in india in london, brought to india AND if the payor (resident)used borrowed money in india Will it be not taxable in all 3 case (ROR,NOR,NR)? Or Only taxable in ROR ?
So what if he used borrowed money out side india for business ? Will it be taxable in the hands of ROR only ?
Yes, Taxable for ROR, if business is controlled from India then both ROR and NOR -Taxable.