sunandoghosh - 8:54 am on Apr 16, 2005 (gmt 0)

Hi gulugulu,

Yes the issue u raised also bothered me in the past.

well i have reported in my it return as income.

this i say because i am myself a chartered accountant with taxation as my special area of interest although i do not practice taxation.

ask ur lawyer to be more specific. because to my knowledge there is no section, sub section, clause, subclause which specifically exempts it.

ask him under which section he is forming his opinion on.

(i have done a review of all Sec.10, 11,12, 13, sec 80's and the like)

and the principle of taxation as understood is "unless specifically exempted, all income are taxable" (in line with sec.2(24) of IT Act, 1961)

SO my advise would be just ask ur lawyer to be very specific and cite the section under which he is basing his opinion.

The general conception that any amount earned in US dollars will attract special treatment enabling exemption is misunderstood.

thanks

sunando