Indian residents must report global business profits, claim FTC for foreign taxes, and disclose assets in Schedule FA of ITR.
This infographic explains taxation for Indian residents owning foreign businesses. Global income, including foreign business profits, is taxable in India. DTAA can reduce tax liability, and foreign tax paid can be claimed as credit via Form 67. Disclose business holdings in Schedule FA. Compliance with FEMA and RBI is mandatory for foreign investments, and non-disclosure can result in penalties under the Black Money Act.