Based on a tunneling Hamiltonian description. we calculate the Josephson, n
ormal, and interference currents between two Bose-Einstein condensates desc
ribed by the Bogoliubov theory. The dominant Josephson term is of first ord
er in the tunneling with a critical current density proportional to the gro
und state pressure. In contrast to superconductors, the normal current rema
ins finite at zero temperature. We discuss the dynamics of the relative pha
se in a semiclassical approximation derived from an exact functional integr
al approach, which includes the interaction effects at fixed total particle
number. It is shown that the normal current leads to a damping of the Jose
phson oscillations and, at long times, eliminates the macroscopic quantum s
elf-trapping predicted by Smerzi et al. Finally, we give estimates for an e
xperimental realization of Josephson tunneling in cold atomic gases, which
indicate that coherent transfer of atoms might be realized with a Na-23 con
densate.