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1. Non Resident External (NRE) account is an INR denominated account. Foreign currency earnings can be deposited in NRE accounts which are maintained in Indian Rupees. 2. Foreign currency earnings deposited in NRE account is completely repatriable. There is no limit on the amount of principal and interest earned which can be repatriated. 3. Interest […]
Seafarers – No Need To Pay Tax Even If You Have Not Completed NRI Days For Fy 2020-21 Many Indian Seafarers did not complete NRI days for FY 2020-21 due to pandemic. Despite various representations from Indian maritime unions, the Central Board of Direct Taxes (CBDT) and the Finance Ministry has not yet provided any […]
No Impact Of Deemed Residence Provisions On Seafarers After Amendment In Budget 2020 Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below? Budget 2020 had added the following provision in section 6 of the Income Tax […]
Residential Status As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculation of period outside India As per Notification No. 70/2015/ […]