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Ca. Sachet Agarwal

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Latest Posts by CA. Sachet Agarwal

What Is Non Resident External (NRE) Account For Indian Seafarers?

July 31, 2021 2805 Views 0 comment Print

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

July 31, 2021 50661 Views 3 comments Print

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 […]

Deemed Residence Provisions not applies to Seafarers

July 31, 2021 2007 Views 0 comment Print

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 […]

Income Tax Guide For Seafarers

July 31, 2021 6276 Views 4 comments Print

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/ […]

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