Residential Status

Section 6 related to Resident in India including Concept of Deemed Resident

Income Tax - Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act, 1961 deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income Tax Act. This article will thro...

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Tax Liability on the Basis of Residence of Assessee

Income Tax - Direct tax imposed on the Income of assesses, is very significant source of revenue to the government. Government needs money to run various welfare and developmental programmes and to maintain law and order in the nation. Therefore, any person whose taxable income for the previous year exceeds the exemption limit is liable to pay Income ...

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Residentail Status: Determination and Importance

Income Tax - Taxability of a person is largely dependent on residential status. The Indian Government had also brought out major changes in provisions related to determination of residential status in last year. Section 6 of Income Tax Act Contains the provisions related to determination of residential status....

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‘Fasting’ for Stranded Resident Indians & ‘A Half-Baked Cookie’ for NRIs!!

Income Tax - As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years....

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Clarification regarding possibility of double taxation during Covid-19 – FY 2020-2021

Income Tax - The whole Covid-19 pandemic situation has made government to release a lot of relaxations and clarifications. One major concern that was brought forward for the clarification was the question of double taxation. Due to the pandemic, lot of flights were suspended making the temporary stay of the non-residents in India to extend for the fur...

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Scope of income and Residence in India | Section 5 & 6

Income Tax - Section 5- Scope of income – Income Tax Act, 1961 5. [1] the total income of any previous year of a person who is a resident includes all income from whatever source derived which— [a] is received or is deemed to be received in India in such year by or on behalf of such person […]...

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Suggestion /representation on 7 Important Direct Tax Issues

Income Tax - Following is the summary of Suggestion /representation on behalf of the taxpayers/professionals in connection with the Direct tax related matter. Detailed reasoning of same is provided in subsequent paragraphs....

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CBDT clarifies on Residential status & Issues new NR Form

Circular No. 2 of 2021 - (03/03/2021) - OECD as well as most of the countries have clarified that in view of the provisions of the domestic income tax law read with the DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as pe...

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Residential Status’s Popular Posts

Recent Posts in "Residential Status"

Section 6 related to Resident in India including Concept of Deemed Resident

Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act, 1961 deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income Tax Act. This article will thro...

Read More
Posted Under: Income Tax |

Tax Liability on the Basis of Residence of Assessee

Direct tax imposed on the Income of assesses, is very significant source of revenue to the government. Government needs money to run various welfare and developmental programmes and to maintain law and order in the nation. Therefore, any person whose taxable income for the previous year exceeds the exemption limit is liable to pay Income ...

Read More
Posted Under: Income Tax |

Residentail Status: Determination and Importance

Taxability of a person is largely dependent on residential status. The Indian Government had also brought out major changes in provisions related to determination of residential status in last year. Section 6 of Income Tax Act Contains the provisions related to determination of residential status....

Read More
Posted Under: Income Tax |

‘Fasting’ for Stranded Resident Indians & ‘A Half-Baked Cookie’ for NRIs!!

As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years....

Read More
Posted Under: Income Tax |

Clarification regarding possibility of double taxation during Covid-19 – FY 2020-2021

The whole Covid-19 pandemic situation has made government to release a lot of relaxations and clarifications. One major concern that was brought forward for the clarification was the question of double taxation. Due to the pandemic, lot of flights were suspended making the temporary stay of the non-residents in India to extend for the fur...

Read More
Posted Under: Income Tax |

Form NR to provide relief from double taxation to Non-residents

Introduction of Form NR entailing details for Non residents to sustain their residential status to prevent unnecessary or double taxation vide CBDT Circular No. 2 of 2021 Dated 3rd March, 2021. A very welcome and long awaited step taken by CBDT for the year 2020-21 by introducing this self declaration form to be submitted electronically [...

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Posted Under: Income Tax |

CBDT clarifies on Residential status & Issues new NR Form

Circular No. 2 of 2021 03/03/2021

OECD as well as most of the countries have clarified that in view of the provisions of the domestic income tax law read with the DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as per the provisions of the Income-tax Act, ...

Read More

Tax Implication of Overstaying in India due to lock down

Do those who have been stranded due to lock down become tax resident due to overstay? Under the tax laws, residents are required to pay tax on their global income whereas non residents have to pay tax on their Indian income only. Your residential status is determined on the basis of aggregate period of your […]...

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Posted Under: Income Tax |

Determination of Residential status of Foreign Citizen in India as per Income Tax Act

Determination of Residential status of Foreign Citizen in India as per Income Tax Act Step 1: First of all we have to identify whether the person is Resident Indian or Non- Resident Indian: An individual shall be treated as Resident in India if he satisfies any one of the below mentioned conditions: a) If, he/she […]...

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Posted Under: Income Tax |

Amendments in Residential status provisions – Impact on sea fearers

One of the major changes in the Finance Act, 2020 (‘FA, 2020’) is with respect to amendments in residential status criteria, which directly impacts the Non Resident Individual (NRI) community. Various news articles had spread wrong stories wherein they had stated that new amendments in FA 2020 will affect the taxation of salary receiv...

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Posted Under: Income Tax |

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