Income Tax : The issue concerns tax relief for foreign investors in infrastructure. The key takeaway is that specified funds can claim exemptio...
Income Tax : Residential status under the Income-tax Act determines taxability based on stay, control, or management. The key takeaway is that ...
Income Tax : Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status ...
Income Tax : Residential status under Section 6 determines whether a taxpayer is liable for global income or only Indian-source income. The rul...
Income Tax : Residential status under the Income Tax Act, 1961 defines who is taxed and on what income. The article explains how residence, not...
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...
Income Tax : Following is the summary of Suggestion /representation on behalf of the taxpayers/professionals in connection with the Direct tax ...
Income Tax : Mumbai ITAT rules in favor of assessee in residential status dispute. Case details of ACIT vs. Nishant Kanodia for AY 2013-14. Com...
Income Tax : ITAT Delhi held that Tax Residency Certificate (TRC) is statutorily the only evidence required to be eligible for the benefit unde...
Income Tax : Narayanan Subramaniam Vs ACIT (ITAT Delhi) Controversy involved is primarily with regard to question if the assessee had non-res...
Income Tax : Explore the residency dispute in Smt. Kamla vs Hindustan Petroleum Corp. Detailed analysis of the court view on residency criteria...
Income Tax : 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 D...
Covid 19 Impact on Residential Status Under the Income Tax Act, 1961 for the F.Y 2019-20 Background 1. Section 6 of the Income Tax Act 1961, deals with the determination of residential status of a person (i.e resident, Non-resident and Not ordinary resident). 2. The taxability of income of person who is stay outside India […]
In this article, we have discussed about how the residential status of an individual taxpayer can be determined for the Previous Year i.e 2019-2020 or Assessment Year 2020-2021.
Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS & TCS Rates Pre & Post 14th May 2020, […]
RESIDENTIAL STATUS OF AN INDIVIDUAL Resident Indian Citizen or person of Indian Origin – Stay in India for 182 days or more during the relevant year OR – Stay in India for 120 days or more during the relevant year and 365 days or more during the preceding four years – Total Income other than […]
Finance Act, 2020 has amended section 6 to insert new sub-clause (1A) with an intention to bring into tax net the persons who are not liable to pay tax in any country due to their domicile or residency or any other criteria of similar nature. The newly inserted clause reads as under: “(1A) Notwithstanding anything […]
The Finance Bill 2020 has been passed by the Parliament with some major relaxations on March 23, 2020. At the stage of passing of the Bill, there have been amendments made which would directly impact the Non Resident Individual community w.e.f 01st April, 2020. The Article here explains the concept of Residential status, deemed Resident, […]
The Finance Act, 2020 made several amendments in the provisions of the section 6 of the Income-tax Act, 1961 (Act) with aim to bring the stateless person (an individual who is citizen of India and having income other than foreign source more than Rs. 15 Lakhs) in tax net of the India.
The author has made an attempt to discuss each amendment made under section 6 of the Act in a tabular format, so that it is easy for the readers to understand the difference between the provisions as per the erstwhile law, the provisions proposed by the Finance Bill, 2020 and the amended law as mentioned in Finance Act, 2020:
Introduction With the recent amendment by Finance Act 2020 in residential status provisions, NRIs are looking for possible understanding. It is crucial to understand the same as taxability of any income in the hands of an individual depends on the below criteria:- – Residential Status of the individual as per the Income tax act and […]
1. The conditions to be called as an Indian RESIDENT or NON RESIDENT are: An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period 182 days or more or Or, (b) Staying in India for 60 days in last financial […]
