Income Tax : An assessee's tax incidence is determined by his residential status. For example, an individual's residential status in India dete...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
Income Tax : Understand the differences in residential status under the Income Tax Act and FEMA for Indians working abroad. Know tax implicatio...
Income Tax : Learn how to determine the residential status for individual taxpayers in India under Income Tax Act 1961, including ROR, RNOR, an...
Income Tax : Learn how residential status affects income tax liability in India. Understand the classifications and criteria for residents and ...
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...
Explore the residency dispute in Smt. Kamla vs Hindustan Petroleum Corp. Detailed analysis of the court view on residency criteria under Foreign Exchange Management Act and Income Tax Act.
In this part you can gain knowledge about various provisions of Income-tax Law and Foreign Exchange Management Act, 1999 (FEMA) which are useful to a non-resident. The first part deals with provisions of Income-tax Law and the second part deals with the provisions of FEMA.
Uncover the impact of residential status on tax liability. Dive into the nuances of determining residential status in India and its significance in shaping an individual’s tax responsibilities. Explore examples and insights for effective tax planning.
Section 6 of the Income-tax Act [Residential Status] In order to determine the residential status under Income-tax Act, number of days of stay in India is to be calculated in previous year for which residential status is to be determined. Following are the scenarios in order to determine the primary residential status of an Individual: […]
Residential status is no of doubt great relevance since the entire taxability under the Income Tax Act, 1961 revolves around the fact whether a person is a resident or a non-resident. However, in recent years, section 6 which prescribes the computation mechanism of residential status has undergone a significant change. An attempt has been made […]
Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by the state such as good governance, welfare schemes, defense and others which are required for a state for maintenance and expansion. This principle although looks simple and efficient, requires the state to answer the basic question : How to Decide WHO to tax ? And providing theoretically and morally reasons to support taxing such individuals. One such answer given by the United States, Eritrea and Philippines is citizenship-based income tax rules.
Test of Residency for Individuals Basic Condition for a person to be Resident Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all to one hundred and […]
Foreign Exchange Management (Deposit) Regulations, 2016 do not allow NRI’s to hold the savings bank account in India which means banks are not allowed to accept deposits from the NRI’s in the form of a general savings account. However, Post Offices in India may maintain savings bank accounts in the names of persons resident outside India […]
The tax structure of India is very complex in nature. It depends upon the nature of persons, age, residential status, nature of income etc. The taxability of an assessee in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up […]
Understand how to determine your residential status for income tax purposes in India. Learn about the criteria and classification of residents and non-residents.
