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...
Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people. Benefits In […]
As the name suggests, short stay exemption is leeway given to resident individuals staying for short term in overseas country. Short stay exemption is available to an individual being resident of a country, staying in overseas country for less than 183/90 days during a tax year.
Explore the significance of Section 6 in the Income Tax Act, 1961, shedding light on the determination of an individuals residential status in India. Understand the tax implications and recent amendments by Finance Acts 2021 & 2022.
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 […]
