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...
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 […]
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 received by […]
Different countries adopt different principles to tax the Income of an Individual. There are three main principles adopted globally to tax the Income of an Individual – Residence principles, Source principles, and Citizenship principles. In India, An individual’s income is taxed based on its residential status for any particular financial year, not based on citizenship. […]
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 […]
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.
*Yashish Sharma Determining the residential status for income tax purposes is a big challenge for this financial year and a part of the previous financial year. This has been a topic of debate as many non – residents had to extend their stay in India, in view of the lockdown and resultant suspension of international […]
The residential status of a person must be derived with reference to each previous year. He is Resident if any of the following 2 conditions are satisfied: a. He has been in India for a total period of 182 days or more during the previous year. b. He has been in India for a total […]
A Brief Discussion about the Residential Status of an individual and taxability of income according to their residential status in India Taxability In India, income is taxable is based on their residential status, so it is very important to know about residential status of any individual to check the taxability of income. Let’s know: Status […]
We all are no stranger to the fact that Residential status is the foremost requirement to be examined for each Previous Year while computing tax. Residential Status may vary Previous Year to Previous Year. Section 6 of Income Tax Act, 1961 deals with it. Recently major amendments have been inserted by Finance Act, 2020 in […]
Have we ever thought as to why is determining Residential status given so much of importance? It is because only on the basis of the residential status is the taxable income and tax liability of an entity is calculated and arrived at. Further depending upon the various persons and entity the definition of Residential status […]
