Income Tax : Gain insights into India's residential status rules under Section 6 of the Income Tax Act, simplifying complexities for individual...
Income Tax : Learn why determining residential status matters for income tax in India. Explore the categories, tests, and implications for ind...
Income Tax : Explore the importance of determining residential status for tax purposes, its impact on global income taxation, and compliance st...
Income Tax : Explore intricacies of NRI residency status in Indian property transactions. Learn tax implications for resident and non-resident ...
Income Tax : Explore the intricacies of residential status under the Income Tax Act in India. Learn about individual and HUF classifications, c...
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...
Amendments to Section 6 (Residential Status) by Finance Act, 2020 are basically divided in three parts: 1.Curtailment of benefit of Explanation 1, in clause (b) to certain Indian Citizen and PIOs (person of Indian origin) (182 Days to 120 Days) with more than 15 Lacs Indian Income, 2. Deemed Residency for Indian Citizen with more […]
Introduction Finance Act 2020, as passed in Lok Sabha, brought up some significant changes to the provisions of determining the residential status of an individual in India. Finance Minister Shree Nirmala Seetharaman tried to narrow down the means by which an individual avoids taxes in India by becoming a non-resident in India. These changes have […]
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:
