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...
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 […]
What is chargeable to tax is only Income. Naturally whatever qualifies as income under section 2(24) , shall be taxed as per the applicable tax rates under the income tax act. A key tangent to decide whether the income earned is taxable in India, is the residential status of the person who is receiving the […]
In this article, I have covered the need and relaxations provided by the Central Government on Residential Status in Circular no. 11 dated May 8, 2020. As per the provisions of section 6 of the Income-tax Act, 1961 ‘period of stay’ of an individual is used to determine the residential status of individual taxpayers. Ordinarily, […]
Recent clarification issued by CBDT – Lockdown time period will not be counted in the determination of residential status of NRIs for the FY 2019-20 Considering the impact of Covid 19 and amidst the situation of lockdown and suspension of international flights CBDT has recently issued Circular No 11 of 2020 dated 8 May 2020 […]
There is a change in the provisions for determining residential status, as per the amendment in Income tax act. The general rule will remain as same i.e. any person who is in India for more than 182 days will be treated as resident in India. OR, if he was in India for 60 days or more […]
