Income Tax : The Income-tax Act determines residential status based on an individual's stay in India, income, citizenship and tax liability abr...
Income Tax : The article explains how residential status under the Income-tax Act and FEMA impacts taxation, foreign income reporting, business...
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 : 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...
Discover how Form NR can provide relief from double taxation to non-residents. Learn about the self-declaration form introduced by CBDT.
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 DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as per the provisions of the Income-tax Act, 1961 read with the DTAAs.
Do those who have been stranded due to lock down become tax resident due to overstay? Under the tax laws, residents are required to pay tax on their global income whereas non residents have to pay tax on their Indian income only. Your residential status is determined on the basis of aggregate period of your […]
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 […]
