NRIs’ residential status comes under I-T lens



NRIs’ residential status comes under I-T lens 

An NRI is spared tax on income outside India. A resident is required to pay tax on global earnings. 

A resident can attain NRI status by staying overseas for more than 182 days. The law also states that a person is a ‘resident’ if he has been in India for more than 60 days in the year in question and 365 days during the four years prior to that year.

Due to severe tax implications, many Indians carefully divide their time between India and abroad. While an NRI is spared tax on income from outside India, a resident is required to pay tax on global earnings.


Under the circumstances, persons who claimed NRI status (without fulfilling the norms on the period of stay) are being pulled up for alleged tax evasion and may be in for long litigation.


Read full news at:
//economictimes.indiatimes.com/articleshow/70136162.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Comments

Post a Comment

Popular posts from this blog

Tracking system for lost mobiles _ likely by August 2019

Image
DoT likely to start tracking system for lost mobiles next month i.e. August 2019   The Centre for Development of Telematics is ready with the technology and the service is expected to be launched in August. The government will launch a technology solution next month to enable detection of lost or stolen mobile phones that are operating in the country, an official said. The tracking system would make the detection of stolen mobile phones possible even if the SIM card is removed or unique code IMEI number is changed, the official revealed.  The Centre for Development of Telematics (C-DoT) is ready with the technology and the service is expected to be launched in August.  The government has proposed to allocate Rs 15 crore for setting up CEIR in the country that will bring down the number of counterfeit handsets and discourage theft.  Read Full   news at: //economictimes.indiatimes.com/articleshow/70115520.cms?utm_source=contentofintere...
Read more