The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act). The definition is explained in simple terms as under.
1: What is the Income tax liability of a NRI in India? Following income earned by a NRI is liable to tax in India: Any other income earned or received or deemed to be received in India is taxable in India. Income deemed to accrue or arise in India. Income ...
1: When is an assessee compulsorily liable to file ROI in India? An individual is liable to file ROI compulsorily only if his total taxable income in India without giving effect to the specified deductions and exemptions in the relevant FY (April – March) exceeds the maximum amount not chargeable ...
1: What is PAN? PAN is a ten-digit alphanumeric unique identifier, issued by Income Tax Department of India. PAN is mandatory for transacting in financial markets in India.PAN enables the department to link all transactions of the “person” with the Tax Department. These transactions include tax payments, TDS/TCS credits, return ...
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