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The last date of filing an income tax return for FY 2020-21 i.e., December 31, 2021, is approaching soon. It is important that an individual file his/her tax return using the correct ITR form notified for that year.
NRIs – determination of residential status – again in limelight Authored by Suresh Surana There are over 28 million non-resident Indians (NRIs) settled outside India primarily concentrated in the US, UK, UAE, Saudi Arabia, Canada, Singapore, Hong Kong and other countries. The NRIs have always played an enormous role in India’s growth and economic progress due to investments in India and remittances made to India. Residential Status Crucial to NRIs Residential status is ascertained for each financial year (1 April to 31 March) separately. Residents are liable to tax on their worldwide in...
'Liable to tax' redefined, jolt for a whole host of Indian businessmen with offshore connections SECTIONS 'Liable to tax' redefined, jolt for a whole host of Indian businessmen with offshore connectionsET Online Last Updated: Feb 02, 2021, 10:36 AM IST Share Synopsis Till now, the term "liable to tax" had not been clearly defined. As a result, the taxman used a host of other mechanisms to deal with such cases. Some of these were exclusively related to Indian citizens living in the UAE. The move will majorly impact desi companies that have NRI-owned group entities in popular tax havens such as...