Find your Residential Status for Income Tax Filing purpose, particularly important for those who travel abroad for work or business. With few basic questions, the calculator automatically determine whether you are a Resident, Non-Resident (NRI), Ordinarily Indian Resident (ROR), Resident but Not Ordinarily Resident (RNOR). These statuses further determine your tax exposure to the income you earn in India and Abroad.
Necessity for determination of residential status of a person is to decide the tax liability on the total income earned by that person in a financial year. Kindly Note that major changes were incorporated for FY 2020-21 (AY 2021-22) as per Finance Act from Govt of India.
Most NRIs, Professionals, Expats, Multi National (MNC) Consultants, and Foreign Nationals, seafarers who should be aware of the Tax Residency Status in India and how they affect such in their other Host Country or Home Country and one must aware of DTAA regulations to properly accommodate the FTC in the corresponding tax returns. Who may have serious consequences in case such was not understood or considered properly.
This is a segment of taxpayers who earn higher income and generally lower compliance as et times did not understand the law as they were away from the motherland. professionalutilities.com advise you to pay et most attention before you decide on the tax residency status and while filing your taxes.
Distinction between Individual and Company tax residency status is important, while the later was understood fairly easily.
Starting from FY 2020-21 (AY 2021-22), the New Tax Rules dictate 'an Indian Citizen (passport holder) earning total income more than Rs. 15 Lakhs (other than from foreign sources) shall be deemed to be a resident in India, if he is not liable to pay tax in any country'.
The new Income Tax rules that defines Tax residency dictates an Indian Citizen is liable to pay income tax in India even if the person is not in India any time during the respective financial year as long as they met the above rules.
Govt of India released a circular on 08th May, 2020 for the previous year 2019-20 to help ease the tax residency rules for those who are affected directly or indirectly due to COVID-19. States
"Any person who visited India before 22nd Mar 2020, has been quarantined in India on the account of Corona Virus (COVID-19) on or after 1st March, 2020 and is unable to leave India on or before 31st March, 2020, his period of stay from the beginning of his quarantine to his date of departure or 31st Mar, 2020, shall not be taken into account in assessing the tax residency status".
Establishing the case would reside with the assesse in convincing the department that you are truly affected by the situation.
There are forms that need to be filed while filing your return if you have considered to take this exception in reducing the number of days while calculating the residency status. Kindly check with Team professionalutilities.com and / or take the consultation appointment.
At Professional Utilities, we leverage our industry knowledge and expertise to help businesses navigate complex regulations, minimize risks, and optimize operations for maximum efficiency and profitability.
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