Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

FM allays NRIs fear over Direct Tax Code
January, 10th 2011

Finance Minister Pranab Mukherjee today allayed apprehensions of non-resident Indians (NRIs) that the proposed Direct Taxes Code (DTC) will be harsher on them in terms of their tax liability.

Clarifying that no decision has been taken in terms of DTC as the bill is currently being scrutinised by a standing committee of Parliament, Mukherjee said it is a wrong perception that NRIs become Indian resident for the purpose of taxation if he stays in 60 days in a financial year.

Ministry of Overseas Affairs has approached the Finance Ministry over this clause, which the Finance Minister termed as misconception.

At a CII-organised Pravasi Bharatiya Divas, Mukherjee explained that as per the DTC proposal, an individual will be resident only if he has also stayed for 365 days or more in the preceding four financial years, together with 60 days in a financial year.

"Only when the two criteria are met, an individual will be considered resident," Mukherjee said.

Explaining further, the Finance Minister said even if a person becomes a resident in any financial year, his global income does not immediately becomes taxable in India.

Global income will only be taxable if he also stayed in India for 9 out of 10 precedent years or 730 days in the preceding seven years, he explained.

DTC bill was tabled by the Government in Parliament last year and is expected to replace the archaic Income Tax Act from April one, 2012.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions