The criteria to determine residential status in India are different under Income Tax (IT) Act and Foreign Exchange Management Act (Fema). As per the IT laws, a person can either be a resident or a ...

Determination of residential status is different under income-tax law and the exchange control law. While tax deduction will be at 30.90% or at 10%, your interest income will be taxable at slab ...

Tax incidence on a taxpayer in India depends upon his residential status. Whether an income earned by an individual, in or outside India, is taxable in India depends on the residential status of ...

Who is a non-resident for the purpose of income tax Generally, when determining the residential status of a person undertax ... of “not ordinary resident” under the tax laws within non-resident.

The first legal framework is provided under the Income Tax Act of 1961 ... Under the Income Tax Law, the residential status of a person is generally determined after the end of the financial ...

The residential status of an individual is a key factor to determine his or her income tax liability in India ... To the existing condition laid down under the Act , for an individual to qualify ...

The Finance Act 2020 and Finance Act 2021 have seen amendments for the residential status for individuals ... means that there is an income-tax liability on such person under the law of that ...

Ashish Gupta explains the provisions relating to tax on income from a house and the deductions allowed. <div class="section1"><div class="Normal">Income earned from a ...

The residential status is determined under section 6 of the Income Tax Act 1961. The number of days you reside in India is important. An NRI needs to stay outside India for 182 days or more.

Hence, when filing your ITR, you must accurately report the rental income earned during the financial year. This includes both residential ... House Property under Income Tax Act, 1961.