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Residential Status – Budget 2020 Proposals – Impact On NRIs, OCIs, PIOs, Expatriates, Foreign Citizens

Budget 2020 proposed three changes in Residential Status of Individuals. These new provisions of Budget 2020 will put a direct impact on the residential status of NRIs, OCIs, PIOs, Expatriates, Seafarers, other Indian citizens etc. Here is an analysis (by our NRI Tax Team) of the new proposals: Budget Proposal 1 – NRIs PIOs Stay in India 181 days reduced to 119 days Particulars Earlier Law Proposed Law (in Budget 2020) Resident In India – General criteria (two criteria)  …

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Aadhaar – PAN Linking – Various Provisions, Impact On NRIs, Foreign Citizens Etc

Background – Inserting Of Section 139AA in Income Tax Act, 1961 In the Budger 2017, Govt of India has introduced a new section 139AA in the Income Tax Act, 1961. This new provisions has made it mandatory for individuals to link their Aadhaar with Permanent Account Number (PAN). Section 139AA Every person, who is eligible to obtain Aadhaar number, shall quote Aadhaar in PAN Application as well Income Tax Return. Where a person does not possess the Aadhaar number he…

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Nri Law Updates

Income Tax Appellate Tribunal Cochin – The DCIT (International Taxation) Kochi vs K E Faizal – STCG On Equity Oriented Mutual Fund Not Taxable in India: Indo-UAE Treaty – July 8, 2019 Assessee, an individual (NRI), resident of UAE, a non-resident in relevant AY ie 2012-13 in India, derived income from short term capital gains (STCG) from alienation of Equity Oriented Mutual Fund Units. AO considered that it is taxable in India under clause 13(4) of Indo-UAE Tax Treaty by considered…

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