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Income Tax Department conducts searches at leading real estate group Omaxe

Income Tax Department conducts searches at leading real estate group Omaxe
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Doubts over residency status remain - The Hindu BusinessLine

Doubts over residency status remain. Satya Sontanam BL Research Bureau | Updated on February 01, 2021 .but there are enough reasons to cheer Determining the residential status of a taxpayer for each assessment year is essential as the taxability and disclosure requirements for a taxpayer’s foreign income and assets depend on the residency status. In case of residents, their Indian as well as foreign income will be taxable in India. The reporting and compliance requirements are also tougher for residents. For instance, residents have to report in their tax returns, their foreign assets and income earned from such assets. So, for an individual, it is beneficial to be categorised as an non-resident (NR)/not ordinarily resident (NOR) rather than as a resident under the Indian tax laws, if one could do so.

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