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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. ....

Sunil Gidwani , Partner At Nangia Andersen , It Department , Tax Department On , Tax Department , Nangia Andersen , சுனில் கித்வனி , கூட்டாளர் இல் ணங்கிய ஆண்டர்சன் , அது துறை , வரி துறை ஆன் , வரி துறை , ணங்கிய ஆண்டர்சன் ,