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NRIs try to sidestep deemed residency tax SECTIONS Share Synopsis These individuals are booking a slice of their income in jurisdictions like Singapore and Hong Kong to pay a small tax there in the hope that they would escape the glare of the Income Tax (I-T) department in India. Whether their aggressive strategy pays off would depend on how sternly tax officials interpret the law. Getty Images Many wealthy Indians with businesses and jobs abroad are trying to get around the country’s new tax rule that targets the global income of its citizens. These individuals are booking a slice of their income in jurisdictions like Singapore and Hong Kong to pay a small tax there in the hope that they would escape the glare of the Income Tax (I-T) department in India. Whether their aggressive strategy pays off would depend on how sternly tax officials interpret the law. ....
To avoid taxes in India, Dubai CA files a petition andhrawishesh.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from andhrawishesh.com Daily Mail and Mail on Sunday newspapers.
Double taxation sword hangs over NRIs heads, SC relief to be sought again Double taxation sword hangs over NRIs heads, SC relief to be sought again Sugata Ghosh | ET Bureau | Updated: Mar 6, 2021, 15:33 IST Highlights NRIs stuck in India were hoping for a relief from govt CBDT simply assured there would be no “double taxation” This has no consequence for NRIs from Gulf where there is no income tax Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent com.Read More (This story originally appeared in on Mar 5, 2021) Gaurav Baid, the 27-year old NRI chartered accountant, whose writ petition before the Supreme Court triggered a reaction from India’s direct tax authority, will once again knock at the court’s door. Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent communiqué from the Central Board of Direct Taxes (CBDT) which ....
CBDT note to face fresh Supreme Court challenge from NRI SECTIONS Share NRIs stuck in India were hoping for a relief from govt CBDT simply assured there would be no “double taxation” This has no consequence for NRIs from Gulf where there is no income tax Gaurav Baid, the 27-year old NRI chartered accountant, whose writ petition before the Supreme Court triggered a reaction from India’s direct tax authority, will once again knock at the court’s door. Baid, who works in Dubai, would either move a fresh petition or file an application challenging the recent communiqué from the Central Board of Direct Taxes (CBDT) which gave no relief to NRIs who, having overstayed in India due to the pandemic, now fear that their overseas earnings would be taxed by the Indian government. ....
Mumbai: The tax uncertainty faced by non-resident Indians (NRIs) which the Budget didn’t address and difficulties that companies may run into following the proposal to dismantle Income Tax Settlement Commission (ITSC) have triggered court cases. On Wednesday, the Supreme Court directed the apex tax body Central Board of Direct Taxes (CBDT) to respond to a representation from an NRI, who may be exposed to higher tax, for having overstayed in India due to Covid-19. And, on Tuesday, Saravana Bhavan, the largest chain of restaurants serving South Indian food, filed a petition before the Madras High Court to direct ITSC, which was formed to settle complex tax disputes, to accept its application. ....