How the deemed residency rule can hurt NRIs in some West Asian countries
New Delhi, May 14 -- For over two decades, an Oman-based NRI has called Muscat home, building a career in a country that levies zero personal income tax.
In India, he filed his tax returns dutifully, claimed NRI status and availed the concessional rates that came with it, including the 5-20% flat tax on interest and dividend income, which would otherwise be taxed at slab rates for residents. It was meant to be a watertight benefit under the Double Taxation Avoidance Agreements (DTAA).
Then, last year, the income tax department came knocking. The assessing officer opened the NRI's assessment and labelled him a deemed resident of India under Section 6 (1A) of the Income Tax Act, stripping away all non-resident benefits in one move.
Secti...
Click here to read full article from source
इस लेख के रीप्रिंट को खरीदने या इस प्रकाशन का पूरा फ़ीड प्राप्त करने के लिए, कृपया
हमे संपर्क करें.