There is no need for India to tax the global income of an NRI if he had stayed only up to six months in the country in the relevant assessment year, according to the parliamentary standing committee on finance. The committee doesn't favour the Direct Taxes Code (DTC) Bill proposal to tax NRIs' global income even if their stay in India is more than 60 days in the year.Essentially, the committee concurs with the extant provision in the Income Tax Act that NRI global income can be taxed only if the individual stays in India for more than 182 days in a year. A member of the standing committee on condition of anonymity told FE that many countries give visa to Indians for six months, which means they want to encourage them to stay for longer periods.
Source: Financial Express
No comments:
Post a Comment