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TMI BlogModification of residency provisions.X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be Indian resident in a year, if he,- (i) has been in India for an overall period of 365 days or more within four years preceding that year, and (ii) is in India for an overall period of 60 days or more in that year. Clause (b) of Explanation 1 of said sub-section provides that an Indian citizen or a person of Indian origin shall be Indian resident if he is in India for 182 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an individual who has been non-resident in nine out of the ten previous years preceding that year, or has during the seven previous years preceding that year been in India for an overall period of 729 days or less. Clause (b) thereof contains similar provision for the HUF. This category of persons has been carved out essentially to ensure that a non-resident is not suddenly faced with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y country/ jurisdiction on income they earn. Tax laws should not encourage a situation where a person is not liable to tax in any country. The current rules governing tax residence make it possible for HNWIs and other individuals, who may be Indian citizen to not to be liable for tax anywhere in the world. Such a circumstance is certainly not desirable; particularly in the light of current develop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in India. This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-22 and subsequent assessment years. [Clause 4] Budget 2020-21 + FINANCE BILL, 2020 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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