Hi I was in US for 10 years (Aug94 to May2004) and returned back in May 2004 for good. I am working for a software company and am on US payroll. As per tax laws as a returned NRI I don't have to pay taxes on outside India income for two years from my date of return. I will be completing 2 years on May 2006. So going forward how should I plan my taxes as I won't be eligible for tax exempt starting May06?
i hold foreign passport and residing in india since over 30 years under indian visa and resident permit registered with local police commissioner's office. i am in dillemma as to whether i may be referred as nri? i am a person of indian origin (pio). anybody can guide me with provisions of our constition? thanks in advance. hiten. b.
I have a question. I am working for a indian company & paid salary for that, but i used to travel a lot and be outside india for 8 months for business purposes. I will be paid per diems (for food & local travel) by my client.
My question is if i save some money in the given per diems and take it back to india, is that money taxable?
If u r an NRI, then how to declair to Income Tax Deptt. if u were in india for 2 months in PY and then u got an employment in forigh company, then how to file tax in AY and how IT deptt will know that u r an NRI?
The article mentions that it is possible to plan your status as RNOR for eight continuous years by ensuring that you are a NRI for two consecutive years.
This is not possible since 2003 after an Ahemdabad High Court Judgement wherein it was decreed that the RNOR status can be enjoyed for a maximum of 2 years and not 8 or 9 years.
Subsequently, Finance Act 2003 amended Sec. 6 of the Income Tax Act and form 2003-04 onwards the maximum that one can maintain the RNOR status is for 2 years.
The notes on clauses of Finance Act 2003 further went on to say that this amendement is clarificatory in nature and it was always intended by the law to grant the RNOR status for a max of 2 years.
i'm an nri as per definitions in the sub. article; i'm working in the middle-east under a contract with a mumbai based public sector co.; but not on the regular pay-rolls of the firm.i get my salary (termed differently)in us dollars remitted to my a/c abroad.the indian firm deducts some (5%) percentage of the salary claiming it's tds (tax deduction at source)& is asking me to advise the pan no.(for tds disclosure?). appreciate if i could get clarifications as to : 1) because an indian firm is paying my salary, would i not become an nri? 2) what'd the purpose of this tds being deducted? is it really to be paid by me / firm? 3) am i bound to advise pan no.to the firm? 4) will i have to file income tax retuns? ( i used to file the returns when i was on the rolls of another public sector co. till around 4 years back.) regards!
If he is a resident for the PY 2005-06, we need to ascertain whether he was a resident in any two of the PYs 1995-96 to 2004-05.If no, he is a RNOR.
and
You can plan your residential status. For instance, it is also possible to plan your status as RNOR for eight continuous years by ensuring that you are a NRI for two consecutive years
They seem to be contradictory..
In my case, I was an NRI for 5 straight years.. but have now come back to india. I would be a resident in the next financial year. But as I have spent atleast 2 years being a resident in India in the last 10 years, I wouldn\'t be an RNOR, or would I be an RNOR given that I have been an NRI atleast for 2 years out of the last 10 years.. ?
