Taxability depends on the source of income
4 years, 3 months ago

Taxability depends on the source of income

Live Mint  

I have been living in London since 2001. Basic conditions: Physical presence in India during the relevant FY is 182 days or more; or Physical presence in India during the relevant FY is 60 days or more and 365 days or more in the preceding 4 FYs; or An Indian citizen if he is not liable to tax in any other country or territory by reason of his domicile or residence or any other similar criteria and total income other than income from foreign sources is more than ₹15 lakh. In respect of Indian citizens or Persons of Indian origin, who being outside India, come on a visit to India, the second basic condition is modified as follows: Instead of 60 days, physical presence in India during the relevant FY is 182 days or more; or Instead of 60 days, physical presence in India during the relevant FY is more than 120 days but less than 182 days and total income other than income from foreign sources is more than ₹15 lakh. An individual may qualify as NOR under either of the following circumstances: Non-resident in India in nine of 10 FYs preceding the relevant FY Physical presence in India is 729 days or less in the seven FYs preceding the relevant FY An Indian citizen if he is not liable to tax in any other country or territory by reason of his domicile or residence or any other similar criteria and total income other than income from foreign sources is more than ₹15 lakh; or An Indian citizen or a person of Indian origin if his physical presence is 120 days or more but less than 182 days in India in the relevant FY, his physical presence is 365 days or more in the preceding four FYs; and total income other than income from foreign sources is more than ₹15 lakh. An individual qualifying as ROR is taxable on global income and is required to report all foreign assets in the India income tax return.

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