Pay double tax if stay in India for more than 60 days

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web2000
Member since: May 06

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Posted on: 24-11-10 16:01:30

A new law coming into effect from April 1, 2012 which will discourage to stay in India for more than 60 days in any financial year.

Will the double taxation treaty apply or not?

http://indiatoday.intoday.in/site/Story/111627/Business/nris-to-face-more-tax-pressure-in-new-dtc.html

febpreet
Member since: Jan 07

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Posted on: 25-11-10 18:41:42

Looks to be only applicable for NRIs, and not Cdn. Citizens vacationing for more than 2 months. If I am not wrong.

chekram_04
Member since: Nov 06

Posts: 427
Location: Mississauga
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Posted on: 25-11-10 20:29:07

Quote:
Originally posted by febpreet

Looks to be only applicable for NRIs, and not Cdn. Citizens vacationing for more than 2 months. If I am not wrong.

According to IT Act NRI includes not only Indian citizens but a person of Indian origin who is born outside India, or a person of Indian origin who resides permanently outside India.
See
http://en.wikipedia.org/wiki/Non-resident_Indian_and_Person_of_Indian_Origin" target="_blank">LINK

So I think that new law will be applicable to all PR holders, cdn citizens, PIO holders and OCI holders.

KumarM
Member since: Jan 09

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Posted on: 25-11-10 21:09:47

This is a proposal. Let's see how it goes in the final notification and implementation.

febpreet
Member since: Jan 07

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Posted on: 26-11-10 00:51:53

So Indian Govt makes sure that you are screwed even after leaving India. They sure follow you. Jokes apart. How many people do live for more than 2 months when the maximum vacation days one gets is 4 weeks. Its another matter if you count in the retirees who spend a considerable time out there. Nonetheless, it is still to be seen and its all speculations at this stage.

Standby, for yet another 'gareeb maar'.

web2000
Member since: May 06

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Posted on: 26-11-10 10:44:05

Quote:
Originally posted by febpreet

So Indian Govt makes sure that you are screwed even after leaving India. They sure follow you. Jokes apart. How many people do live for more than 2 months when the maximum vacation days one gets is 4 weeks. Its another matter if you count in the retirees who spend a considerable time out there. Nonetheless, it is still to be seen and its all speculations at this stage.

Standby, for yet another 'gareeb maar'.

As long as DTAA(Double taxation avoidance agreement) apply there should be no problem, But one has to do the paperwork like obtaining resident certificate from other country,filing income tax return etc which is a hassle. Most of the people who will be affected are the businessmen who do there business in India and spend less than 180 days in India to escape from tax and get extra benefits of being an NRI. people living in Middle east will be affected. There are lot of people who control their business from India and spend less than 180 days to keep their status as NRI. If you have bank deposits and earning significant amount as an interest will pay 20% flat tax without any consideration of tax slab.

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
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Posted on: 26-11-10 11:11:31

Quote:
Originally posted by web2000

A new law coming into effect from April 1, 2012 >>>>>>>>>>>

This has been discussed on many NRI forums.
Happy April fool folks .....

PEace

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Contributors: web2000(3) febpreet(2) Gapodi(1) KumarM(1) chekram_04(1) tamilkuravan(1) hchheda(1) over2canada(1)

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