Answered on February 07,2020
The Income-tax Act of India mandates that those who are paying rent to NRIs must deduct TDS(Tax Deducted at Source) at 31.2%. The responsibility of deducting TDS rests on the tenant, who is likely to face penal consequences for not doing so. In case your son does not have taxable income in India or tax rate applicable on his total income in India is lower than 31.2%, he can apply for a certificate for lower TDS deduction by filling up Form 13. The income tax officer will issue a certificate for nil or lower TDS deduction. This certificate is issued for each financial year. Unfortunately, due to the provisions made in the law, you cannot deposit advance tax on his behalf to avoid TDS.
- In a case where disputed tax contains qualifying tax arrears as also non-qualifying tax arrears (such as tax arrears relating 10 assessment made in respect of undisclosed foreign income): Whether the assessee is eligible to the Vivad se Vishwas itself? If eligible, whether quantification of disputed tax can exclude/ignore non-qualifying tax arrears?
- I hold a PAN (permanent Account Number) and OCI (Overseas Citizenship of India) card and am a current citizen and tax resident of Australia. I am planning to come back to India after retirement. Will my Australian retirement funds which are tax-free in Australia be also tax-free in India, if I decide to become an Indian tax resident in the future?
- I am a non-resident Indian (NRI). I do (Systematic Investment Plan)SIPs in six equity mutual fund schemes that amount to INR1.8 lakh a month. I do not have any income in India and every year I get refund for tax deducted at source (TDS) of debt funds. I would like to churn my portfolio (units that have completed 1 year) every year before 31 March and reinvest the amount in same plan before 31 March. Will long-term capital gain tax (LTCG) tax reflect on my 26AS certificate? Can I claim refund as I do not have any income in India?
- I was an Non-Resident India (NRI) for 6 years (FY2009-10 to FY2014-15). Then, I spent most of the last 2 financial years in India. For tax purposes, I attained Not Ordinarily Resident (NOR) status for two financial years (FY 2015-16 and FY2016-17). What would be the actual count of days that would determine my tax status in India? How will Indian tax authorities consider the taxability of my Dubai salary?
- I am an Indian resident. Can I ask the US firm to deposit the money directly into my India bank account? What will be the interest rates paid to me by the banks in India? Will the US firm be expected to deduct TDS and remit to income-tax department in India and give me proof of such deposit in Form 16. Will I need to charge Goods and Services Tax, (GST) on the earnings and remit to government?
- I was living in Australia for the past 9 years. I have come back to India. I have a job and income in India on which I pay taxes and file tax return. However, for this year, I would not have spent more than 180 days in India. When I file the tax return, will this income be included in my income or can I exclude it for tax purposes?
- I am a returning non-resident Indian (NRI) and my status will be converted to Resident but Not Ordinarily Resident or RNOR) in India. I hold some shares in the US that are not subject to any tax as they were bought from the UAE. Will I have to pay Long-Term Capital Gains (LTCG) tax on these shares once I am back to India? If I have to, I would prefer to liquidate those shares and bring the capital with me once I come back to India. Are assets acquired outside India from non-Indian income taxable once I become an ordinary citizen of India?