Rakesh
libi789@yahoo.com
[ Scorecard : 67]
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Posted On 14 May 2012 at 07:57
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Could you please calculate my residential status for the Assessment Year 2011- 2012 with the following information
Stay in India during
Financial years 2006-2007 = 58 days
Financial years 2007-2008 = 45 days
Financial years 2008-2009 = 47 days
Financial years 2009-2010 = 60 days
Financial years 2010-2011 = 230 days
I have yet to file the return of income for the Assessment Year 2011- 2012 but not sure about my residential status
Thanks in advance
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rohit
student
[ Scorecard : 357]
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Posted On 14 May 2012 at 08:23
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Resident but not ordinarily resident.
Total thanks : 1 times
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Mayank Mall
BCom. + CA Student (IPCC)
[ Scorecard : 266]
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Posted On 14 May 2012 at 10:09
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Resident but not ordinarily resident.
Resident...Previous Year Stay is more than 182 days
Not Ordinarily Resident......Assesse in 2 years out of 10 years immediately preceeding PY should be a resident, from your information (just of 4 years), you are not residet in any of those 4 years(<182 Days).
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Rakesh
libi789@yahoo.com
[ Scorecard : 67]
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Posted On 14 May 2012 at 16:11
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I have been adviced that my residential status would be Non Resident for Tax purpose as I am working abroad and my visit in the prcceeding four previous yeras is less than 365 days in total
Any comments
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Mayank Mall
BCom. + CA Student (IPCC)
[ Scorecard : 266]
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Posted On 14 May 2012 at 16:28
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Well we have got two conditions to determine the residential status....(either of these should be held true)...
1. In Previous year total stay is 182 days (as in your case)
2. In previous year stay is 60 days and in 4 years out of 10 years preceeding PY, total stay should be 365 (not in your case).
So like i said, either of the above two should be satisfied, you satisfy condition 1 so no doubt your status is resident and not ordinarily resident (not ordinarily as based on my previous reply)
Total thanks : 1 times
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rohit
student
[ Scorecard : 357]
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Posted On 14 May 2012 at 21:46
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That perception of you being "non resident" is absolutely wrong for the A.Y. 2011 - 12. It is Resident but not Not ordinarily resident
Total thanks : 1 times
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Rakesh
libi789@yahoo.com
[ Scorecard : 67]
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Posted On 14 May 2012 at 22:56
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Thanks a lot for replies.
With these discussions, I presume that I have to file the return as an "Resident" as I am living abroad since only 2006-2007 and for RNOR status one has non resident for atleast 9 years out of 10 years. Please correct me if I am wrong
If I file my return of income as Resident, do I need to show my Salary for four months which I earned abroad and also paid tax there and the interest income earned on FCNR for the year during which I am resident in the Return of Income?
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Mayank Mall
BCom. + CA Student (IPCC)
[ Scorecard : 266]
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Posted On 15 May 2012 at 00:09
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RNOR, Conditions.....Both of the Below must be satisfied.....Again Both must be held true:
1. Must be a resident in 2 years in 10 years preceeding PY
2. Total stay should be 730 days in 7 years preceeding PY
What you said is not correct....9 years thing
Your salary is already taxed outside India and is also not originated in India, so I think you do not need to show it....though am still a student so i maybe wrong at this but am sure its not taxable atleast. And interest on FCNR would be taxfree as you still are RNOR therefore same things you may not show it as it is exempt.
Also i think both the above incomes are exempt and thus you need not show them, you would have to show it if they are deductible and not exempt, but it is not so. So file your ROI without these....Hope it Helped!!!
Total thanks : 1 times
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Vinod
CA in Practice
[ Scorecard : 324]
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Posted On 15 May 2012 at 10:19
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According to me you are Resident and Ordinarily Resident.
You were in India during 2010-11 more than 182 days. So you are resident.
Form the data provided by you, it is assumed that you have been in India during the whole years from 2000-01 to 2005-06.
So 1st and second additional conditions are satisfied (resident in 7 out of 10 previous years preceeding the year 2010-11 and 1305 days in India during the 7 preceding previous years).
As you are resident and ordinarily resident, your income eraned anywhere in the world is taxable in India.
vinodaca74 @ gmail.com
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Vinod
CA in Practice
[ Scorecard : 324]
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Posted On 15 May 2012 at 10:23
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Also, we have to go through the DTAA with the country where you have been working, to kn ow any provision favourable to you in this regard. As per the Income Tax Act, you are resident and ordinarily resident.
vinodaca74 @ gmail.com
Total thanks : 1 times
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