Taxable Income of NRI
This query is : Resolved
19 May 2009
If a person leaves india on 5.11.2007 and comes back on 10.5.2009 to work as an officer in an IT company.His income earned from business outside india will liable for tax or not for A.Y 2009-10?
taxindiaconnect
(Expert)
19 May 2009
What I understand from your query is that the person leave India on 5.11.2007 and comes back to India, He ears business income abroad. Based upon this understanding my reply to your query is that for FY 2007-08 he is outside India, he is for a period of 125 days in FY 2007-08. Thus his stay outside India is less the 180 days, he is a resident in India for tax purposed during the financial year 2007-08.
For being a resident the assessee should be in India for more the 182 days in a previous year or should be India for at least 60 days in a year and in all 365 days in the last immediately preceding F. years, Out of these two condition at least one condition should be fulfilled.
So in the year 2007-08 he is treated as resident as he is present in India for more then 182 days. His world wide income is taxable in India. In FY 2008-09 he is not present in India even for a single day, his income abroad will not be taxable here in India.
For being a resident the assessee should be in India for more the 182 days in a previous year or should be India for at least 60 days in a year and in all 365 days in the last immediately preceding F. years, Out of these two condition at least one condition should be fulfilled.
So in the year 2007-08 he is treated as resident as he is present in India for more then 182 days. His world wide income is taxable in India. In FY 2008-09 he is not present in India even for a single day, his income abroad will not be taxable here in India.
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