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Nri status - job and business

Others 448 views 2 replies

Hello, I'm permanent resident of India, never gone abroad. Its August 16th 2014 & I am planning to move abroad for livelihood, from India to Canada, around by 20th of September.

Options are :
a)To take a job which may provide salary, or salary+ESOPs or salary+equity;
b)Accept partnership in a business of a non-indian friend, without a salary, just equity.

I want to know the tax implications of this. Will I become an NRI if I move out India if spend less than 182 days in this financial year?

If so, do I need to file my income tax returns for year 2014-15 in my new resident country Canada without requiring to file my income tax returns here in India?

Thanks a ton in advance for helping me solve this puzzle. Thank you!!

Replies (2)

Hope I clearly explained the case,

Thanks!

Hello, I'm permanent resident of India, never gone abroad. Its August 16th 2014 & I am planning to move abroad for livelihood, from India to Canada, around by 20th of September.

Options are :
a)To take a job which may provide salary, or salary+ESOPs or salary+equity;
b)Accept partnership in a business of a non-indian friend, without a salary, just equity.

I want to know the tax implications of this. Will I become an NRI if I move out India if spend less than 182 days in this financial year?

If so, do I need to file my income tax returns for year 2014-15 in my new resident country Canada without requiring to file my income tax returns here in India?

Thanks a ton in advance for helping me solve this puzzle. Thank you!!



 


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