Tax clarification

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My status:  US citizen lived in India for about six months. I could be
a Resident or Nonresident in India depending on I figure out  my stay.

I have normal resident Bank account and a couple of Term Deposits in
SBI and my total interest income from these is Rs. 17591-00. My Govt.
of India pension for the year is Rs, 2804433-00. So my total Indian
income for the financial year is Rs. 298024-00

I have some savings in the US and the total interest and dividend
income from these is $ 5817-00 ( this works out to about Rs. 293300.

In the instructions for form TRII, it says for Individuals ( it does
not say residents) tax free limit for Very seniors is Rs. 500000-00.
and for any sum over this the tax rate will be 20%.
For other individuals the tax free limit is stated to be Rs.180000.
and the rate for amounts over this is 10%.

What are my tax liabilities in India if I am Resident in India fot the
financial year 11-12 ?
What are my tax liabilities in India if I am a Non Resdent in India
for the financial year 11-12?

Replies (1)

If a person who is resident in India and having the age 80 years or above will get the exemption limit of Rs. 500000. And residential status depends on the number of days. its as follows

A. An individual is a resident in India if he stays in India for:

  • At least 182 days during a financial year
  • At least 60 days during a financial year and 365 days or more during the 4 years preceding that fiscal year.

Exceptions to the above:

  • The 60-day period mentioned above will be substituted for 182 days in case of the following persons:-
  •  A citizen of India who leaves the country as a crew member of an Indian ship or for the purposes of employment outside India 
  • A Citizen of India or PIO who visits India in any previous year.



 

In your case you shoud see tha days of stays in India...thn only one can determine your Tax Liability.


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