Dear Friends, i would like to get answers for the below questions...
1 - An NRI who stays more than 120 days (as per new budget) will become resident in India , how will his global income be assessed ?
2- whether his NRE a/c balance treated as global income and to pay taxes ?
3- What is the tax calcualtion on seaman (merchant navy) and contract employees who normally stays more than 120 days ?
Q1) yes if he stays for more than 120 days in india he will be considered as resident
Q2) Upon becoming resident, one has to declare chang in residential status as per IT act to bank to make change to nature of deposit from NRE to domestic, consequently interest income will be subject to tax
Q3) one will be taxed on global income earned from or originating from an entity in India
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