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Mihir

Mihir Tanna  |961 Answers  |Ask -

Tax Expert - Answered on Jul 10, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Jun 18, 2024Hindi
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Dear Sir, I work abroad on rotation basis, but I stay out of India for more than 182 days, my salary is received in Indian NRE Account, is this salary taxable?

Ans: If you are not resident and ordinary resident as income tax provisions, you are not liable to pay salary earned outside India.

You can calculate the residential status at https://incometaxindia.gov.in/Pages/tools/residential-status-calculator.aspx
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |6986 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 17, 2024

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Hi Sir, I went to Saudi employment in Dec 2022, got residency( iqama) there due to medical issues, and returned to India from June to Aug vacation and medical treatment purposes, due to health recovery will take a long time, so for resignation and exit purposes I went to Saudi and finally I got an exit visa on sep mid returned to India, now am I taxable in India for income earned by employment at Saudi, and that income not directly credited on my NRE account, I was made remittance bt money gram if need to pay tax as per Indian resident status how much % to pay
Ans: Your tax residency status in India depends on the number of days you stayed in India during the financial year (April to March). For the financial year 2023-24, you need to check your residency status based on the following criteria:

Resident: If you stayed in India for 182 days or more during the financial year.
Non-Resident Indian (NRI): If you stayed in India for less than 182 days during the financial year.
Since you were in Saudi Arabia for most of the financial year and returned to India in mid-September, you are likely to qualify as an NRI, provided your stay in India does not exceed 182 days.

Taxability of Income Earned Abroad
For NRIs
Foreign Income: Income earned and received outside India is not taxable in India.
Indian Income: Income earned or received in India is taxable in India.
If you qualify as an NRI, your income earned in Saudi Arabia is not taxable in India, regardless of whether it was credited to your NRE account or remitted via MoneyGram.

For Residents
Global Income: If you are considered a resident, your global income is taxable in India.
Tax Rate: The tax rates for individuals are progressive, ranging from 5% to 30% based on your income slab.
Determining Tax Liability
Calculate Days in India
Arrival and Departure Dates: Track the exact dates you were in India during the financial year.
Total Days: Ensure your stay does not exceed 182 days to qualify as an NRI.
Tax Calculation for Residents
Income Slabs: For the financial year 2023-24, the income tax slabs for residents below 60 years are:
Up to Rs. 2.5 lakhs: Nil
Rs. 2.5 lakhs to Rs. 5 lakhs: 5%
Rs. 5 lakhs to Rs. 10 lakhs: 20%
Above Rs. 10 lakhs: 30%
Income from Saudi Arabia: Add your Saudi income to your total income in India.
Deductions and Exemptions: Utilize available deductions like Section 80C, 80D, etc.
Steps to Ensure Compliance
Track Residency: Accurately track your days in India for precise residency status.
Document Remittances: Maintain records of all remittances received via MoneyGram.
Consult a Certified Financial Planner: For personalized advice, consult a CFP to ensure compliance and optimize tax liability.
Summary
NRI Status: If you stayed in India for less than 182 days, your Saudi income is not taxable.
Resident Status: If you stayed for 182 days or more, your global income, including Saudi earnings, is taxable in India.
Tax Rates: For residents, the tax rate ranges from 5% to 30% based on your income.
Ensuring accurate residency status is key to determining your tax liability. Consulting a CFP will help you navigate this complex situation effectively.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Anu

Anu Krishna  |1281 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Nov 07, 2024

Asked by Anonymous - Oct 07, 2024
Anu

Anu Krishna  |1281 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Nov 07, 2024

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Help me!!! 1.I'm starting new "work" on my own(challenging for me) but my mind says quit it, be quite & do nothing. I myself don't know that wether the result of work will be +ive or uncompleted like alws. 2. My mind has become like order seeker type, when someone orders me, I do those things with dedicated(but sad from inside) manner. But when myself will try something different(which i fear, but necessary) then. "I QUITS IT" & sometimes I don't even start. 3. I'm like stuck no clue what/whom I want to do in life, I'm in cllg(1 yr) doing (CSE) ,. 4. I want to do/try (sports,talking girls,study,stocks,coding..) many things, but myself, my thoughts(overthinker), R like just be in the place where u are[confused,po*n,think about past/future(being billio..re,olympics..), girl (that u liked & never talked), abusive/beating self,.. sometimes feels like end life, but don't hv courage for that also.. 5. I tried self help books, spirituality, god, self affirmation, writing... & thay affected me(sometimes) but for only some time, then again that devil me comes up &these things never get completed. As no one in my family knows about all these, so that's Y ,I hv to fight/loose/try again, the battles with myself.
Ans: Dear Harsh,
If in the past you have had the urge to QUIT, how is this time going to be different? This is not to discourage you from taking up 'new work' but pointing out that there is some amount of work that you need to put to clear the mind out of blockages.
-What is limiting you?
- What is the reason for putting off things?
- What comes first to the mind when you start something new?
Also, focus on one thing at a time; study and go deep into it...what's this thing with work? I don't understand. When the mind is unsettled, take one thing/activity, pursue it and finish it. It could simply be studying for Year 1 of your college...just only do that...once your mind is trained in completing an activity, you can add another one the next year along with studying and then pursue both...it could be some sport and studying...then the next year, you could add a third activity. This is called 'training the mind in discipline'. Discipline will make sure that you start and finish things...So, go slow and do one thing at a time.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

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