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Mihir

Mihir Tanna  |964 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  |7159 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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Mayank

Mayank Chandel  |1936 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Nov 27, 2024

Asked by Anonymous - Nov 20, 2024Hindi
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Sir,My son got admission in VIT vellore ,CSE branch in this academic year.PLZ suggest best certifications or courses in addition to CSE for best campus placements....with regards
Ans: Congratulations on your son's admission to VIT Vellore in the CSE branch! VIT takes care of the trending avenues in the IT industry and offers optional subjects to upgrade skills. Your son should work with complete dedication and involvement in the projects he undertakes at college. Students are mostly asked questions during interviews to check their knowledge and understanding.

Also to enhance his skills and increase his chances of securing top campus placements, he can consider the following certifications and courses:

Programming & Software Development

Data Structures and Algorithms (DSA)
Platforms: LeetCode, HackerRank, Codeforces, GeeksforGeeks
Importance: Key for cracking technical interviews.


Full-Stack Development
Courses: MERN (MongoDB, Express.js, React, Node.js) or Django for Python developers
Platforms: Udemy, Coursera, freeCodeCamp


Object-Oriented Programming (OOP)
Learn: C++, Java, or Python (advanced level)
Focus: Concepts like inheritance, polymorphism, and design patterns.



Artificial Intelligence & Data Science

Machine Learning & Artificial Intelligence
Platforms: Coursera (Andrew Ng's ML course), Kaggle, edX
Tools: TensorFlow, PyTorch, scikit-learn


Data Analytics and Visualization
Tools: Excel, Tableau, Power BI, SQL
Certifications: Microsoft Certified: Data Analyst Associate



Cloud Computing & DevOps
Cloud Certifications
Examples:
AWS Certified Solutions Architect
Google Cloud Professional Cloud Architect
Microsoft Azure Fundamentals


DevOps Tools
Tools: Docker, Kubernetes, Jenkins, Git
Certifications: Docker Certified Associate, Kubernetes Certified Administrator


Cybersecurity
Certifications:
CompTIA Security+
Certified Ethical Hacker (CEH)
Cisco Certified CyberOps Associate


Blockchain
Learn about distributed ledgers, smart contracts, and tools like Ethereum and Hyperledger.


Soft Skills Development
Public speaking: Toastmasters or local clubs
Communication: Attend workshops or use platforms like Udemy.


Competitive Programming
Regular participation in platforms like CodeChef, Codeforces, or AtCoder can enhance problem-solving skills.


Internships & Projects
Encourage him to apply for internships on platforms like Internshala or LinkedIn and work on real-world projects to strengthen his resume.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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