Please any one tell me What is the procedure for conversion of Residential individual to Non-Resident under the Income Tax Act.?
and What is Related Tax consequenses?
VIJAYKUMAR
(CHARTERED ACCOUNTANT)
(203 Points)
Replied 14 June 2011
Refer to income tax laws under residential status.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 14 June 2011
seffer section 6 of income tax act
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7019 Points)
Replied 18 July 2011
| Originally posted by : V.D.D | ||
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Please any one tell me What is the procedure for conversion of Residential individual to Non-Resident under the Income Tax Act.? and What is Related Tax consequenses? |
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There is no procedure specified as such.
The moment a person goes out of India for 182 days then he becomes non resident.
Simillarly under FEMA if the person goes out of India for taking up employment, doing business outside India or for for a purpose under which his intention is to stay outside Idia for indefinite period., then he becomes Non-Resident as per FEMA from the day he goes out of India.
Anuj
+91-9810106211
CAclubindia
