Miss Conception about Budget 2020 Taxation: For NRI and Indian Residents



Miss Conception about Budget 2020 Taxation:  For NRI and Indian Residents
Nirmala Sitharaman Pass the Budget 2020 on 1 st Feb 2020. There is Big Conflict between who get realization from income tax NRI is or Indian Resident. As per the budget, only income earned in India is taxable.

According to FM Nirmala Sitharaman statement “If any NRI generates income India is only taxable and will be charged in India. If NRI earned income from in any other country, he/she would be not liable to pay tax in India.

She explained this with a small example like If you have any property in India and you are currently residing in the UK, and you earned income from Indian property like house rent. And you are not paying any tax in the UK for Indian Property. In such case, you have to pay tax against property in India as yours this income source comes from India.

Note: Any Income which is generated by any Indian source whether its property, machine, farm etc. It should be taxable as this earned income has a roll in the Indian economy.

There are rumours in Media that bonafide workers in another country have to pay taxes in India, which is not valid. As you are working in any other country on a contractual basis, you are liable to pay tax in the respective country in which you are earning income.

Only income earned in other country is taxable in India if it derived from an Indian business or Profession.

For Detailed information on Budget 2020 Click Here https://margcompusoft.com/m/budget-2020/

Post a Comment

0 Comments