Morning Tidings

Tag: taxation

  • Union Budget 2022-23: CoinDCX, WazirX Founders React on Government’s Move on Taxation of Cryptocurrency

    Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022-23. In her Budget speech, she announced plans to start a digital currency and tax crypto assets, as the country keeps pace with the global move toward virtual financial instruments.

    She Announced that Income from the transfer of any virtual digital assets will be taxed at 30%.

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  • NRIs, foreign nationals stranded in India to furnish details of double taxation till 31 March

    NRIs, foreign nationals stranded in India to furnish details of double taxation till 31 March

    The Central Board of Direct Taxes (CBDT) has received various representations for exemption in determination of residential status for the financial year 2020-21.

    The Ministry of Finance said on Wednesday that NRIs and foreign nationals stranded in India due to COVID-19 epidemic and double taxation can submit details to the Income Tax Department by 31 March.

    The Central Board of Direct Taxes (CBDT) has received various representations requesting exemption in determination of residential status for the financial year ending 31 March for 2020-21, which visited India during 2019-20 Were and intend to leave India but could not do so due to suspension of international flights.

    In a circular, the CBDT stated that if a person is facing double taxation even after taking into account the relief provided by the related Double Taxation Avoidance Agreement (DTAA), he would be electronically specified by 31 March, 2021. May present information. Principal Commissioner of Income Tax (International Taxation).

    The details are to be submitted in a specified form.

    On March 25, 2020, commercial international flights were suspended when a nationwide lockout came into force. Later, such flights were permitted in a restricted manner under bilateral air bubble agreements and services have not been fully resumed. As a result, many NRIs and foreign nationals had to prolong their stay in India.

    There were apprehensions that this extended stay could cause these individuals to become Indian residents for taxation purposes as per Section 6 of the Income Tax Act.

    For the 2019-20 financial year, which ended on March 31, 2020, in May, the Ministry clarified that the period of stay of NRIs and foreign nationals in India during the lockdown period is aimed at determining their residency status. Will not be counted. For the purpose of taxation.

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