I must clarify that I do not hold the esteemed status of an Indian citizen, nor do I possess the fiscal allegiance that designates me as a tax resident of India.
If you require more information
I must express my sincerest regrets in informing you that I do not possess the esteemed status of an Indian citizen, nor do I hold the esteemed position of a tax resident in the nation of India. Consequently, my capacity to furnish you with firsthand insights or personal anecdotes concerning Indian citizenship or the intricate tax system is regrettably limited. Nonetheless, I can proffer a selection of captivating facts pertaining to this subject matter, which shall undoubtedly serve to expand the horizons of your comprehension.
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Indian Citizenship:
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India follows the principle of jus soli, which means that anyone born in India is granted citizenship.
- The Constitution of India provides for four ways to acquire Indian citizenship: by birth, descent, registration, or naturalization.
- India does not permit dual citizenship, except in certain circumstances such as for persons of Indian origin residing in certain countries.
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Several prominent personalities of Indian origin, such as Satya Nadella (CEO of Microsoft) and Indra Nooyi (former CEO of PepsiCo), hold foreign citizenships.
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Tax Residency in India:
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The tax residency status in India is determined by the individual’s physical presence in the country during a financial year.
- Indian residents are subject to tax on their worldwide income, while non-residents are taxed only on income received in India or from Indian sources.
- The concept of the “Residential Status” is defined under the Indian Income Tax Act to categorize individuals as resident, non-resident, or not ordinarily resident.
- The tax rates in India vary based on the income bracket and nature of income.
Considering the topic, a quote from Mahatma Gandhi can be insightful: “A nation’s culture resides in the hearts and in the soul of its people.” This quote emphasizes the significance of citizenship and the connections individuals have with their country.
Please note that the information provided above is offered as general knowledge and should not be considered as legal or financial advice. It’s always recommended to consult official sources and professionals for accurate information regarding Indian citizenship and tax residency.
Table:
| Indian Citizenship Acquisitions |
|---|
| Birth |
| Descent |
| Registration |
| Naturalization |
Watch related video
The video discusses various legal strategies for Indians to minimize their tax obligations. One approach is to become a non-resident Indian by spending less than 182 days per year outside of India, thereby avoiding tax residency in the country. Setting up a company in a zero-tax jurisdiction like Dubai and obtaining a residence permit there is another option. However, income from Indian sources may still be subject to taxation. The video also explains the criteria for Indian tax residency, such as earning more than 15 lakh from Indian sources and spending at least 120 days in India. It suggests becoming an Overseas Citizen of India (OCI) and obtaining a second passport to legally minimize taxes. The R-NOR status, which offers tax breaks for returning non-residents, is also discussed. Finally, the video mentions the absence of an exit tax currently but cautions that discussions about implementing one may arise in the future.
See more answers
Deemed resident An Indian citizen having India-sourced taxable income exceeding INR 1.5 million during the relevant tax year will be deemed to be a resident of India if one is not liable to tax in any other country by reason of domicile or residence or any other criteria of similar nature.
INR 1.5 million
An Indian citizen having Indian-sourced taxable income exceeding INR 1.5 million during the relevant tax year will be deemed to be a resident of India if one is not liable to tax in any other country by reason of domicile or residence or any other criteria of similar nature.
People are also interested
How do I know if I am a tax resident in India?
The reply will be: In India, Fiscal year starts from 1st April and ends on 31st March. For individual, tax residency is decided on the basis of number of days stayed in India. Generally, an individual is said to be resident in India in a fiscal year, if he is in India for more than 182 days in India.
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Who is an Indian resident or citizen?
Every person who was at the commencement of the Constitution (26 January 1950) domiciled in the territory of India, and (a) who was born in India, or (b) either of whose parents was born in India, or (c) who has been ordinarily resident in India for not less than five years, became a citizen of India.
What does it mean I am an Indian resident?
Answer: Indian Resident as per Foreign Exchange Management Act, 1999. SECTION 2(v) provides that a person residing in India for more than 182 days during the preceding financial year is a person resident in India. Further it states in case a person comes to India for: Taking up employment.
What is the difference between resident and non resident in India income tax?
As a response to this: In case of resident taxpayer all his income would be taxable in India, irrespective of the fact that income is earned or has accrued to taxpayer outside India. However, in case of non-resident all income which accrues or arises outside India would not be taxable in India.
When a person is an Indian resident?
The answer is: A person would be an Indian Resident for the purposes of the Income Tax Act if any of the below mentioned two conditions are satisfied:- –He/She is in India for120 days or more during the financial year. –If he/ she is in India for at least 365 days during the preceding 4 years AND at least 60 days in that previous year.
Can a foreign citizen become a resident of India?
The response is: An individual may be a citizen of India but may end up being a non-resident for a particular year. Similarly, a foreign citizen may end up being a resident of India for income tax purposes for a particular year. Also to note that the residential status of different types of persons viz an individual, a firm, a company etc is determined differently.
Is my income taxable in India if I am a resident?
The reply will be: However, once you have attained the status of a Resident, all of your income within and outside India will be taxable in India, barring any concessions that may be available under the Double Taxation Avoidance Agreement (DTAA) between India and the country from where your overseas income has arisen.
Who is considered a non-resident Indian for income tax purposes?
Response: He/She is in India for120 days or more during the financial year. –If he/ she is in India for at least 365 days during the preceding 4 years AND at least 60 days in that previous year. So if any of these conditions are not satisfied then the person will be considered as NON-RESIDENT INDIAN for income Tax purposes.
When a person is an Indian resident?
As an answer to this: A person would be an Indian Resident for the purposes of the Income Tax Act if any of the below mentioned two conditions are satisfied:- –He/She is in India for120 days or more during the financial year. –If he/ she is in India for at least 365 days during the preceding 4 years AND at least 60 days in that previous year.
Can a person be a tax resident in India?
Answer will be: Further, in certain cases even presence in India for a cumulative period of 60 or 120 days in a single financial year can make the person an Indian tax resident, subject to certain conditions.
Who is considered a non-resident Indian for income tax purposes?
He/She is in India for120 days or more during the financial year. –If he/ she is in India for at least 365 days during the preceding 4 years AND at least 60 days in that previous year. So if any of these conditions are not satisfied then the person will be considered as NON-RESIDENT INDIAN for income Tax purposes.
How is taxation based on residential status in India?
Taxation of individuals in India is primarily based on their residential status in the relevant tax year. See the Taxes on personal income section for a description of the types of residential status envisaged for an individual. An individual is said to be a resident in the tax year if he/she is: