We also offer income tax services that comprise taxation on income earned in a financial year a part of which is taxable as per rates prescribed for that year. With the financial year running from 1 April to 31 March of following year, broadly taxpayers are classified as residents or non-residents where the individual taxpayers can be classified as 'residents but not ordinary residents'.
Our team of tax consultants and financial advisors also allows us to offer Income tax consultancy services that are aimed at offering business solutions to Manufacturers, Traders, Dealers as well as Service providers of industry.
An individual is considered resident in India if he is in India in tax year for:
182 days or more;
60 days or more where the period of 60 days stands changed to 182 days or more for –
- Indian citizens/persons of Indian origins on visit to India
- For citizens of India leaving India for employment abroad as members of crew of Indian ship during tax year
- A resident is "not ordinarily resident" in India in any tax year if he:
- Has been "non-resident" in India in nine out of 10 previous years preceding that year
- Has during previous seven years, preceding that year been in India for total period of 729 days/less