Financial Daily from THE HINDU group of publications
Sunday, Jun 06, 2004
Financial Daily from THE HINDU group of publications Sunday, Jun 06, 2004 |
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Investment World
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Income Tax Columns - Tax Talk One-way ticket back home T. Banusekar
Will I be treated as a resident but not ordinarily resident under the Income-Tax Act? If I keep the funds I bring into India under the RFC (resident foreign currency) account, will the interest thereon be taxed in India? Isabel Reply You would not be treated as resident but not ordinarily resident (RNOR) but as resident and ordinarily resident (ROR) under the Income-Tax Act. Since you are treated as an ROR under the I-T Act, your interest from the RFC account will be treated as taxable in India and will not qualify for any exemption. Under Section 6 of the I-T Act, an individual is resident in India if he satisfies any one of the following conditions:
He is an RNOR if he satisfies any of the following conditions:
An individual is an ROR if he does not satisfy both of the immediately preceding two conditions. An individual who is not a resident would be a non-resident.
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