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ASSESSMENT OF NRIs |
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A non-resident may be assessed to tax in India in respect of his taxable income, either directly or through agents. |
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The following persons may be treated as an 'agent' of the non-resident: |
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a) Employee or trustee of the non-resident
b) A person who has any business connection with the non-resident
c) A person from or through whom the non-resident is in receipt of any income
d) A person who has acquired a capital asset in India from the non-resident |
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Advanced ruling Meaning: |
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It means the determination by the concerned authority, of a question of law or fact, in relation to the transaction - which has been undertaken by the non-resident, or which is proposed to be undertaken by the non-resident. |
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Method of application: |
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- The non-resident can make an application for advanced ruling in form no. 34C.
- The application has to be in English or Hindi and has to be filed in quadruplicate
- The form has to be accompanied by a fee of Rs.2,500
- The application may be withdrawn at any time within 30 days fro the date of application.
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Applicability of Advanced ruling: |
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The advanced ruling shall be binding |
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- on the person who has sought it, and
- in respect of specific transaction in relation to which such ruling has been sought.
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No right of appeal against the ruling has been provided, as the ruling is binding and final on the applicant who has sought it. |
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