Taxation - Taxation of Non-Residents
Taxation - Taxation of Non-Residents
Non-Residents - Introduction
Non-resident persons have been given a special status under the incometax law. Besides the general provisions for computation of long-term capital gains and the tax liability thereon, contained in section 48 and section 112,Chapter XII-A (comprising of sections 115C to 115-I) contains special provisions relating to certain incomes of non-resident Indians (NRIs). Section 115AC makes provision for tax on income from bonds or shares purchased in foreign currency or capital gains arising from their transfer'. Besides, the provisions of Section 115A have been extended to non-residents, besides foreign companies, regarding tax on dividends, interest on foreign currency debts and income from units of mutual fund. |