NEW DELHI: The new direct taxes code could bring a large number of global Indians under the tax net as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be resident in India in any financial year if he is in the country for more than 59 days in that year and has been in India for more 365 days in the four preceding financial years. The new code is expected to come into effect from April 1, 2012.
http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/NRIs-face-tax-threat-under-DTC/articleshow/6482697.cms * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Now available in Toronto, a few copies of *Into The Diaspora Wilderness* by Selma Carvalho. Contact Bosco D'Mello [email protected] (416) 803-7264 http://selmacarvalho.squarespace.com/
