Grandfathering of non resident investment taxation permits continued offshore investment tax treatment after residency when a declaration is filed. Where a non resident later becomes resident and furnishes a written declaration to the Assessing Officer with his return, the prior tax treatment for investment income from foreign exchange assets (other than shares in Indian companies) continues to apply for that tax year and subsequent years until the assets are transferred or converted into money.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Grandfathering of non resident investment taxation permits continued offshore investment tax treatment after residency when a declaration is filed.
Where a non resident later becomes resident and furnishes a written declaration to the Assessing Officer with his return, the prior tax treatment for investment income from foreign exchange assets (other than shares in Indian companies) continues to apply for that tax year and subsequent years until the assets are transferred or converted into money.
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