What changes were made in the FINANCE ACT in this year.To what extent they are helpful.explain reasons and advantages.Answer smartly. I don't want the whole act copied from internet.
Persons of Indian Origin
Earlier, the Income-tax Act provided that Indian citizens or persons of Indian origin who were resident outside India would qualify as a tax resident of this country only if they spent 182 days or more in India in the relevant year.
However, these provisions have often been misused. Individuals carrying out substantial economic activities from India kept their stay in the country below 182 days and thus were not required to declare their global income in India. To counter such tax abuse and discourage the situation of stateless persons for tax purposes, the new law reduced the period from 182 days to 120 days. The 120-days rule will apply only in cases where the individual’s total income arising outside India exceeds INR 1.5 million during the fiscal year.
Indian citizens not taxable in other jurisdictions
In recent years, individuals have often tried to arrange their affairs in such a way that they were not liable to taxation in any jurisdiction during a given year and thus not paying taxes in any country.
The new law introduces the provision that an Indian citizen will be considered resident of India if that person is not liable to taxation in any other country by reason of domicile or residence rules; or any other criteria of similar nature. This amendment will apply only if total income, other than the income from foreign sources, of such an Indian citizen exceeds INR 1.5 million during the tax year.
What changes were made in the FINANCE ACT in this year.To what extent they are helpful.explain...
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