Understanding Rule 126 of the Income Tax Rules, 1962: Computation of Period of Stay in India
Rule 126 of the Income Tax Rules, 1962, plays a crucial role in determining the residency status of individuals for tax purposes in India. This rule outlines how to compute the period of stay for foreign nationals and Indian residents returning from abroad. According to Rule 126, the total days of stay in India are calculated based on specific criteria, which can significantly affect an individual's tax liability.
For instance, an individual may be considered a resident if they stay in India for 182 days or more during a financial year. However, for those returning from a foreign assignment or travel, exemptions may apply under certain conditions. Understanding these nuances is essential for accurate tax filing and compliance.
This article delves into the intricacies of Rule 126, offering insights into its implications for both residents and non-residents. By clarifying how the computation of stay is handled, individuals can better navigate the complexities of the Indian tax system and ensure adherence to the regulations set forth in the Income Tax Act.
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