Aspiring NRIs May Come Under Tax Scanner Before They Leave India
A non-resident Indian enjoys a lot of tax benefits as our country, like many others, follows a residence-based tax system.
The Central Board of Direct Taxes (CBDT) has formed a five-member committee to oversee the tax implications of the high net worth individuals (HNIs) who leave the country and settle abroad.
The panel, which is led by a joint secretary-rank official and four revenue officers, is expected to meet on Friday and look into the cases of Vijay Mallya, Nirav Modi, Mehul Choksi and likes. The panel will also look into various hidden clauses so that the government can evaluate the “substantial risk” such migrations pose and devise a policy response accordingly.