Dear Pankaj, I'm a Seafarer & working with Foreign shipping company, my annual income as of now is around 30 lac, could you please advise me on how should I go about saving my money under DIRECT TAX CODE laws & under which slab my salary will be taxed , for your information I annually invest around 1.9 lac under tax exemption. Regards Chaitanya Kapoor
1 Answers
As per section 4-2-b of the Direct tax code (DTC), you will be considered resident of India if you spend sixty or more days in India in a financial year.
Thus, if you gain resident Indian status, all your income will be taxable in India, as per on-going income tax slab rates. View income tax rate slab under DTC.
Shipping industry leaders have been meeting govt official to get clarifications on new rules, as its very hard on seafarers working with foreign shipping companies. There is still more than a year for DTC to come into play. And we hope that there will be a clarity on this soon.
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