Tax filing by Seaferer with out nri status

Forums Tax Filing Tax filing by Seaferer with out nri status

Tax filing by Seaferer with out nri status

As am Seaferer, I am not fulfilled nri status of 183 abroad. So according to tax laws, I am a resident, so my question is, I will be categorised under private employee.. My pay is 750000 per Annam for financial year, (not included, any breakups like hra, ppf, etc). How to calculate my tax payments. I stay in rent house, paying education loan. I am eligible for tax deductions.. If yes. What can Imay claim

Profile photo of Prashanth Asked By: Prashanth 1 replies 1 helpful answers Last Updated: 8 months, 1 week ago
  • Profile photo of PrashanthPrashanth
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    As am Seaferer, I am not fulfilled nri status of 183 abroad. So according to tax laws, I am a resident, so my question is, I will be categorised under private employee.. My pay is 750000 per Annam for financial year, (not included, any breakups like hra, ppf, etc). How to calculate my tax payments. I stay in rent house, paying education loan. I am eligible for tax deductions.. If yes. What can Imay claim

  • As you have said that you Residential Status is that of a resident for the purpose of Income Tax Act for the F.Y. 2016-17, you will be liable to pay tax on your Indian Income as well as Global Income.

    Deduction on Education loan:  You may claim deduction under Section 80E only for the Interest that you pay towards the education loan taken for yourself or your spouse or your children or for a person for whom you are a legal guardian. The education loan shall be taken from a Financial Institution or an Approved Charitable Institution and not a relative or friend or any other person/entity. There is no limit on the amount of interest you can claim as a deduction under Section 80E and the deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier. The interest paid shall be out of your Income that is chargeable to tax. The loan shall be taken only for the purpose of pursuing higher education pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognized by the Central Government, State Government or any Local Authority authorized by the Central Government or State Government.

    Deduction for house rent paid: An Individual who does not get HRA as a component in his salary and who does not own any residential accommodation either by himself or by his spouse or minor child or where such Individual is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession can claim deduction under section 80GG for the house rent paid by him. The amount available for deduction shall be the least of a) Rent paid minus 10 % of the adjusted total income, b) Rs 5,000 per month, c) 25 percent of the adjusted total income. In order to claim deduction under 80GG you have to file form 10BA with the IT Department as well.

     

    In addition to deductions under section 80E and 80GG you can claim other deductions under Chapter VI-A for LIC Premium paid, contribution to PPF account, contribution to pension fund or to a deferred annuity scheme, medical insurance and treatment, donations made to certain funds or charitable institutions etc., The aforementioned list is illustrative and not exhaustive and several other deductions are also available. These deductions under Chapter VI-A cannot exceed the Gross Total Income.

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