Is salary in Merchant Navy tax free?
The salary received by a resident seafarer or Merchant Navy will be taxable as per the laws of the Income-tax department. No special exemption is available. The salary of a non-resident seafarer will NOT be included in the total taxable income of the seafarer.
Do Merchant Navy people pay tax?
Tax on the income of a seafarer is applied based on his/ her residential status. The salary of a resident seafarer or merchant navy personnel will be taxed as per the Indian Income Tax Law. There are no income tax exemptions for merchant mariners/ seafarers.
Do seafarers have to pay tax?
Being a Non-resident Indian, income earned outside India is not taxable in India. Seafarer’s foreign income i.e., income from services provided on foreign ship will not be taxable in India.
What is the salary of Merchant Navy per month?
Merchant Navy Career Options and Job Prospects
| Profile | Qualification | Average Salary (approx.) |
|---|---|---|
| Chief Officer | 1st Mate (FG) Certificate of Competency | Rs. 4,00,000 to 6,00,000 per month |
| Captain | Master (FG) Certificate of Competency | Rs. 8,65,000 to 20,00,000 per month |
Is NRI income taxable in India?
Is my income earned abroad taxable? An NRI’s income taxes in India will depend upon his residential status for the year as per the income tax rules mentioned above. If your status is ‘resident’, your global income is taxable in India. If your status is ‘NRI,’ your income earned or accrued in India is taxable in India.
Which ITR to file for seafarers?
Ans: Everyone, including seafarer or mariners, need to file an ITR in India if there is any income taxable in India. Filing of ITR in India has no connection with the Residential status of seafarer. Seafarers NRIs have to choose Form 2 for ITR filing.
Which bank is best for seafarers?
HDFC Bank Seafarer’s Bank Account is ideal for sailors who spend many months at sea wandering from port to port. There are four benefits of NRI Account for seafarers: Exclusive Benefits: There are unique benefits of Marines Account meant for the needs of sailors.
How can I avoid tax on my NRO account?
The best way for an NRI to avoid paying a high TDS is to open a Non Resident Ordinary Rupee Account (NRO), a Foreign Currency Non Resident Account (FCNR) and a Non Resident External Account (NRE).
What is the TDS rate for NRI?
NRI TDS|TDS on Non-Residents of India |What is Section 195 of Income Tax | YES BANK
| Type of Income | TDS Rates (\%) |
|---|---|
| Profits the NRI obtained from long-term capital gains under Section 115E | 10\% |
| Long-term capital gains | 10\% |
| Short term capital gains under section 111A | 15\% |
| Any other income an NRI derived from long-term capital gains | 20\% |