Tag: non-resident

Wealthy individuals are receiving summons from the investigation wing of the Income Tax department, which is probing their non-resident status.The summons are largely based on information obtained from jurisdictions such as Singapore, Switzerland, Cayman Islands and British Virgin Islands, pertaining to Indians who are said to control certain structures or are in the role of decision-makers in certain entities.“A large amount of data from various jurisdictions is being received by Indian authorities, linking Indians with certain offshore interests like trusts, corporate entities, and bank accounts, in various capacities....