All You Need to Know About Expat Taxes
An expatriate (often referred to as expat) is a person temporarily or permanently residing in a country other than their native country. The term refers to professionals, skilled workers or artists residing outside their home country, either independently or sent abroad by their employers. They are the citizens who have settled down in a foreign land for employment purposes or for carrying on their business or they might have gone for a short trip or any other purpose which indicates that the stay would be for an indefinite period abroad. The individuals who are posted in U.N. Organizations and officials who have been sent to the foreign land by Central or State Governments and Public Sector undertakings on temporary are also expats. If their taxable income exceeds the prescribed exemption limit, they are liable to file income tax.
Sources of Tax of the Expats:
Following are the taxable incomes of the expatriates :
• Income accrued or to be accrued
• Income sourced from own country
• Income received or to be received
Permanent Account Number (PAN) is the most essential ID that the expats need to hold for filing income tax returns either online or offline.
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