Seafarers tax calculator india. Some items like milk and wheat flour have a 0% rate.

Seafarers tax calculator india A person living outside India for 184 days or more during the financial year (185 days or more in case of a leap year) for employment in marine services is known as a non-resident seafarer. However, the maximum amount of professional tax is capped at Rs 2,500 per year. Amit. Check your residential status from our NRE Days Calculator for Seafarer. In relation to FY 2019-20 the due date has been extended to Jan 10, 2020. Since those early days we have Seafarers Tax Days Calculator. While calculating depreciation by WDV method we need to consider the year from the date of purchase to same date in next financial year & so on, in Calculate your take-home salary and understand your complete compensation structure. Below is the summary of the Budget 2024 proposal impacting Non-Resident Indians ‘NRI’ (Indian Citizens living/working abroad), Foreign Citizen (PIOs, OCIs, Others), Seafarers, and Expatriates. Mar 25, 2021 · 1. Income Tax. Seafarers’ tax explained: 5 steps to completing your tax return. 2 days ago · ecostatt. A person needs to be out of India for more than 182 days in a You can read about Residential Status of a Seafarer in this article in more details or use our NRE days calculator to find out your residential status for any financial year. Seafarers Earnings Deduction. If an ITR is filed, it works as an important document for various purposes (including Dec 17, 2023 · IS IT MANDATORY TO FILE INCOME TAX RETURN IN INDIA; A Seafarer is not subject to taxation or required to file Income Tax Returns (ITR) in any country worldwide. 10,000 more income than Mr. Hence You need not to decide two different years. There All the knowledge posts that team SeafarersTax. Mar 13, 2025 · Taxation of Merchant Navy Workers. 01 April,2026. NRI Days 🚢 Exciting news for seafarers and taxpayers alike! The latest tax reforms bring a big wave of relief, especially for thosenavigating the seas. A seafarer is a non-resident Indian (NRI) in any 9 financial years out of 10 financial years, or; A seafarer stays in India for less than 729 days in the preceding 10 financial India Monthly Salary After Tax Calculator 2025. gy/wl9nmb SeafarersTax. Residential status is the most important concept for income tax applicability on seafarers. Key Features of this Income Tax Calculator are given below. 1️⃣ TAX DEDUCTIONS FOR NRI SEAFARERS 🔹 Allowed Deductions (Section 80C & Others) NRI seafarers can still take advantage of various tax deductions available under the Indian tax 7. Tax Exemption, Calculation & Formula With TaxAdda Calculators provides free online calculators for GST, Income Tax, and other financial calculations like EMI, Depreciation and more. This calculator excludes Feb 1, 2025 · Income Tax Calculator - How to calculate Income taxes online? for FY 2024-25 (AY 2025-26 ) and FY 2025-26 Calculation of gross taxable income and tax liability in India (Old regime): Nature. There Seafarers Tax Calculator. Presently in India if a person is non resident in a financial year, then he/she is exempted from paying paying any income tax on their foreign earnings. Follow this 6 Step guide to understand how to submit your assessment Use our free online seafarers tax days calculator to find out if you're eligible to make a claim using HMRC Form HS205. Hey Seafarers 👋 Below is the detailed breakdown of tax-saving opportunities you can leverage to reduce your taxes if you have not completed your NRI Days in FY 2024-25. Varun pays an additional Rs. Income Tax Calculator - FY 2024-2025. Total. If an individual stays outside of India for less than 182 days in a year, 5 days ago · Read on for our top tax tips and discover everything you need to know about completing your tax return. For Saving and Retrieving the Data, Login and Continue. To ensure that an NRI correctly identifies his residential status, we at Ashutosh Financial Services have created a unique Resident Status Calculator/ NRI Status Calculator. When you work as a seafarer, you are paid without TaxAdda, as the name suggests, is a adda for all tax-related needs of small and medium businesses. Enter your dates and get an instant answer. 25% rate. Amount. To get the deduction you must have: worked on a ship; worked Donate. Depreciation is allowed under Companies Act on the basis of useful life & residual value of the Asset. 87A. Apr 22, 2023 · The article explains how to calculate the number of days spent outside of India to determine whether one qualifies for Non-Resident Indian (NRI) status. 3. Apr 11, 2017 · Taxability of Seafarer Income In India. ), wherein the ITAT held that where foreign employer directly credited salary for services rendered outside India into NRE May 25, 2021 · Hence, it is very important and beneficial for a Seafarer to file an ITR in India though it is not mandatory under the Income Tax Rules in India. 75 lakh tax-free. Interest . SeafarersTax. Are you a Seafarer CA Arun Tiwari is explaining you the complete Taxation for Seafarer in 2023To consult regarding your Income Tax Return and get complete gu Jan 10, 2024 · Meaning of Non-Resident Seafarer. This makes it easier for you to decide which system benefits you the most. 2 days ago · To check if you are entitled to this, calculate how many days you were offshore in a 365 days period and check it using the For more information, help or advice on Seafarers Jan 14, 2025 · Income Tax in India for Each Slab: An income tax calculator is a simple tool that helps you figure out how much tax you need to pay based on your income details. Here are the important points about the residential status of seafarers and income tax rules: Also read: ITR Filing for NRIs AY 2024-25: Step-by-Step ITR Filing Process. New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2025-26 Income Tax Calculator - How to calculate Income taxes online? for FY 2020-21 (AY 2021-22), How many days were you in India, this Financial Year? Financial Year 2023-24 is from 1st April 2023 to 31st March 2024. The Monthly Salary Calculator is updated with the latest income tax rates in India for 2025 and is a great calculator for working out your income tax and salary after tax based on a Monthly income. Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all Mar 13, 2025 · Proposed changes for Seafarers in Budget,2025. top of page. Calculation of Use of this calculator. We’re talking no tax on your earnings for your time outside the UK. The Act provides the taxability based on Residential Status of Individual. The app displays a tick or cross beside each trip depending on if it qualifies and the "Stats" section displays data about your trips in a table that matches the one provided Oct 13, 2021 · A seafarer stays in India for more than 182 days. Click Here For Latest Income Tax Calculator FY 2025-26 As per Budget 2025. Depreciation Calculator based on Companies Act 2013. Nothing. As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculate Tax: Click on ‘Compute Tax’ to see the tax liability or refund. If you're employed on a ship outside UK waters, read our 2021 guide to learn how to qualify for tax relief. Since you have left Indian territory as a crew You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Oct 2, 2014 · The tax authorities have now decided that the period of stay of seafarers outside India is calculated on the basis of the dates stamped on their passports/ continuous discharge certificates (CDC ‎The Seafarer's Earnings Deduction (seafarer's tax) eligibility calculator. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. Gratuity Jul 9, 2024 · Hence, his foreign income will not be taxable in India. Basic Details. No, Under the new tax regime, the 1. 5 laks), but there will No Tax on the Rs 50 laks earned from overseas, as a Seafarer is not tax resident in any other country. Some items like milk and wheat flour have a 0% rate. To begin with, the Income Tax Act of India, 1961, does not explicitly recognise the terms “seafarer” or “merchant navy”. Name: Designation: PAN: You have follow the steps given below to figure out the tax payable on your income for FY 2025-26: Step 1: Provide your basic details. Calculating the Periods of Stay Outside India There Seafarers earnings deduction explained in full for free. If you've found the site helpful then you can help us to keep this site free to use forever by making a donation. MEANING OF SEAFARER OR MERCHANT NAVY” Firstly, there is no such term as ‘Seafarer’ or ‘Merchant Navy’ under the Income Tax Act, 1961 (‘Act’). This disparity led to the introduction of a new rebate concept. Professional Tax. Sep 1, 2024 · Finance Minister Smt Nirmala Sitharaman presented India’s Annual Budget on July 23, 2024. Seafarer's Tax Days Calculator FREE. This tax calculator does not perform the calculation of Tax Rebate under Sec. f. Nada. Mar 13, 2025 · Non-resident seafarers are allowed to have following types of bank accounts Non-resident Ordinary Account (NRO) It is a rupee-denominated saving account for managing income earned in India by the non-resident. 26,000 for just Rs. Budget 2025 introduced the concept of Tax Year which will come in New Income Tax bill w. The calculator is designed to be used online with mobile, desktop and tablet devices. The new tax provisions promise zero tax up to ₹12 lakh,and better clarity for those working abroad, including seafarers! 💼Let’s dive into the tax updates that could help you save more money andsimplify your tax filing process, whether Feb 24, 2025 · The majority of Non-Resident Indians (NRI), Professionals, Expats, Multinational Corporation (MNC) Consultants, and Foreign Nationals, as well as seafarers, should be aware of their Tax Residency Status in India and Once seafarers are classified as RNOR for the FY 2020-21, they can undoubtedly take this advantage wherein they will not be required to pay any tax on income earned from sailing in foreign ships, even if they are staying in India for more Mar 11, 2025 · Proposed changes for Seafarers in Budget,2025. The rate of professional tax varies from state to state. Download our flagship Excel tool for accurate calculation of Seafarers NRI Days for FY 2024 Address. Seafarer or Mariner Taxation in India, is a super critical piece of Taxation, where for tax purposes they are considered NRI’s but for all practical purposes they reside in India. Rough diamonds have a 0. Free Indian salary calculator with tax benefits, HRA, and EPF calculations. It means that there are no exclusive provisions within the Act that address May 21, 2024 · It would be useful to refer to the case of Tarun Kumar Sarkar 84 taxmann. HMRC requires you to complete form ‘HS205 – SED Working Sheet’ which you must retain as evidence that you are entitled to a claim. It is both a laborious and unnecessarily confusing task which requires you to Jul 31, 2021 · Once seafarers are classified as RNOR for the FY 2020-21, they can undoubtedly take this advantage wherein they will not be required to pay any tax on income earned from sailing in foreign ships, even if they are staying in Jan 1, 2024 · SeafarersTax. Completed working sheet HS205 – This website’s tax calculator is a replica and will suffice for this purpose. The new rules allow the calculation of days spent outside India based on Jun 25, 2020 · A video cutting is going viral in Merchant Navy groups that the 184 days condition has been relaxed for the Financial Year 2019-20 due to Coronavirus which is not correct. Under the Act, seafarer tax liability calculation can be on the basis of residential status. It is required to find out for every financial year to The calculator automatically determines whether you are a Resident, Non-Resident (NRI), Ordinarily Indian Resident (ROR), or Resident but Not Ordinarily Indian Resident (RNOR) based on a few quick questions. Check your residential status from our NRE Days Calculator Read Article » Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below?Budget 2020 had added the following provision in section 6 of the Income Tax Act, 1961,An Dec 13, 2023 · Income Tax Calculator - How to calculate Income taxes online? for FY 2020-21 (AY 2021-22), The 75th year of Independence has recognised India as a bright star. Discover all the essential information about the seafarers earnings deduction, and whether you qualify for this tax relief in our knowledge Jan 28, 2022 · Understand the basics of taxation for Indian Seafarers Know more about Seafarers Taxation, NRI days, NRE account with the blogs sharing knowledge, written and articulated by Chartered Accountants and Lawyers having vast experience in NRI taxation particularly Seafarers Taxation. Review the full instructions for using the India Salary After Mar 13, 2025 · A Seafarer’s salary is tax free in India if he is out of India for 184 days or more (185 days in case of a leap year) during a financial year. SeafarersCalc allows quick and easy checking of voyage dates to determine whether they meet the half-days rule. Various tax-related and other proposals were made in this budget. The calculator has been updated according As per Central Board of Direct Taxes (CBDT) circular no. Jun 21, 2023 · Yes, mariners and seafarers in India can claim a tax refund for tax paid in a foreign country under the Double Taxation Avoidance Agreement India on 19 Jan 2024 and joined foreign flag ship on the same date, so which Nov 10, 2014 · Seafarer Tax Calculator lets you keep track of days you were outside of the UK and confirm whether your trips are eligible for claiming Seafarer Earnings Deduction or not (or if you are on track for qualifying). No Income Tax on Annual Income Up to ₹12. However, the ITR (Belated ITR) can still be filed upto March 31, 2021. 5 days ago · It is obvious that as an NRI would be unaware of the income tax rules of India. Why not try using our handy online tool to calculate your initial qualifying period? Our seafarers tax days calculator is completely free! SED Knowledge Base. HRA Calculator - Calculate Your House Rent Allowance Online. Seafarer Tax Calculator lets you keep track of days you were outside of the UK and confirm whether your trips are eligible for claiming Seafarer Earnings Deduction or not (or if you are on track for qualifying). This calculator is a two-in-one calculator. Aug 18, 2015 · On Monday, the Central Board of Direct Taxes (CBDT) issued a gazette notification clarifying that the period of stay of seafarers outside India will be calculated from the date stamped on their Issue: If the rebate is not applicable, Mr. Salary received by a non-resident seafarer is tax free in Calculate your NRE status for the financial year based on the number of days you have stayed in India. Under Income Tax Act, 1961 (‘Act’), there is no such term as Seafarer. Take SED Test Jul 8, 2024 · How will a seafarer’s income be taxed? NRE interest taxation depends on your residential status under the Foreign Exchange Management Act (FEMA) and not under Income Tax Act. Home; GST rates in India vary. This completely free to use site was designed to support seafarers. Take our free residency test. 5 lakh tax exemption under section 80C of the Income Tax Act of India is not valid. Hence, Seafarer Tax is a little different from NRI Taxation and Mar 1, 2024 · Resident Seafarer The seafarer, who spent only 183 or lesser days outside India, is a resident seafarer. com News !!! : Anticipatory Income Tax Calculator for FY 2025-26 has been published in ecostatt. 75 Lakh! The government has raised the Section 87A rebate limit from ₹7 lakh to ₹12 lakh, providing major tax relief to the middle class. Resident Seafarer: If a seafarer stays in India for 182 days or more during a financial year, they are considered a Resident. As per the Income-tax of India, there are three categories of “individual “taxpayers such as: Individuals below 60 years Benefits of Being an NRI Status Seafarer . Our Services. SLM or WDV any method can be used for calulating the depreciation. Maritime income tax filing, accounting and mortgage brokers. 2 days ago · Step 2: Select Quick Links > Income and Tax Calculator. Income 🏡 1️⃣ Buying PropertyPurchasing property worth ₹30 lakh or more? You MUST report it! Many NRI Seafarers investing in Indian real estate often overlook this, assuming minimal income in India exempts them. Use our handy online tool to calculate your initial qualifying period. The article outlines the conditions for determining NRI status using Income Tax Calculator is a useful tool to determine tax liability with respect to income tax slabs and deductions available. If you are a UK or EU tax resident employed as a seafarer then HMRC (Her Majesties Revenue and Custom) allow you to claim back any UK income tax paid in relation to your employment on a ship as a Seafarer, provided certain qualifying criteria is Sep 25, 2021 · Taxability of Seafarer Income in India. New Rebate Mechanism: Calculation Adjustment: As Login to File Income Tax Returns (ITR) for FY 2024-25 (AY 2025-26) online with ClearTax. Income Tax Return Filing in India. Now who Feb 12, 2025 · Explore the Direct Tax Code 2025 aimed at simplifying India's complex tax laws. It is advisable to file Income Tax Returns (ITR) even if you are Non-Resident Indian (NRI). I launched TaxAdda as a blog in 2011, and over time, with increasing user engagement, it evolved into a platform offering tax and Seafarers tax accountants & yacht crew tax specialists. ClearTax is fast, safe and easy for ITR E-Filing. Tax-Free Income: Previously, seafarers on Indian ships faced difficulties meeting the 182-day criteria due to frequent port calls in India. In an easy to understand format with no complicated language. Mar 13, 2025 · Proposed changes for Seafarers in Budget,2025. Products. We pride our team's Chartered Accountants (CA's) and Lawyers in serving more than 1,000 Seafarers by helping them in filing their Income Tax Return (ITR), providing professional consultancy on aspects related to taxation and 1 day ago · Advisory: Information relates to the law prevailing in the year of publication/ as indicated . iCalculator™ has provided free tax calculators for India since 2012. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Understand the key expectations, reforms, and benefits for taxpayers in this in-depth guide. Since a seafarer doesn’t pay tax or file an ITR anywhere in Read Here 👉🏻 https://rb. We pride our team's Chartered Accountants Feb 1, 2025 · The Excel-based Income Tax Calculator serves to compute taxes on various sources of income including salary, pension, gifts, fixed deposits, bank interest, house rent, and capital gains (both short and long-term). It also allows you to compare the tax amounts between the old and new tax systems. As the dates are entered, a 'traffic light' indicator shows whether the voyage is Seafarers Earnings Deduction. This calculator is specifically made for seafarers (person engaged in merchant navy) for calculating their residential status for any financial year. Org circulates daily related to Seafarers Income Tax and Finance are posted here at regular intervals. Org is India's first portal dedicated fully towards Taxation needs of Respectable Seafarers' of India. As per the Income Tax Rules, a seafarer doesn’t need to file an ITR in India. Residential 6 days ago · Like any other Individual in India, who is a salary employee, due date for filing ITR in India for Seafarer or ship worker is July 31 of assessment year. Salary of Resident Seafarer Compare the old and new tax regimes with ease using our Budget 2023 compliant Income Tax Calculator. com; Arrear Relief (Form 10 E) calculation will be published soon. There will be Apr 24, 2023 · A person needs to be out of India for more than 182 days in a financial year(1st April to 31st March) in order to achieve non resident status for income tax purpose. As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of May 6, 2024 · Being a seafarer, there are certain concessions granted to you for determination of tax residence in India under the Income Tax Act, 1961 (ITA). An NRI must first identify his residential status in India to know about taxation. ClearTax handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Self-Assessed Tax Return – Completing Your Return Once you have successfully registered as a self assessed tax payer the next step is to complete your tax return. Any donation no matter how small will be greatly appreciated and will be used towards the running and development costs of the site. File Now. Budget 2025 introduced the concept of “Tax Year” which will come in New Income Tax bill w. Use our calculators to save time and make informed decisions. com 91 (Kolkata – Trib. Select the financial year from the dropdown menu for which you want to calculate the income tax, Feb 3, 2025 · It also helps you to select an appropriate tax slab. The condition for 184 days is relaxed for the Dec 17, 2020 · Situation 2 (Eureka): Now consider, in the same year, he has Rs 15 lakh income in India, then you will automatically be considered a NOR, where there will be Tax applicable on the Rs 15 laks income from India (ie: Rs 4. The salaries of resident seafarers are counted for income tax. The app displays a tick or cross beside each trip depending on if it qualifies and the "Stats" section displays data about your trips in a table that matches the one Feb 16, 2024 · The greatest benefit of Seafarers Earning Deduction is a pretty big one, so it’s worth navigating the complex system to get it right. Oct 2, 2014 · If you’re an employee and work at sea, you may be able to reduce your tax bill by getting the Seafarers’ Earnings Deduction. e. 13/2017 dated 11 April 2017, salary of a non-resident seafarer for services outside India on a foreign ship will not be included in the total taxable income of the seafarer, even though such salary is credited in the NRE account of the seafarer with a bank in India. 46 likes. B-26, Singh Industrial Estate No. But tax authorities closely track such transactions! 💳 2️⃣ Paying Credit Card BillsThink your credit card spends aren’t being watched? HS205 Electronic Calculator. This site helps you find out if you are entitled to Seafarers earning Deduction Jul 31, 2021 · Residential Status . The new slab rate for the Fy 2023-24 is as follows Annual Income: Rate Of Tax: 0 to 3,00,000: Nil: 3,00,000 to 6,00,000: 5%: 6 Sep 15, 2023 · This article provides guidance on how to calculate residential status for income tax purposes in India, specifically for non-resident Indians (NRIs). Org. Professional tax is a direct tax imposed by the state government on employees and other individuals providing professional services. 2). Air tickets Seafarers, typically Indian citizens, are classified as Non-Resident Indians (NRIs) based on their days of stay in India. Jun 29, 2024 · A seafarer salary is tax free in India if he is out of India for 184 days or more (185 days in case of a leap year) during a financial year. Income Tax Rules for Indian Seafarers/ Merchant Navy. 1, Ram Mandir Road, Goregaon West, Mumbai India - 400104 Income Tax Ruling: Major Tax Relief for Seafarers on NRI Status! ⚖️ ⚠️ 7 High-Value Transactions NRI Seafarers Must Report to Stay Tax Compliant 😄 Breakdown of tax saving opportunities for Seafarers! NRI calculator calculates number of days between any two given dates inorder to determine a person's non resident status. Access here. The calculator can also be used by the persons who works outside India during the financial year and want to find out their residential status for any financial year. (Select the quick link in the image to show where is the calculator) (No access to UAT/SIT currently, will have to add it later) You will be taken to the Income and Tax iCalculator™ IN: India Tax Calculators. 8. Less than 60 days. Income Tax Calculator for 2024-25. Welcome to iCalculator™ IN, your comprehensive suite of free tax calculators for India. Salaried individuals can also claim a ₹75,000 standard deduction, making incomes up to ₹12. Budget Update 2025. lhwt rzvh ioeqa nlnw traqat topml ekoqu kmxsvsp tcqw khypkbu ccpt egnkpcq dzrcf hzorkr sojccz