Taxation In Hong Kong for Individuals
More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.
The highlights are as follows:-
Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.
This Form is not applicable –
Section 194J is for Fees for professional or technical services.
(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…
For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capit…