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NRIs=”NOT REQUIRED INDIANS”


 


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All current NRIs pls read carefully, from next year if u stay in india 60 days or more in a year, u r not considered NRI, but will be taxed as local tax payers.
NEW INDIAN RULES FOR TAXATION FROM APRIL 2010, AN NRI IS NOT CONSIDERED AS NRI IF HE/SHE COMES TO INDIA FOR 60 DAYS IN A YEAR, BUT THEY WILL BE TAXED ON  ALL INCOME THAT PERSON EARNS IN FOREIGN LAND, EVEN IF HE/SHE LIVED IN FOREIGN COUNTRY SINCE DECADES BUT WILL BE TAXED AS LOCAL INDIAN. THAT MEANS NOW IF A PERSON GOING TO INDIA EVEN IN FEW TRIPS COMBINED IN A YEAR OVER 60 DAYS , HE/SHE WILL BE TREATED AS A LOCAL INDIAN CITIZEN. THEY MUST DECLARE EVEN FOREIGN INCOME AND PAY TAXES ON IT.
 
NOW TO GO INDIA , WE HAVE TO MAKE SURE THAT WE GO ONLY IN EMERGENCY SITUATIONS TO SEE RELATIVES, BUT NOT FOR LONG SOCIAL TRIP, NOR LONG MEDICAL CHECK UPS + NRIS WILL HAVE TO MOSTLY GET  THEIR CHILDREN MARRIED IN FOREIGN LAND. NO MORE LONG HOLIDAYS/CELEBRATIONS  WITH CLOSE RELATIVES IN   INDIA .
IMPORTANT NEWS FOR NRI’S !!!!!  NOW THAT INDIAN GOVT. DOES NOT NEED NRI’S FOREIGN EXCHANGE, WE REALLY HAVE BECOME  “NOT REQUIRED INDIANS”    
UNDER CLAUSE 4 OF THE DIRECT TAXES CODE, WHICH IS TO COME INTO EFFECT FROM 1ST APRIL 2012, THE STATUS OF RESIDENT BUT NOT ORDINARY RESIDENT, WHICH IS CURRENTLY AVAILABLE UNDER SECTION 6 (6) OF THE INCOME TAX ACT OF 1961, IS SOUGHT TO BE REMOVED. AFTER THE CODE COMES INTO FORCE, A PERSON WILL BECOME RESIDENT IN INDIA IN ANY FINANCIAL YEAR IF EITHER OF THE FOLLOWING TWO CONDITIONS IS FULFILLED:
 
A.   IF HE IS IN INDIA FOR A PERIOD OR PERIODS REPEAT PERIODS AGGREGATING TO 182 DAYS OR MORE IN A FINANCIAL YEAR OR

B.   IF HE IS IN INDIA FOR 60 DAYS OR MORE IN A FINANCIAL YEAR AND HAS ALSO BEEN IN INDIA FOR 365 DAYS OR MORE WITHIN THE FOUR YEARS IMMEDIATELY PRECEDING THAT FINANCIAL YEAR.
 
E mail Courtsey: Satish Parikh 

 
  1. October 22, 2010 at 5:26 am

    Hello Vijay Sir,

    I think you are misinterpreting the provision. The definition of ‘Resident’ in Direct Tax Code is same as it is under present Income Tax Law. There is no change.

    The section 4 which you have cited is only half. The complete section is as follows.”

    (1) An individual shall be resident in India in any financial year, if he is in India-
    (a) for a period, or periods, amounting in all to one hundred and eighty-two days,
    or more, in that year; or
    (b) for a period, or periods, amounting in all to –
    (i) sixty days, or more, in that year, and
    (ii) three hundred and sixty-five days, or more, within the four years
    immediately preceding that year.
    (2) The provisions of clause (b) of sub-section (1) shall not apply in respect of an
    individual who is–
    (a) a citizen of India, or a person of Indian origin, living outside India and who
    visits India in that year;
    (b) a citizen of India and who leaves India in that year as a member of the crew of
    an Indian ship; or
    (c) a citizen of India and who leaves India in that year for the purposes of
    employment outside India.”

    So if you read this section throughly you can understand that NRIs are not covered by condition of 60 Days. For them condition of more than 182 days is applicable. Hence, NRIs will be taxed on their foreign Income only if they are in india for period more than 182 days. And this is a valid provision. Beacause if you are in India for more than 182 days, you are in india for more than 6 months. So you stay in India more hence you should pay tax in India.

    Further, even if you are in India for more than 182 days, you have foreign Income say from America, and if you have paid taxes in America, then your Income will not be taxed in India as Per Double Taxation Avoidance Agreement.

    Hence, I request to modify your post.

    Thanks

  2. pragnaju
    October 22, 2010 at 12:44 pm

    જાગૃત કરવા બદલ
    ધન્યવાદ

    પાસપૉર્ટ અંગે અરજી કરી હતી તેવી અરજી કરવી પડશે

    કલિયુગે સંઘબલમ્

  3. Vasant Parikh
    October 24, 2010 at 10:07 pm

    It appears Article “Not Required Indians” is misguiding. The definition of Resident is not correctly interpreted from the I.Tax point of view. I wish some experts throw light on this issue.
    Thanks

  4. himanshupatel555
    October 26, 2010 at 1:16 am

    હું દેશી નથી રહેવાનો???મને દેશીઓથી બચાવજો!!!કદાચ હવે પછી ચીઠ્ઠી નહી કાયદાઓની વણઝાર જ આવશે….nriઓ
    તમે પોલિટિશીયનોને તમારા ઘરમાં બહું જોવા દીધું છે જેમ પેલા ‘ ગરીબ’ કસ્ટમ અધિકારીઓ તમારી બેગોમાં જુએ છે,
    આપણે હમેશા દેશીવિદેશીઓ જ રહેવાના અને અરજીઓથી જ જીવવાના….

  5. October 26, 2010 at 11:43 am

    The Law when introduced as a Bill undergoes great scrutiny, later to published as a Statute after signature by the President. When it comes to its interpretation, it gets metamorphosised into an entity which would shock its movers if they were to come across it in person.Indian laws are no exception, only that people who stand to gain through misinterpretation, go full steam into it. In this case knowledge of the Law becomes power. If you have it, you win, otherwise, moan.

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