FW: Rules for NRI in India 2012.... (For Indian nationals)

[Abdul Samad]

 

 

----- Forwarded Message -----
From: C.Ramu <ra...@eversendai.com>
To: ramu...@yahoo.co.in
Sent: Sunday, 3 June 2012 9:45 AM
Subject: FW: Rules for NRI in India 2012.... (For Indian nationals)

as received

 

NEW INDIAN RULES FOR TAXATION FROM APRIL / 2012 An NRI is not considered as NRI if he/she comes to India for 60 days & more in a year but will be taxed on his all the income the person has earned in the foreign county during the year (the year means from 1st April to 31 March next) ( 01 / 04 / 2012 to 31 / 03 / 2013 ) It does not matter whether the person has lived outside India for decades.  This means from now on, if an NRI goes to India even for a few trips and  that cumulates to over 60 days in the year, will be considered as a local citizen and will have to declare his foreign income and pay tax on it.  THE NEW CLAUSE Under clause 4 of the direct taxes code, which is to come into effect from 1st April 2012, the status of resident but not ordinarily 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:  ( 1 ) If he is in India for a period or periods repeat periods aggregating to          182 days or more in a financial year  OR  ( 2 ) 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.  Therefore, a non resident Indian would become  resident in India under the direct tax code if either  of the aforesaid two conditions is fulfilled, and will  be liable to tax in India on his world income.  This would be notwithstanding the fact the he may be a person resident  outside India under the provisions of the foreign exchange management  act 1999. Therefore, henceforth going to our own country, we will have to make sure that we go only in an emergency but not to meet relatives;  neither for a social trip nor for long medical checkups NRIs should now  have to get their children married in foreign countries and hold all the  other celebrations with close relatives outside India. It is cheaper to buy tickets for close relatives to participate in our  children's weddings in foreign  countries Important news for NRIs! Now that the Indian government does not require  " NRI's foreign exchange, we will now become NOT REQUIRED INDIANS.  Please forward this to all your NRI friends in your forward list.

 

 

Thanks & Regards,   C.RAMU

Error! Filename not specified. Eversendai Engineering LLC

Tel: +971 4 267 3738 *   Fax: +971 4 267 3663 *  Mobile : +971 50 4587816 *  Email: ra...@eversendai.com ; ra...@eversendai.ae ;

Al Qusais Industrial Area #1, Road #204, 19th Street, P.O.Box 29537, Dubai, United Arab Emirates. Website:  www.eversendai.com

………………………………………………………………………………………………………………………………………………………………… This message may contain privileged and confidential information. If you are not the intended recipient or for any reason think that this message may have been address to you or reached you in error, you must not disseminate copy or take any action in reliance on it, and we ask you to delete all copies from your computer system and notify us immediately by return e-mail or contact the above telephone or fax number.