NRI IF COMES TO INDIA FOR 60 DAYS IN A YEAR TAXED AS LOCAL INDIAN.

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Jasar Keerikandy

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Oct 28, 2010, 6:47:39 PM10/28/10

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Please pass to all your friend and relative who go to India for long period

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All NRI's pls read carefully, New Bulletin dtd 29/09/2010

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.

C. 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 NOT WITHSTANDING THE FACT THE HE MAY BE A PERSON RESIDENT OUTSIDE INDIA UNDER THE PROVISIONS OF THE FOREIGN EXCHANGE MANAGEMENT ACT 1999