In this article I will explain about the NRI status. Many people confused about the NRI term and when a person is considered as Non-Resident Indian(NRI). This article gives you the policies related to NRI and how to decide whether a person is NRI for the specific financial year. Please post your feedback in the comments section. If you like this article please subscribe to our future articles here.
What makes you resident?
- If a person stays in India for more the 182 days for the current financial year
- If you stay in India for at least 60 days in India during the current FY and have stayed in India for at least a total of 365 days during the four previous FYs, then you are a resident.
- However, the criteria of 60 days are extended to the first criteria of 182 days for any one of the following instances:
- 1. If you reside abroad for the purpose of employment.
- 2. If you reside abroad as the member of the crew of an Indian ship.
- 3. If you are an Indian citizen or a person of Indian origin who comes to India on a visit.
- If you are an NRI, only your income from India will be taxed. You don’t have to pay taxes on income earned abroad, even if you remit this income to India.
- An Indian citizen leaves India for the purpose of Employment, Education or Staty with parent, at the moment when he is leaving the India he becomes the NRI. In this case when the return period is un-certain then he will be considered as an NRI.
I hope this article helps to understand the NRI status. If you have any doubts regarding the NRI status, please post it in the comments section. I will answer your questions. Thank you for reading this article. If you like this article please subscribe to our future articles here.