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Rules for NRI in India
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AS RECEIVED
NEW INDIAN RULES FOR TAXATION FROM APRIL/2012
An NRI is not considered as NRI if he 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.
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.
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.
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:
· If he is in India for a period or periods repeat periods
aggregating to 182 days or more in a financial year
OR
· 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.
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