INTRODUCTION
Who Is an Indian Resident?
Individual living in India since birth
Individual living for 182 days in the preceding financial year in India
Individual living for 60 days in that year specifically
Or been here for 365 days straight for the last four years
The above mentioned are the criteria’s for ‘Indian Resident' and a person who does not fulfill them is a Non-resident Indian and is treated as an NRI for paying the income tax.
What is Non Resident Indian (NRI)?
Let us have some information about NRI meaning and NRI full form:
A non-residential Indian is a person who stays in India for less than 182 days during the period of the foreseeing financial year.
An NRI can also be a person who has gone out of the nation for employment is called an NRI.
A person staying abroad for business-related purposes is also called an NRI.
Investment Plans for NRIs
Who is Non Resident Indian (NRI)?
The people living abroad are classified into three major categories, namely Non-resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs).
Who are PIOs and OCIs?
Any individual who is an Indian by descent or by birth, who lives abroad, is categorized as Persons of Indian Origin (PIO). These people who held the passport of countries other than China, Bhutan, Afghanistan, Bangladesh, Pakistan, Nepal, and Sri Lanka were issued an id card previously. Nevertheless, the Government of India withdrew PIO Card Scheme and merged it with the OCI Card Scheme from January 15, 2015.
OCI stands for an Overseas Citizen of India. It is a person who has origin in India but resides in foreign countries except for Pakistan and Bangladesh. They have a lifetime visa.
Investment Plans for NRIs
NRI Definition as per the Income Tax Act of India
U/s 6 of the IT Act, 1961, an individual who is an Indian Citizen or is of Indian origin, is considered to be an NRI.
If an individual’s taxable Indian income exceeds Rs 15 Lakh then that individual is considered to be a resident, in case the person:
Visits India for 120 days or more in the preceding year
Has been in the country for a period of 365 days or more in the previous 4 years.
Eligibility Criteria
