The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act). The definition is explained in simple terms as under.
Liberalized Remittance Scheme LRS is a scheme introduced for all resident individuals including minors to remit outside India for all the permissible Current / Capital account transactions up to USD 250,000 per financial year (April-March) per person (including minor individuals) without RBI permission. If an individual has already remitted any amount under ...
Recent Immigrants: All kind of assets in India such as properties, bank deposits, stocks and securities, life insurance policies, loans, company deposits, debentures, bonds etc. acquired, held or owned by an NRI while he was in India can be continued to be so held and deal in any manner ...
Returning Indian INCOME-TAX ACT, 1961 (THE “ACT”) Under the Indian Tax Laws overseas income is liable to Tax in India only if the assessee is an ordinarily resident. A returning Indian who has been a Non Resident for 9 years or more, then for 2 successive years he shall ...
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