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    Nris Corner Nris

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    Lenish Sunny
    1. An NRI is defined under FEMA as an Indian citizen or person of Indian origin who resides outside of India permanently for employment, business, or other reasons. 2. Under the Income Tax Act, an individual is considered a non-resident if their stay in India does not exceed 181 days in a financial year. 3. An example is given of an individual who would be considered a non-resident under FEMA but a resident under the Income Tax Act if they stayed in India for over 181 days in a financial year.

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    Nris Corner Nris

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    Lenish Sunny
    12 views2 pages
    1. An NRI is defined under FEMA as an Indian citizen or person of Indian origin who resides outside of India permanently for employment, business, or other reasons. 2. Under the Income Tax Act, an individual is considered a non-resident if their stay in India does not exceed 181 days in a financial year. 3. An example is given of an individual who would be considered a non-resident under FEMA but a resident under the Income Tax Act if they stayed in India for over 181 days in a financial year.

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    1. An NRI is defined under FEMA as an Indian citizen or person of Indian origin who resides outside of India permanently for employment, business, or other reasons. 2. Under the Income Tax Act, an individual is considered a non-resident if their stay in India does not exceed 181 days in a financial year. 3. An example is given of an individual who would be considered a non-resident under FEMA but a resident under the Income Tax Act if they stayed in India for over 181 days in a financial year.

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    Download as DOC, PDF, TXT or read online from Scribd
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    12 views2 pages

    Nris Corner Nris

    Uploaded by

    Lenish Sunny
    1. An NRI is defined under FEMA as an Indian citizen or person of Indian origin who resides outside of India permanently for employment, business, or other reasons. 2. Under the Income Tax Act, an individual is considered a non-resident if their stay in India does not exceed 181 days in a financial year. 3. An example is given of an individual who would be considered a non-resident under FEMA but a resident under the Income Tax Act if they stayed in India for over 181 days in a financial year.

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    NRIs CORNER NRIs - REGULATIONS & FACILITIES

    INTRODUCTION:

    A "Non Resident Indian", popularly known as NRI has multiple meanings popular ones being “Now
    Required Indian” ; “Neo Rich Indian” ; “Newly Respected Indian” and for some having a bad experience
    “Never Return to India” or as Om Puri used to say in a TV serial in his typical North Indian accent "Bha Bha
    Bha" - Bharat Se Bhagha Bharatiya.

    Jokes a-part, an NRI is independently defined under Foreign Exchange Management Act (FEMA), 1999
    which is based on permanent residence of an Overseas Indian who may be an Indian citizen or Person of
    Indian Origin i.e. foreign citizen of Indian Origin permanently settled and residing outside India for purpose
    of employment, profession, vocation, business or having a permanent home and family ties abroad.

    On the other hand, a 'Non-Resident's definition under the Income Tax Act, 1961 (IT Act) is wedded to
    number of days of an individual's stay in India during a particular financial year. Normally an NRI is said to
    be Non-Resident under IT Act if his stay in India does not exceed 181 days in a financial year which
    commences on 1st April and ends on 31st March. A few simple examples may make subject-matter crystal
    clear.

    1..01 If Lakshminiwas Mittal of Arcelor Mittal Group, being a foreign citizen of Indian Origin visits India
    for personal reasons or for examining business opportunities, and stays for 360 days in a Financial Year , he
    will continue to be a Non-Resident technically speaking a person residing outside India under
    FEMA but under the IT Act he will be covered by the definition of "Resident" .
    .02 For said reasons if Bill Gates of Microsoft Corporation was to visit India and stay for more than 181
    days in a Financial Year say 01-04-2008 to 31-03-2009. he will also continue to be a Non-Resident under
    FEMA but under the IT Act he too will be covered by the definition of "Resident" .,
    2.But if Sachin Tendulkar travels out of India and stays abroad for all the 365 days of a year, hitting out
    sixers and fours although a "Non-Resident" under Income Tax Act, 1961, he will continue to be a "Resident"
    under Foreign Exchange Management Act [FEMA], 1999.

    NRI Corner
    Contact Us
    Who is Non-Resident Indian?
    An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India
    or stays abroad under circumstances indicating an intention for an uncertain duration of stay
    abroad is a non-resident. (Persons posted in U.N. Organizations and Officials deputed abroad by
    Central/State Governments and Public Sector undertakings on temporary assignments are also
    treated as non-residents). Non –Resident foreign citizens of Indian Origin are treated on par with
    non-resident Indian Citizens (NRIs) for the purpose of certain facilities.

    Main categories of NRIs


    The following are the main three categories of NRIs:-
    (i) Indian citizens who stay abroad for employment or for carrying on a business or Vocation or any
    other purpose in circumstances indicating an indefinite period of stay abroad.
    (ii) Indian citizens working abroad on assignment with foreign government agencies like United Nations
    Organization (UNO), including its affiliates, International Monetary Fund (IMF), World Bank etc.
    (iii) Officials of Central and State Government and Public Sector undertaking deputed abroad on
    temporary assignments or posted to their offices, including Indian diplomat missions, abroad.

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