fbpx

Money earned in India by NRIs will be taxed

  • IASbaba
  • February 4, 2020
  • 0
UPSC Articles
Print Friendly, PDF & Email

Money earned in India by NRIs will be taxed

Part of: GS Prelims –Economy  and GS-III – Budget

In news :

The Finance Bill has proposed three major changes to prevent tax abuse by citizens that don’t pay taxes anywhere in the world —

  • reducing the number of days that an Indian citizen can be granted non-resident status for tax purposes from 182 to 120; 
  • citizens who don’t pay taxes anywhere will be deemed to be a resident; 
  • The definition of ‘not ordinarily resident’ has been tightened.

Non-Resident Indian

  • An Indian citizen who is ordinarily residing outside India and holds an Indian Passport.
  • A person is considered NRI if She is not in India for 182 days or more during the financial year Or;
  • If he/she is in India for less than 365 days during the 4 years preceding that year and less than 60 days in that year.

For a dedicated peer group, Motivation & Quick updates, Join our official telegram channel – https://t.me/IASbabaOfficialAccount

Search now.....