Now, Under Income Tax Act, 1961 NRIs will be treated as Resident of India if he stays in India for more than 120 days in any financial year. Earlier it was 182 days. NRIs will be treated as RNOR if he has been resident of India in three years out of ten previous years. Then global income will be liable to tax in India.
Individuals being citizen of India are liable to tax in India on income earned outside India provided it is derived from Indian Business or Profession and he is not liable to be taxed in any country or jurisdiction.
NRI's can invest in specified Government securities - an attractive investment opportunity .
FPI can invest up to 15% of the outstanding stock of Corporate Bonds - earlier it was 9%.
In case of income from royalty and fee for technical services, if TDS has been deducted then NRIs are not required to file Income Tax Return.
CA Nita R Dhru
Keynote Consultancy
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