The taxation system in India is undergoing tremendous changes and there are a lot of new tax structures and different tax schemes that are introduced in the Budget in March 2013. A new kind of tax regime is developing under Transfer Pricing Methodology which is radically going to change the outlook of the tax laws in India. These taxes have to be paid even if the person otherwise is not taxable as having loss or income less than minimum liable to tax. Many of the exemptions are being withdrawn or amended. But let’s first understand that who is considered to be a Non Resident Indian (NRI) under the Income Tax Acts.
The term non-resident refers only to the tax status of a person who, as per section 6 of the Income-tax Act of 1961, has not resided in India for a specified period for the purposes of the Income Tax Act. The rates of income tax are different for persons who are "resident in India" and for NRIs. For the purposes of the Income Tax Act, "residence in India" requires stay in India of at least 182 days in a calendar year or 365 days spread out over four consecutive years. According to the act, any Indian citizen who does not meet the criteria as a "resident of India" is a non-resident of India and is treated as NRI for paying income tax .Any individual who has Indian origin is deemed to be resident in India in any previous year if he satisfies any of the following conditions:
- If he is in India for a period of 182 days or more during the previous year; or
- If he is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.
Thus in both the conditions NRI’s are liable to pay the tax under the income tax acts. But at the same time it is very difficult to deal with the upcoming changes and it is indeed an equally tedious job to find the right person or an organization that would guide you well and at the same time charge you an optimum amount without making a hole in your pocket. This is when NRI Services come into the picture. If you have any query on the latest tax scenario, send a Query. We have Legal Experts carefully chosen by us to help our clients with their problems in understanding the new tax structure.
Some of the divisions we expertise in are:
- Tax Planning.
- Filling of income Tax returns.
Here at NRI Services we work towards providing you with the best of services because we aim towards 100% client satisfaction. We have a fully equipped infrastructure and have additional facilities like teleconferencing. Residing in the heart of Punjab our office is easily accessible through various means of communication