Are you a Non-Resident Indian and want to invest in Indian economy?
We got you don't worry , the first step you should do is to check your criteria Under Income Tax Act, 1961 which is as follows :
As per the Income Tax Act, 1961, an individual can be treated as an NRI in any given financial year if he/she is:
1) Present in India for less than 182 days during that fiscal year, or
2) Present in India for less than 365 days cumulatively during the preceding four fiscal years and less than 60 days during that fiscal year.
The Finance Bill 2020 passed by the Parliament in March 2020 made a slight but important change to these rules with effect from 1 April 2020. According to the new rules, the period of ‘182 days’ has been reduced to ‘120 days’ for those NRIs whose income accruing or arising in India is more than Rs 15 lakh during that fiscal year.
Hence, if you are an NRI(1) whose total taxable income from India is more than Rs 15 lakh, staying in the country for more than 119 days in a fiscal year is not enough to protect your NRI status. This also makes you susceptible to taxation in the country.
However, if your total taxable income in India is less than Rs 15 lakh during any financial year, your stay can go till 181 days, as was the case earlier.
At Anmol Share Broking Pvt Ltd., we understand the unique needs and preferences of NRIs when it comes to investments. We are here to guide you through the process, offering expert advice and a wide range of services to make your NRI investment journey seamless and rewarding. Explore the possibilities, invest in India, and watch your wealth grow!"