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NRIs – determination of residential status – again in limelight
Authored by Suresh Surana
There are over 28 million non-resident Indians (NRIs) settled outside India primarily concentrated in the US, UK, UAE, Saudi Arabia, Canada, Singapore, Hong Kong and other countries. The NRIs have always played an enormous role in India’s growth and economic progress due to investments in India and remittances made to India.
Residential Status Crucial to NRIs
Residential status is ascertained for each financial year (1 April to 31 March) separately. Residents are liable to tax on their worldwide income whereas non-residents are liable to tax only on income that accrues or is received in India. Hence, this is crucial for NRIs. ....

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