Who Is A NRI ? This Is What Law Says - CA Sriram Rao - A Must Watch For All NRIs
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- Опубликовано: 23 апр 2022
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I was looking since long to have these answers and today this video popped up. Thank you for sharing this knowledge which clarifies lot of confusion. Subscribed in the first go!
I watched many other videos but I couldn't understand, but your video cleared all my doubts. Thank you for a detailed explanation upon NRI status under Income Tax Act.
Very good information helpful and great advice excellent explanation amazing knowledge very good discussion informative nri real estate business lessons and sessions positive topic inspiring motivational speech useful valuable video thanks you God bless you always sir respected Mr . C. A. Sri ram rao sir jai hind 🙏🇮🇳🇮🇳🙏
The explanation by the expert Mr Sriram is very neat as well as the clarifications sought and comprehended by the host Mr. Bhat is praiseworthy. Thank you for sharing and keep doing the good work..!
Please make a session on "Must know facts for Indians going abroad (for employment / profession / business etc.) for the first time". How the Income Tax & FEMA Act affect them ?
When I left India , there was rule that every one go overseas for employment has to have approval from RBI. The "P" form . This may avoid the people getting in to employment traps !
Where we can find the court ruling saying employment covers self employment and business as well
Indian laws:
Just make it so confusing that no one can understand or be compliant. They really need to simplify it and come with a single law.
Excellent presentation. Keep it up!
Thanks sir. You have concern for people. Love you ❤
Valuable information. 🙏🙏
Very much useful this topic.. And have to watch more than 1 time to understand..😢
Thank you for the very informative video. Appreciate the effort. Could you please make a video on what will happen to the investments done in India if a person moves to another country for work. Please also include Insurance as well
Very useful info.thank you both 🙏
Super explain thank you sir 🙏🙏
Sir very good speech and guid regarding NRI
Thank you! It was quite informative and I have liked and suscribed. Kindly advise those NRI who don't return to India after retirement, then after selling their properties in India, how can they minimise the losses due to taxation and overseas transfer conversion losses?
Thanks for your information, its very helpful. Could you pls make video regarding OCI card holder , How to invest and how to transfer previous invested Stocks in to NRI category..
Thank you very much for this video
I believe it is similar in US - a person on work permit is resident (>182 days) for Taxation but is considered a foreign resident for other purpose (needing work permit Visa and not having permission to run business or apply for Govt job/schemes)
Very useful
Pls more is this type
Very informative session!! A few questions 1- IT Act is implemented by IT Dept. Who implements FEMA and how? 2 Like we file annual tax return, are there any returns to be submitted under FEMA and if so, to whom? What is the role of RBI and the bank with which we have account in case of FEMA?
FEMA is implemented by Authorised Dealer (AD) Bankers (execution of transaction) as per mandate of RBI and RBI implements procedural aspects. Further, certain powers have also been given to ED (Executive Directorate) for the purpose of field work and investigation. No specific annual returns under FEMA apart from transaction based reporting, which would be done through AD bankers. In respect of bank accounts, AD bankers have to update KYC details from time to time and also execute certain transactions and collect required documentation for the same from parties.
Thank you 🙏
Excellent info and very clear
Based on these 6 conditions, NRI status of an Indian can keep fluctuating every year. If so, how can I maintain my bank account? How can I file my taxes? Should I change the tax filing based on these different conditions for different years?
Mr. Sriram, thanks for the informational video covering the convoluted laws. I am NRI but due to covid I was stuck in India and ended up spending entire FY 2021-22 (i.e Apr 1, 21 to Mar 31, 22) working from India. I was receiving salary in US account(after taxes). I didn't file any tax returns in India. So can I file belated tax return now? I'm guessing the interest and penalty will be substantial and govt will eat away whatever I earned. Can I take benefit of DTAA?
Please do a video for NRIs from FEMA point view. A person born in India then becomes a citizen of another country years ago, can this person open NRO, NRE bank accounts without a PIO, OCI or an Indian visa, otherwise what is required.
Many NRIs falls under condition 3, who are employed overseas but I think though it will be treated as Resident for tax purpose but it will be categorized as RNOR under which Foreign Income will not be taxable in India.
The 3rd category was confusing to me. To fall in under the 3rd condition, a person needs to meet all of those listed under or at least one of them would put he/ she under the 3rd condition?
it's wonderful explanation .
CA Rao, Thanks for your detailed talk on status of residents.My mother aged above 80 years is in USA from 1 Jan2020 as she could not return to India due to pandemic conditions.The application made by me for Green card is pending.Her income in India is more than15 lakhs annually. She last travelled to USA in 2015.She was in India only till Jan2020.Her filing return as resident (deemed resident now clarified by you) since order? Kindly confirm.She has no bank ac or taxable income in USA.
Very Informative....
very excellent and Informative. Thanks a lot.... Yet I have doubt as to what category I come under. I am working outside India. I am more than 182 days outside India. But I receive my salary in Indian Resident savings account. Should I declare the income and pay taxes accordingly in india.
In FY 21-22, I was employed in Rwanda for 207 days and in india 158 days. Should I file ITR as NRI or as a Resident for entire income (in Rwanda+India) . I also submit you that Rwanda employer made TDS @ 30% and Rwanda E-Chalan and receipt.
Good info
Thank you for the information.. very clearly explained... can you please clarify what is Resident but not ordinarily Resident
There are already couple of video on RNOR on this channel… watch them and be guided
Sir, A wonderful presentation. I have a REQUEST. Can U share DETAILS of TAX IMPLICATIONS AND PAYMENTS OF RESIDENT INDIANS WHO OWN FOREIGN ASSETS, EQUITY & DIVIDENDS. PL. COVER DETAILS SUCH AS REPORTING PERIOD IN SCHEDULE FA N SUCH. THANKS
Wonderful.
Very good discussion, sir SriRam. please help me - Q;-An young Resident citizen has come outside India for MASTERS degree .After ONE year and after getting the degree, this young person managed to get a more or less permanent job also in the country. This person lived more than 182 days in first financial yr.and less than 60 days in 2nd yr. but lived (obviously) more than 365 days in previous 4 years in India. Still in employment. Income in India very very little, if any. (1) Can this person open NRE account in 2nd yr or not?. ( 2)
Should this person continue ITR in India? DATTA agreement in situ. I am grateful for your time & comments.
I think there is an ambiguity in Point #3 for PIO earning in India greater then 15 lac per year. 6A act mentions if Indian citizen or pio is liable to pay tax in his own country then 120 days is not applicale it is 182. Which means only after staying 182 days not 120 days in India person becomes resident in India.
Please make a video on ITR Filing for NRI stock traders
These 3 different criteria for a resident shows how much different departments are disconnected in India. Each one is working in a silo or its own compartment. Left hand does not know what right hand is doing
question: US Citizen, OCI holder, visiting every year for 120 days, ie. previous financial year 120 days, preceding 4 years 480 days ( greater than 365 days), only visiting and returning back to US, so 'not purpose based - ie. setting up business, not employment, not returning to India to settle down', what is the status from Tax perspective ( NRI, Resident or RNOR)?TIA.
I am a new subscriber, can you please make a video on NPS (National Pension scheme) buying for NRI individuals please? Thank you. I love your videos.
There are multiple detailed videos on this channel for NPS . Please be guided
I am Oci holder I received government pension please you tell me how iican pay tax calculate?
Very informative video, Thank you sir. Q: For anyone to be a resident Indian, whether it should be 182 days in a calendar year or financial year? Please advise. Thanks 🙏
Financial year only
Thanks for an informative video
My question is
Can a OCI,a US citizen, getting GOI pension in India avoid TDS and tax in India by staying in US for more than 182 days or years together
No, not at all.... it is earned and received in India and taxable in the hands of non resident (irrespective of citizenship) also...
what is the satus of nepali who is india for 2 yr ?? how can they obtain aadhar and wat are taxes rules for them ??
Quite complicated to determine residential status..thanks for trying to untangle it step by step.
Will dependant spouse & children of NRI, having no foreign income, be judged for residential status based on the six criteria just explained?
YES... their status must be independently analyzed...
Really very informative video. Thanks a lot. One question, what is the status of spouse accompanying NRI who don't pay tax in the respective resident country and they have income india less than 15 L?
It depends on her no of days stay in India.. it should not linked with working spouse….
Best video
For the 5th and 6th point.
If my income slashes from 50 lakhs to Rs 0 in the follwing year.
Can i pay 0% tax in India and be an Indian resident?
In condition number 5 if a person has stayed for preceding 4 years in india but from September 2022 person is abroad for employment purpose then it will be treated as resident indian ??????
If an OCI holder is resident as per the video but while selling property whether 0.7 percent TDS will be applied or 25 percent?
Hello, thanks for the information. Could you please clarify if the tax applies to the salary at source outside india or the savings brought to NRE account in india
Please consult a chartered accountant on this issue
What about the Indian students studying in a foreign country and who are also getting some stipends in the foreign country?
Very informative. Can you make a session for A resident goes abroad for employment he becomes NRI. Then what happens to his bank accounts and the deposits which he already had while he was in India?
Bank account and deposits has to be converted into NRO
Does any internship in United Nations or any other organization treated as Employment for this ?
Hi Team
Do you have a step by step way of filling up a 49a to apply for a PAN card
@NRI Money Clinic, there is a mistake in the video. @21:34 Criteria 5 says "Must have come to India on any other purpose than visit" But in the table at @25:48 for Criteria 5, table says Purpose is not relevant. So which is it?
In the given table, for item no 4,5 - if purpose is other than 1,2 and 3 then, whatever purpose that is irrelevant. That’s what it means…
Pls clear more the no 3 category
I have question on FATCA
If a person has become an OCI in the last one year and has come to India for staying for about year and has income from GOI pension,interest on deposits, dividend's from stocks and mf but total financial assets less than the limit of $50000, should he still make FATCA self declaration
Should the declaration to be made for each financial institution or is there one common place where declaration can be submitted
What does it mean when some mfs ask us to certify we are FATCA compliant
Thanks in advance for the clarification
First of all I may point out that there is mis-use of article in the caption, "Who is A NRI?...........All NRIs". It should be Who is An NRI?
If spouse staying abroad with husband can she file return as resident or NRI
I am an NRI (UK Passport) living permanently outside India. Plan to start visiting India for 3 months in a year once I retire (90 days Max) Dec, Jan, Feb - primarily to escape Cold weather in UK. Plan to do that until I can keep traveling from Age 62 to 70 .... every year & then decide where to "permanently settle" India or UK. The above NRI description is confusing - Will i be considered a "Resident" for TAX purpose if I stay in India only 90 days / year?
What about student leaving India and earn $500 pm from part-time earning $10000 pa( rupees 750,000).
Does anyone file ITR in India as they are resident Indian for tax purposes.
Very Informative
please reply asap
can a student who studied till 10 out of india and 11th and 12 th in india apply for collages under general category
and
if a student studies till 12 th out of india , can he apply for collages under general category or will he be allowed only to aply for NRI seats , in which he have to pay the NRI fees
if the student who studied till 12 out of india , get into merit list in NEET / JEE exam , would he be allowed only NRI seats , and would he have to pay NRI fees even though he came in merit list .
thank you
Obliged to have response for the following
1. Left India say on 23 rd Sept for employmen under employment cum residential visa. In between visits India for say 15 days leave to attend family function day January . This resulted in total stay in India exceeding 182cdays marginally.whether from IT perspective NRI ?
Invariably you would be resident as your stay exceeds 182 days… however, if one litigates then there are fair chance of claiming residential status of NRI… but highly litigious though and case would go up to the level of high court and litigation cost needs to be borne…
Sir I live in Bahrain , I have a permanent resident visa here ..I am staying in Bahrain for 5 years and since 4 years I haven't gone to India... staying here just as a wife .. I don't have Nre and nro account .. sir am I come under as NRI or not .plz reply
Will you please guide
How and where to invest those who are NRI 70years and above
These conditions will clash with many OCI s who are already paying taxes in their country of residence.
Even if Indian IT authorities consider a person covered by any of the above conditions, the authorities in his country of residence will also be demanding tax from him .
Please enlighten with clarity in such cases
To clarify, watch video on double tax avoidance agreement available on this channel . Go through the play list NRI Taxation
I have a investor visa in Dubai , can I be treated as NRI if I stay in Dubai for than 183 days
Sir
My children are NRI, they want to settle in foreign country USA/Canada. What amount of money I can sent to them without attracting income tax.
Can days I spent outside India on Business Travels (as an Indin employee and before moving abroad Payrol) be considered as part of 182 Days?: I watched vedio but unfotuenately still unclear on my question. I am working for a UAE bank since 18th Sep 2023. Now, I am hard pressed for number of days to visit my family in india before 31-Mar-2024, which is my struggle honestly.
My complication starts with the below:
Before moving to UAE (on UAE payroll), I was working for the same bank (offshore center) in India (as an employee of Indian entity). During my employement in India, in the period 01-Apr-2023 to 17-Sep-2023 - I had travelled UAE two times on project work and spent overall 37 days there (both are business travels and I have invitation letters). Then I moved to UAE Payrol on 18th Sep 2023.
My question is :
Can I include the 37 days of my travel in calculating 182 days?
@sriram rao
Thanks for making this video for us.
I work in US on work visa. I visit India more than 182 days in a financial year so from taxation point of view I will be treated as Indian. I do not have any income in India. Can you please clarify that my US income which comes from salary after tax deductions in US is not taxable in India? I transfer almost all of my US income to my NRE account.
Yes, it might become taxable in India… however you may get foreign tax credit for payment of US taxes, against taxes payable in India…
There are videos in this channel, overstay in India, RNOR status, DTAA etc… you can watch them to understand the principles and be guided
Thanks @Sriram rao
Between criteria #3 and criteria #5, the only difference is that of "Purpose". But how can purpose of visit be proven?
It depends on facts & circumstances.. if you are retiring/resigning and coming to India, then your purpose will not be 'VISIT'... if you are coming on leave to again rejoin, then purpose will be VISIT...
Hello Sir !
I came to Dubai in June and got my residency visa in July. My salary income has exceeded 15L in India. ( stayed for 61 days in India from Apr 2022 till now )
I have few queries about my residency.
1. What is the upper limit on my stay in India ? 182 or 120 days ?
2. As I am a resident in UAE now and I have income more than 15Lakhs in India, Will I be considered as deemed resident as UAE does not have income tax ?
3. While filing ITR for next year, do I need to obtain Tax Residency Certificate from UAE ? I think Bonafide workers wont be require to prove residential status in GCC. Please correct me if I am wrong.
4. If I can stay in India for maximum of 182/120 days ( depends on the answer of first question ), can I stay anywhere outside India ?
I have already stayed for 2 and half months in UAE. Am I allowed to live in any other country apart from India or UAE for any number of days ?
Do I need to stay for some mandatory time in UAE as I am a UAE resident now ?
Please help with above queries.
Can you please answer these queries ?
@@architbakliwal7841 i think you should consult them directly. They would probably charge you for this kind of consultation.
Please consult a chartered accountant on this issue
60 Days condition you mentioned as 5th condition is not giving clarity. I am a salaried employee and moving out side India first time in FY23-24 and stayed out side for more than 300 days out side India. Can I considered as NRI?
there is a mistake here. condition #5 of 60 days is not applicable for Indian citizens. for indian citizens, 60 days is replaced with 182 days or 120 days in case if india source income is more than rs. 15 lakh
No, your interpretation is incorrect…. I have explained all conditions correctly in this video… if I have to talk technically, there are only 3 condition in act Section 6(1)(a), 6(1)(c) & 6(1A) and for one of the condition 6(1)(c), there are 2 exceptions (as per explanation 1(a) & 1(b)) and the 2nd exception [1(b)] has two limbs/branches… when all these are segregated, one will have 6 conditions…
Further to elaborate the condition no 5, if an individual who is not falling within any of the purposes as mentioned in condition 1, 2 & 3, will directly fall into condition 4 or 5 as explained in this video….
For IT guys going to onsite in USA . How do they remit money to India. Do they need to open NRE account . Or they can simply transfer it to existing savings account
They cannot maintain resident accounts (SB/FD etc..) They have to convert all accounts to NRO and open NRE... remittance can be done to NRO or NRE as it is convenient...
What is considered the definition for visit? In criteria 5 for example, you mention - that one must have come to India on any purpose other than a visit. And in this case, if the stay exceeds even 60 days, (and the other 4 year lookback) - then the person becomes a resident. How does the IT department determine what a person has come to India for? And if the IT department classifies such a person as a resident, what proof is required to show that the person was indeed on a visit and he is not a resident as he didn't exceed the 182 days period (rather than the 60 day period)? What kind of proof is required to prove a visit if a dispute arises?
Intention has to be established by documentary evidence… if one resigns job/retires/closes his lease agreement and comes to India, it signifies that he comes permanently… so each circumstance has to be seen with documentary evidence…. If a person is continuing with his job and comes on leave of definitive period, with return ticket booked, continuing with residential lease agreement abroad etc... signifies that one has come on a visit to India...
@@sriramrao2514 I wish the law was unambiguous, like for example the 182 day period, 15 lacs threshold etc. Once the law gets into ambiguous territory, like intent, purpose of visit etc, it gets murky. There are many situations when peoples life change. Say a retired person of Indian origin wants to visit India every year for about 5 months and go back, there is no job he has in this case. If government decides one way (say a resident) it becomes difficult to rectify and follow up. If someone wishes to maintain a NR status, so in my opinion, he/she should not exceed the stay of 90 days in a year forever, so that cumulatively the total stay does not exceed 365 days over the past 4 year lookback period. That way the "visit" type clause because irrelevant as it could never apply. But thank you for clarification in this regard.
I went to Canada on PR (Permanent Residency) on 29 June 2022. So in November will I be considered as a Resident or NRI? Please answer
On that date in November, ask yourself: did I stay in India for 182 days or more. out of last 365 days?
If answer is yes, then you are not NRI
If the answer is no, then you are NRI.
Simple.
Note that since you continue to live in Canada, so at some date in Nov or Dec your answer will change to No, and then you will become NRI from that day.
Sir, I am an NRI for last +20 years with less than 15 lakh income in India. If I visit India for less than 90 days every financial year, will I be treated as NRI for all my life?
I will appreciate if you can respond to this question.
Even if you visit upto 181 days, you will be NRI in Income tax act. Nothing to worry but you must show your Employment documents handy to prove it.
Migrating Indian Citizens obtaining foreign citizenship and surrendering Indian Citizenship . If staying more than 182 days . Is Resident from Income Tax point of view what will be tax liability on Indian Income-around Rs . 2 or 3 Lakhs Indian Rupee nontaxable income . But if as a Non Indian Citizen -has a foreign nationality what if a foreign Citizen stays less than 182 days and what on tax liability if stays more than 182 days .
Hullo Dr. Bhat. I am an NRI (Canadian Citizen) and I have a PAN card with Canadian permanent address. Since I don't have any permanent address/property in India, how can I apply for a Aadhar card? Is it necessary to have an Aadhar card?
Being a Canadian citizen, you should not apply for Aadhar, unless you become resident as per Aadhar Act, i.e. to say you should start residing in India and it must be atleast for 182 days...
Excellent presentation
Hi can you clarify what if an NRI stays more that 182 days and I have paid full tax in the other country where I am getting salary (17% of my income) . Will I have to pay further taxes in India or since I have paid tax already in the source of income country I will be exempted.
You will have to pay lesser tax in India, applying DTAA by showing your TRC of that country and taking tax credit on that income and in some DTAA its mentioned that if you don't fall in 3 conditions simultaneously than you don't have to pay tax in India. So ready DTAA abt Salary Article.
But ITR will be complicated. You must show that salary in exempt income (if allowed in dtaa) and must report all your foreign bank account/assets holding etc.
It can explain better if we say"Not Residing in India"
Firstly Thank you very much for your valuable vedios.
My question is if someone goes to foreign for study purpose and staying abroad continuesly more than 182 days for study purpose, is he become an NRI for the purpose of income tax on fds interest as he has some fds in India prior to move abroad. Please clarify Sir that he is now resident of India or NRI.
NRI
@@NRIMoneyClinic
Thank you very much for your kindness. I love nri money clinic.
please make short videos - in brief / concise if possible
Feedback noted
My son on job from 18th June 2022 in Canada and he is going to file tax returns there pl advise me whether he is NRI for kyc in bank
Sir, I have travelled first time overseas on 19th Sep 2022 that means my stay for current FY was 170 days in India, will this condition comes under NRI? Please clarify. Thanks
Watch the video fully & be guided…
Great Video
Sir are you based out of Dubai ?
Yes . Base Dubai
Hi Sir.. I am working in GCC since 1year and 5 months.. I am returning for a month leave next month.. My saving account have not changed to NRE/ NRO account yet.. I am transferring around 2 lakhs every month to my saving indian account.. Will i be liable to tax pay.. I will change next month to NRO ACCOUNT.
May not be liable depending on facts & circumstances
Your videos are really great, very informative. Please clarify "Year", Mr. Sri Ram seems to indicate year as Indian tax financial year (April 1-March 31), not calendar year (Jan 1-Dec 31)? For e.g. if continuous182 days spans financial years, it does not as 182 days, is that correct.
In India, a FY starts from 01st April and ends on 31st March and it is not calendar year… “stay in India” does not mean continuous stay, it is aggregate stay in India during any time in a FY…
If someone stays outside of India and in India there is no income as such or less than Rs 250000/- is he required to submit return in India? How he will declare as NRI?
There is a video on when a NRI should file return of income in India… you can watch it and be guided
If I am to leave for Foreign country by last week fo August 2022 and my annual income is India is more than 15 lacs in previous and current year, would I be considered NRI by IT and FEMA for this current year?
Watch the video for answers
@@NRIMoneyClinic Sir, Criteria 6 most applies to me but if I am moving to foreign country with Permanent Residence status, does criteria 6 still apply to me?
🙏🌹🙏
Does all these 6 rules are also applicable For a person not having citizenship but having a Green card ??? Kindly clarify , Since the status of Green card holder is No where mentioned in the discussion.
Thanks for very informative session otherwise.❤
If you are having GREEN Card, then you are still an Indian Citizen... so accordingly rules would apply...
@@sriramrao2514 thankyou sir
Excellent sir
Big thanks 🙏
OMG! This is a great video. I am an OCI. I have two questions. Purpose based criteria Number 4 & 5 screens: "Must have come to India on any other purpose other than visit" which means must have come to India not for visit which is not what your summary table shows-can please clarify? If I satisfy purpose based criteria number 2 (column 2), when I sell my house in India, is it as if a resident is selling and therefore the buyer has to deduct a TDS of only 1% ? Thanks again for this video.
If one is covered by purposes as mentioned in 1,2&3… then they need not go through 4&5, verify 6… if they are not covered by purposes as mentioned 1,2&3, then verify 4&5 and later 6 to determine whether one is a resident
If I understood you correctly, then you are coming on visit and hence the applicable rules are 2&3… if u are not resident as per 2&3 then do not verify 4&5, directly check whether you are resident as per 6, if not then you would be non-resident only…
@@sriramrao2514 Yes, Sriram, the screens 4 & 5 and the summary table match. I was wrong. It will be a great help to the OCIs if you can kindly answer my second question. That is: If I qualify as a Resident per purpose based criteria number 2 (column 2), when I sell my house in India, is it as if a resident is selling and therefore the buyer has to deduct a TDS of only 1% vs 20% ? Thanks.
@@kanjira48 yes, TDS would be @ 1%… but tax liability is different from TDS and the same needs to be fullfilled
Good day sir
I am Ram , on withdral of pf TDS deducted 30 % in
Financial year 2021-2022,
I need to file ITR but i am confused about resident status because I'm doing job in South Africa from last 3 year
Follwing are details i was stay out side india
2021-2022 =(312 days in south africa)
2020-2021 =(365 days in south africa)
2019-2020 =(170 days in South Africa)
2018-2019 =( 0 days out of india)
2017-2018= (0 days out of india )
Please can you tell me which category i will come
NR
@@sriramrao2514 Thank you sir