Non résident status
This query is : Resolved
03 May 2024
I am an NRI since year 1995. Now I have plan to stay in india every year 180 days and balance days in oversees with my son for next three years (Financial year 2024-25 to 2026-27).
This will help me to divert my NRE fixed deposit money to other investment like shares, MF etc and save income tax in my hand.
Will I will be treated as NON RESIDENT ?
Is my under standing correct for tax planning.
This will help me to divert my NRE fixed deposit money to other investment like shares, MF etc and save income tax in my hand.
Will I will be treated as NON RESIDENT ?
Is my under standing correct for tax planning.
04 May 2024
You will be considered NRI only for two next year, and Resident (RNOR) in third year i.e. for FY 2026-27.
04 May 2024
Many thanks for reply.
Why will not be considered NRI in FY 2026-27 as I plan to away +182 days of oversees.
Why will not be considered NRI in FY 2026-27 as I plan to away +182 days of oversees.
04 May 2024
As per section 6(1) of Income Tax Act, 1961, Residential status is determined on the basis of number of days of stay in India. An individual is said to be resident in India in any previous year, if he satisfies any one of the following conditions:
i. He has been in India during the previous year for a total period of 182 days or more OR
ii. He has been in India during the 4 years immediately preceding the previous year for a total period of 365 days or more and has been in India for at least 60 days in the relevant previous year.
For the FY 2026-27, check second condition. If you have not exceeded 364 days in any preceding four years, you will be NRI; otherwise RNOR.
i. He has been in India during the previous year for a total period of 182 days or more OR
ii. He has been in India during the 4 years immediately preceding the previous year for a total period of 365 days or more and has been in India for at least 60 days in the relevant previous year.
For the FY 2026-27, check second condition. If you have not exceeded 364 days in any preceding four years, you will be NRI; otherwise RNOR.
07 September 2024
Good Luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- SEC 54 OF IT ACT
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Form 26QB for TDS on property
- Whether still royalty
- GST Annual Returns filing due date
- Need help with business structure for setting up a new business
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
