RNOR or NRI?
This query is : Resolved
Guest
Guest
(Querist)
06 June 2024
I moved to Middle East last year where I started a company and was an employee of that company.
Number of days in India in FY 2023-24: 180
(Indian) business loss brought forward from FY 2022-23 to FY 2023-24: -20L
Profit from (Indian) business for FY 2023-24: 30L
My understanding of NRI status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India less than 15L
My understanding of RNOR status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India more than or equal to 15L
Is my understanding of NRI and RNOR status current?
Will my "Total Income" be 30L or 10L (30L - 20L offset from last years loss)?
Number of days in India in FY 2023-24: 180
(Indian) business loss brought forward from FY 2022-23 to FY 2023-24: -20L
Profit from (Indian) business for FY 2023-24: 30L
My understanding of NRI status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India less than 15L
My understanding of RNOR status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India more than or equal to 15L
Is my understanding of NRI and RNOR status current?
Will my "Total Income" be 30L or 10L (30L - 20L offset from last years loss)?
07 June 2024
You can't be employee of your own company. You have gone Middle East for business.
You are resident of India for FY 2023-24.
Your understanding of NRI and RNOR is wrong.
You are resident of India for FY 2023-24.
Your understanding of NRI and RNOR is wrong.
Guest
Guest
(Querist)
07 June 2024
Thanks for the response.
Incase I didn’t explain properly, I want to add clarification points:
I went to Middle East on employment visa. I am employee of the company in the Middle East (i.e I receive monthly salary, have employment contract etc). But I am also one of the shareholder of that company.
Note: The business income I mentioned in India is stock market trading income which I was doing part-time before I moved out of India, and is unrelated to the company/business in the Middle East.
Incase I didn’t explain properly, I want to add clarification points:
I went to Middle East on employment visa. I am employee of the company in the Middle East (i.e I receive monthly salary, have employment contract etc). But I am also one of the shareholder of that company.
Note: The business income I mentioned in India is stock market trading income which I was doing part-time before I moved out of India, and is unrelated to the company/business in the Middle East.
07 June 2024
In such a case you are NRI.
As you are resident of Middle East RNOR not applicable.
As you are resident of Middle East RNOR not applicable.
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Guest
Guest
(Querist)
07 June 2024
Thanks for the clarification.
As an NRI, I found out that I can leave the FSI and FA blank.
But there are other fields in “PART A - General” regarding director and unlisted shares.
Do I need to declare if I am director/shareholder of a foreign unlisted company? Or can I leave those 2 questions blank?
As an NRI, I found out that I can leave the FSI and FA blank.
But there are other fields in “PART A - General” regarding director and unlisted shares.
Do I need to declare if I am director/shareholder of a foreign unlisted company? Or can I leave those 2 questions blank?
07 June 2024
Leave it, as you are not a director of Indian company.
Only Indian company director details to be filled.
Only Indian company director details to be filled.
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