Sunil (GM) (94 Points)
05 July 2024I will be completing 182 days ( counting from 1st April , 2024 ) outside India on 30th Sept , 2024 .Please let me know if I will be NRI on 1st October, 2024 or 1st April , 2025 . I need this information as I need to change status of my saving bank account / Demat / Trading accordingly.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176815 Points)
Replied 05 July 2024
As per Income tax act you remain NRI for complete financial year, if you remain less then 182 days in India, in that year. (that being one of the conditions as per the act)
Check that you remain maximum 181 days in India including days of arrival & departure, to qualify for NRI status IN THAT FINANCIAL YEAR.
Sunil
(GM)
(94 Points)
Replied 05 July 2024
Thanks than in my case by what date I need to change status of my saving bank account / Demat / Trading account to NRI ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176815 Points)
Replied 05 July 2024
If you have stayed less then 182 in India in FY 2024-25, you will be NRI for FY 2024-25. For FY 2025-26 & onwards, we need to check your stay in India for that particular year along with your total stay outside India for earlier years. Most probably would become RNOR for that year if you are returning to India after many years of stay outside the country.
Refer: https://cleartax.in/s/income-tax-act-residential-status
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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