The World Moves With Mariners

We all know that taxes collected from citizens is the foundation of Indian Economy. Section NRI Taxation under the Indian Income Tax Act, 1961, applies to those earning outside the home country. The income tax rules and perks allowed to them are drastically different from those applicable to resident Indians. In this article, we will discuss Income Tax for NRIs in detail. 1. How do I Determine My Residential Status? You are considered an Indian resident for a financial year: i. When you are in India for at least 6 months (182 days to be exact) during the financial year ii. You are in India for 2 months (60 days) for the year in the previous year and have lived for one whole year (365 days) in the last four years If you are an Indian citizen working abroad or a member of a crew on an Indian ship, only the first condition is available to you – which means you are a resident when you spend at least 182 days in India. The same is applicable to a Person of Indian Origin (PIO) who i