Defination of NRIs?
The definition of non-resident is linked to the period of stay in India where definition of non-resident for the purpose of FERA is based on the intention of the person concerned. According to Sec. 6(1) of the Income Tax Act, an individual shall be a resident in India in any Financial Year if he is in India in that Financial Year for a period or periods totalling to 182 days or more, or has been in India within the four preceding years for a period or periods totalling to 365 days or more and for a period of 60 days or more in that Financial Year. The significance of above classification can be understood from the following chart : Resident : R & O R World wide income is liable to tax R but NOR: Income outside india is not liable to tax Non Resident: Income outside india is not liable to tax DEFINITIONOF NON-RESIDENT INDIAN :- A non-resident Indian is a person who is a citizen of India or a foreign citizen of Indian Origin who has left India either for business or for employment or for
