Gujarati Club News: [Gujarati Club] Fw: Fwd: Rules for NRI in India 2012....

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Sent: Wednesday, April 11, 2012 8:30 AM
Subject: Fwd: Rules for NRI in India 2012....

-----Original Message-----From: BHADRESH PATEL <bhadresh16@verizon.net>To: Bhavin Patel <bhavin71@hotmail.com>; Jagdish Patel <jagdishp54@yahoo.com>; Atul Patel <atulpatel@aol.com>; Mahesh Patel <agkmike@gmail.com>Sent: Mon, Apr 9, 2012 9:09 pmSubject: Fw: Rules for NRI in India 2012....

Bhadresh......

Subject: FW: Rules for NRI in India 2012....

Rules for NRI in India 2012

AS RECIEVED NEW INDIAN RULES FOR TAXATION FROM APRIL/2012 An NRI is not considered as NRI if he/she comes to India for 60 days & more in a year but will be taxed on his all the income the person has earned in the foreign county during the year (the year means from 1st April to 31 March next) It does not matter whether the person has lived outside India for decades. This means from now on, if an NRI goes to India even for a few trips and thatcumulates to over 60 days in the year, will be considered as a local citizen and will have to declare his foreign income and pay tax on it. THE NEW CLAUSE Under clause 4 of the direct taxes code, which is to come into effect from 1st April 2012, the status of resident but not ordinarily resident, which is currently available under section 6 (6) of the income tax act of 1961, is sought to be removed. After the code comes into force, a person will become resident in India in any financial year if either of the following two conditions is fulfilled: · If he is in India for a period or periods repeat periods aggregating to 182 days or more in a financial year OR · If he is in India for 60 days or more in a financial year and has also been in India for 365 days or more within the four years immediately preceding that financial year. Therefore, a non resident Indian would become resident in India under the direct tax code if either of the aforesaid two conditions is fulfilled, and will be liable to tax in India on his world income. This would be notwithstanding the fact the he may be a person resident outside India under the provisions of the foreign exchange management act 1999. Therefore, henceforth going to our own country, we will have to make sure that we go only in an emergency but not to meet relatives; neither for a social trip nor for long medical checkups NRIs should now have to get their children married in foreign countries and hold all the other celebrations with close relatives outside India . It is cheaper to buy tickets for close relatives to participate in our children's weddings in foreign countries Important news for NRIs!
Now that the Indian government does not require NRI's foreign
exchange, we will now become NOT REQUIRED INDIANS. Please forward
this to all your NRI friends in your forward list.

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