NRI TAXATION- Finance Act - 2020 - Who will be impacted ?

Three Streams Of Income

1. Income from Indian Source
2. Income from Indian business/profession earned outside of India
3. Income from foreign sources
Residential Status - Categories

1. Resident and Ordinarily Resident (ROR)
2. Residents but Not Ordinarily Resident (RNOR)
3. Non-Resident in India (NRI)

TAX TO PAY
Resident and Ordinarily Resident (ROR)

1. Income from Indian Sources
2. Income from Indian business/profession
earned outside of India
3. Income from foreign sources
TAX TO PAY
Resident But Not Ordinarily Resident
(RNOR)

1. Income from Indian Sources
2. Income from Indian business/profession
earned outside of India


TAX TO PAY
Non-Resident in India (NRI)

1. Income from Indian Sources
Classification Criteria

Resident and Ordinarily Resident (ROR)

1) Stays in India for 182 days or more....
2) Stays in India for 60 days or more in financial year +
365 days or more during preceding 4 years...

- Should Satisfy Any One of the above two conditions
- Condition No 2 has exceptions to the rule

Exceptions To Condition No 2

1. Condition of 60 days replaced by 182 days to persons leaving abroad
for employment , members of crew of Indian ships

2. Condition of 60 days replaced by 182 days to persons of Indian Origin ( PIO )
and Indian Citizen on visit back
( with Indian Income Criteria of less than 15 lakhs )

3. Condition of 60 days replaced by 120 days to persons of Indian Origin ( PIO )
and Indian Citizens on visit back
( with Indian Income Criteria of more than 15 lakhs )


Classification Criteria

Non-Resident in India (NRI)

A person who does not fit into ROR /RNOR Category

Classification Criteria

Deemed Resident Of India

- A NRI Who Is Not Tax Resident Of Any Country and
has more than 15 lakhs income in India

- Applicable only to Indian Citizens and Not For PIOs

Classification Criteria

Resident But Not Ordinarily Resident (RNOR)

Individuals who are classified as ROR / Deemed resident and
who meet any of the below conditions

1. Classified as NRI in 9 out of last 10 years
2. stays in India for less than 730 days in last 7 years
3. A deemed resident with more than 15 lakhs income from India.
4. A PIO or Indian Citizen with more than 15 lakhs income from India
who became ROR on exception to rule 2 (of ROR category )

FINANCE ACT 2020

Who Will Be Affected ?

1. . A deemed resident with more than 15 lakhs income from India.
( NRI who is not a tax resident of any other country in the world )

2.. A PIO or Indian Citizen with more than 15 lakhs income from India
who became ROR on exception to rule 2 (of ROR category )
Links to my previous videos:till now

HOW TO BE SUCCESSFUL IN THE STOCK MARKET
https://youtu.be/0TzRoXkO2g4

As a NRI Should I Keep My Savings As Dollars Or Rupees ?
https://youtu.be/RXjvOvYsDow

6 MISTAKES TO AVOID DURING MARKET CRASH
https://youtu.be/9Y2r08x2sJM

DEPENDING ONLY ON PENSION DURING RETIREMENT CAN BE A TRAP FOR YOU https://youtu.be/qLTkhCDe89g

WHY SHOULD YOU DEAL WITH MORE THAN ONE BANK ? https://youtu.be/GjDsxS2Kxuo

WHAT TO BUY? SHARES OR MUTUAL FUND?https://youtu.be/0nl9sPJBUQs

6 COMMON MISTAKES DURING RETIREMENT https://youtu.be/ivus9eJWKXMWhy Investors Fail ?
https://youtu.be/c8jxppcdXhs

Why You NEED an Emergency Fund! by Dr Chandrakanth Bhat NRI Money Clinic:https://youtu.be/fBm8bokZI0c

#NRI #NRITAX #NRITAX202

6 steps to generate good returns on your investments - https://youtu.be/AAxQ4ywScos

Don’t Buy a Life Insurance Policy Until You Watch This! https://youtu.be/q0adm_CKvew
NRI Money Clinic is a YouTube channel created by Dr. Chandrakantha Bhat , an investment consultant and financial planner in Dubai . It aims to spread financial literacy and educate on money matters for resident and non resident Indians . The channel discusses subjects like Fixed Deposits , Taxation , Mutual Funds , Insurance , Specific Issues pertaining to NRI community and every other investment opportunity. Dr. Chandrakantha Bhat can be reached on Whatsapp on +971 50 148 4595

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