NRI to Resident status
This query is : Resolved
30 September 2020
I am a seafarer. This year, I could not complete my NRI days. I have 3 NRE account and some NRE FD. I can still keep the NRE account and FD, and pay tax for interest received this year for NRE FD, since I am expecting to revert back to NRI status from next year. Also what percentage is the tax liability for NRE FD interest received.?
30 September 2020
In a relief to Non-Resident Indians (NRIs), the government allowed keeping out the period of their forced stay in the country in determining their tax residency status.
The government imposed a lockdown on March 24 and is yet to open up travel, including international flights.
Various NRIs/Persons of Indian Origin who had travelled to India before the commencement of the lockdown are not able to return and had expressed their worries over their tax residency status.
“Considering various representations from people who had to prolong their stay in India due to the lockdown and suspension of international flights, expressing concern that they will be required to file tax returns as Indian residents, Finance Minister Nirmala Sitharaman today (on Friday) allowed discounting of prolonged stay period in India for the purpose of determining residency status,” the Central Board of Direct Taxes (CBDT) said in a release.
While the relief has been provided in the case of 2019-20, a follow-up circular will be issued for 2020-21 once international flights resume.
The government imposed a lockdown on March 24 and is yet to open up travel, including international flights.
Various NRIs/Persons of Indian Origin who had travelled to India before the commencement of the lockdown are not able to return and had expressed their worries over their tax residency status.
“Considering various representations from people who had to prolong their stay in India due to the lockdown and suspension of international flights, expressing concern that they will be required to file tax returns as Indian residents, Finance Minister Nirmala Sitharaman today (on Friday) allowed discounting of prolonged stay period in India for the purpose of determining residency status,” the Central Board of Direct Taxes (CBDT) said in a release.
While the relief has been provided in the case of 2019-20, a follow-up circular will be issued for 2020-21 once international flights resume.
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