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Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?

[ Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets. ]

The special provisions relating to certain incomes of non-resident Indians according to Chapter XII-A of the Income Tax Act are applicable only to non-resident Indians. These provisions are aimed to give special tax concessions on certain investments in respect of income tax which is levied at a special rate on the income of those investments of non-resident Indians. Hence, it is very important to know the manning of the expression “non-resident Indian”. According to Section 115C(e)a “non-resident Indian” means an individual, being a citizen of India, or a person of Indian origin who is not a resident. A person is deemed to be of Indian origin if he or either of his parents or any of his grand-parents were born in undivided India. Reference may be made to those paras for understanding the meaning of the expression “resident” and “non-resident”. It may also be mentioned here that Article 8 of the Constitution of India provides that any person who, or either whose parents, or any of whose grand-parents was born in India, who is ordinarily resident in any country outside India, would be deemed to be a citizen of India if he is registered by the diplomatic or consular representative of India in the country where he is for the time being resident. For this purpose an application has to made in the prescribed form and manner. Thus, generally speaking a non-resident Indian would mean a citizen of India who is not resident in India as well as persons who are of Indian origin, who are not resident in India. This expression is broadly understood by almost all the non-resident Indians clearly. It is such non-resident Indians who enjoy special tax concessions relating to the computation of income tax of certain investment incomes, etc.
Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
1. Special Provision Of Computation Of The Total Income Of A Non-Resident Indian
2. Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?
3. Specified Foreign Exchange Assets Income From Which Is Eligible For The Special Provisions Of Assessment
4. Income Tax On Investment Income And Long-Term Capital Gains Of An NRI
5. When Is No Income Tax Payable On The Long-Term Capital Gains Of Foreign Exchange Assets?
6. A Non-Resident Indian Need Not File Any Income Tax Return In Certain Cases
7. When Does The Special Procedure Continue To Apply To A Person Even After He Becomes A Resident In India?
8. NRIs Have The Option Not To Be Governed By The Special Provisions
9. Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income

More... Topics !..


Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !

1. Basic Aspects Of Tax Planning For NRIs
2. How an NRI can Avoid Clubbing of his Incomes and Wealth with that of his Spouse and Children
3. The Incomes of an NRI completely Exempt from Income Tax
4. Capital Gain of an NRI could be Completely Exempt from Income Tax
5. Items completely Exempt from Wealth Tax for an NRI
6. Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
7. Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
8. Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
9. Gifts by NRIs to Relatives and Friends can be made fully Exempt from Gift Tax
10. FEMA and NRIs Preliminary Aspects Analysed
11. Acquisition and Transfer of Immovable Property in India by NRIs and FEMA
12. Permissible and Prohibited Current Account Transactions in Case of NRI
13. Investment In Shares, Securities, Units And Other Activities, etc. by an NRI in India
14. Deposits in India by an NRI
15. RFC account of a Returning NRI and Investment Abroad
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