Government is taking strict actions by adding provisions to the ITR forms that would now require Non-Resident Indians to furnish details such as account numbers in overseas banks.
NRIs who have got the status in the past 6-7 years are advised to keep relevant documents regarding immigration details.
- The income tax department is probing into ‘residential’ status of non-resident Indians (NRIs).
- A resident can attain NRI status by staying overseas for more than 182 days.
- The law also states that a person is a ‘resident’ if he has been in India for more than 60 days in the year in question and 365 days during the four years prior to that year.
- While an NRI is spared tax on income from outside India, a resident is required to pay tax on global earnings.
- Government is taking strict actions by adding provisions to the ITR forms that would now require Non-Resident Indians to furnish details such as account numbers in overseas banks.
- The investigation is driven by the suspicion that a person becomes an NRI to legalize undisclosed offshore assets and earnings emanating from them.