Who is a NRI?
"NRI" in this context means Non -Resident Indians as defined in Income Tax Act, 1961 with the following clarifications: An individual is Non-Resident, when he/she is "not a resident" or who is "not ordinarily resident".A person is treated as "not ordinary resident" when any of the following conditions is satisfied. (1) If he/she has not been resident in India in nine out of ten preceding years; (OR) (2) If he/she has not been in India for a period of 730 days or more during the preceding seven years. Note: Cut-off date to decide the NRI status is last date of the preceding financial year i.e. 31.03.2017.Read More