The Indian diaspora is the largest overseas diaspora in the world. As of May 21, 2024, there are 35.4 million non-resident Indians (NRIs) and People of Indian Origins (PIOs) living outside of India, largely in UAE and the US. The Finance Act, 2020 made far reaching changes in determining tax residency for NRIs/PIOs who come on a visit to India. …
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Budget 2025 income tax expectations: The changes involve simplifying the language and rationalizing information by using formulas and tables. (AI image) Budget 2025 expectations: India’s government plans to simplify its income tax filing rules to make it less tedious for taxpayers to comply with the law and help cut down on disputes that have ballooned to more than $120 billion …
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While an Indian residing abroad is popularly referred to as a non-resident Indian (NRI), the nomenclature is different under tax laws. It is not the country of origin, but the number of days stay in India, which determine whether a person will be a resident or non-resident for tax purposes.Resident individuals are taxable in India on their global income, irrespective …
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