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THE NON-RESIDENT INDIANS' WISH LIST FOR BUDGET 2025
Mint Mumbai
|January 13, 2025
NRIs seek clearer rules to boost their contribution to the Indian economy
Non-resident Indians play a vital role in India's economic and social progress, significantly contributing to the country's growth through remittances, investments, entrepreneurship, and trade. As the Union Budget approaches, NRIs will be looking for clarity on certain rules as well as incentives and reforms that could strengthen their contribution to India's economic landscape.
Clarity in residency rules: Under the Income-tax Act 1961, an Indian citizen visiting India can retain non-resident status even if they stay longer than the threshold period of 60 days, provided the income threshold is also met. But the term 'visit' is not defined under the law, leading to ambiguity in cases where individuals make short trips to India and render services from the country. Clarity on what constitutes a 'visit' is necessary.
Esta historia es de la edición January 13, 2025 de Mint Mumbai.
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