Hello Sreekanth,
I have been NRI since July 2005. But in July 2016 I lost my job and my foreign resident visa got cancelled. After that I was in the USA for 6 months on visit visa and returned to India on 18th January 2017. I have two questions.
1. For FY16-17 tax purpose can I be considered NRI since I was abroad for more than 183 days? I think I can be considered as NRI for tax purpose. Or will I have to go for the RNOR status for this?
2. For depositing my old 500 & 1000 rupee notes in RBI can I avail the June 30, 2017 extended period for NRIs.
Thanks and regards,
Shekhar.
3 Answers
Dear Shekhar,
1 - You may kindly use below calculators to check your Residential status ;
https://www.relakhs.com/residential-status-calculator-nri-taxation/
https://cleartax.in/paytax/residential-status-calculator
2 - Yes, I believe you can exchange the high denomination notes.
Kindly read these FAQs - RBI's website..
Hllo Sreekanth,
I will check the calculators to check my Residential status for tax purpose.
But will this also be used by RBI to confirm that I am NRI for the old notes? Or they will use the FEMA definition of NRI for this? I am asking this because the Rs 25000 limit set by RBI for NRIs is based on FEMA rule. The RBI link does not specify how NRI status is decided by them.
Thanks and regards,
-Shekhar
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