We, S LOHIA & ASSOCIATES, is a Chartered Accountants firm, with it is headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields.
We, at S LOHIA & ASSOCIATES, focus at providing tailor made solutions to challenging problems of our clients, and perform with high quality and timely serviceRead More
We have creditable experience of providing multitude of services to a diverse client profile. Non resident Indians comprise a substantial portion of our client base.
We provide a range of services to our NRI clients. Our client profile includes
Bur foremost, it is very important to understand that who is considered NON-RESIDENT in India ?
An Indian abroad is popularly known as Non-Resident Indian (NRI). The NRI status is legally defined under the Foreign Exchange Management Act, 1999 and the Income Tax Act, 1961 for applicability of respective laws.
Person resident outside India means a person who is not resident in India.
Person resident in India means:
The term non-resident is negatively defined under section 6 of the Income-tax Act. An individual who is not a resident under the Income-tax Act is a non-resident (generally, termed NRI). Thus, one should know the definition of a resident and if he is not a resident then he is a non-resident.
The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act). The definition is explained in simple terms as under.
If an individual who satisfies understated both the conditions of section 6 of the Income-tax Act, then he becomes a non-resident.