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Re: Direct Tax code- removal of RNOR status
Posted: Mon Feb 10, 2025 9:36 pm
by nodegree
Did they already unveil the new income tax bill? AFAIK they haven't done yet..
Re: Direct Tax code- removal of RNOR status
Posted: Tue Feb 11, 2025 11:45 pm
by nodegree
Looks like a Draft of the bill went live today and it seems to keep all existing provisions of RNOR. Still early to see if there are any gotchas but so far nothing seems to change taxation wise for NRIs and RNORs. NRI rules also unchanged (i.e. less than 182 days in India if Ind Citizen on employment abroad or Person of Indian Origin with a foreign residence).
Here's a draft copy
https://drive.google.com/file/d/1OVc5BE ... view?pli=1
Thank goodness for coalition governments.
Re: Direct Tax code- removal of RNOR status
Posted: Thu Feb 13, 2025 6:54 am
by wd40
nodegree wrote: ↑Tue Feb 11, 2025 11:45 pm
Looks like a Draft of the bill went live today and it seems to keep all existing provisions of RNOR. Still early to see if there are any gotchas but so far nothing seems to change taxation wise for NRIs and RNORs. NRI rules also unchanged (i.e. less than 182 days in India if Ind Citizen on employment abroad or Person of Indian Origin with a foreign residence).
Here's a draft copy
https://drive.google.com/file/d/1OVc5BE ... view?pli=1
Thank goodness for coalition governments.
Just came to post the same thing here
https://economictimes.indiatimes.com/nr ... 204594.cms
Re: Direct Tax code- removal of RNOR status
Posted: Mon Feb 17, 2025 10:40 am
by DILIPDE
I think, keeping RNOR status is good move. It will help returning NRI (particularly those are living overseas for a long time) to adjust before filling tax return in India.