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The Union Budget 2021 may have put a smile on the faces of some taxpayers by introducing a new tax regime. But, for non-resident Indians (NRIs), the Budget comes bearing bad news.
“An Indian citizen who is not liable to tax in any other country or territory will be deemed to be a resident in India,” says Chartered Accountant Suresh Surana, founder — RSM India.
This means if an Indian citizen is not a resident of any country, they will now be deemed an Indian resident and their income will be taxed here.
Nand Kishore, partner, DSK Legal, says “Section
