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Definition of NRI for taxes suitably amended
NEW DELHI The Finance Minister Jaswant Singh has "suitably amended" the relevant definition concerning non resident Indian under the Income Tax Act so that the benefit will now be available to persons for two years in case they remain non residents for the last nine out of 10 years.
Presenting his Budget for 2002-2003 in parliament, the minister said there is a category of taxpayers in India ordinarily not found elsewhere the 'not ordinarily resident'.
They do not normally have to pay tax on their foreign sourced income. There has been confusion on this provision in the past due to differing legal interpretations, he said.
Mr Singh asserted ' to set matters at rest', the relevant definition has been suitably amended not that the benefits will now be available to persons for two years in case they remain non-residents for the last nine out of 10 years. - ANAND VARDHAN
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