of days of stay in India he said that both the day of arrival and day of departure are counted as days of stay in Mark stressed that all NRIs must maintain a record of all their visits to India for the last 10 years (including copies of the immigration stamps from their passports) as they count towards computing the number of days towards their residency in India for that particular year. He mentioned that July 31 is the deadline for NRIs to file their taxes for the previous year.
He also touched on the consequences of not filing the income tax returns on time.
As of now several crores of unclaimed refunds are lying with the government on this account as NRIs fail to file their taxes and claim back the excess amounts deducted thru TDS. NRIs need to file their taxes and apply for refund of these excess deductions. When tax deduction at source (TDS) is mandated, the deduction will always be at the highest slab for NRIs. He said that all income generated in India except for the interest on NRE and FCNR accounts are taxable in India. D’Souza gave valuable tips on how to manage the NRI status, what taxes are applicable for NRIs and how one should plan their return to India to obtain the benefit of being non-resident during that tax year. Mark D’Souza in his presentation gave an overview of the existing tax laws, definition of terms applicable to NRIs such are non-resident, not ordinarily resident and resident as applicable under the Income tax laws as well as under foreign exchange management act (FEMA). Mark D’Souza – Chartered Account and President Elect – KE Bangalore. Mendonca introduced the key note speaker Mr. The program started with a welcome address by the President of KEL Dubai, Mrs. Over 125 KEL members and guests attended this event along with lead members from KE Bangalore and the core members of Dimensions in Mumbai. Dubai, Apr 12: With the objective of bringing awareness among the NRI community on the proposed changes in tax laws with the implementation of Direct Tax Code (DTC) from the next financial year, Kanara Entrepreneurs Ltd (KEL), Dubai conducted a workshop titled “Direct Tax Code – Impact on NRIs” at the India Club on Saturday, April 9.
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